Seven-Office Commercial
For Sale
$400,000
1540 Lake Elmo Drive, Billings, MT 59105
CommercialSale, Billings, MT
Property Size1,980 SF
Price / SF$202.02
Days on Market112
Property Features for 1540 Lake Elmo Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Neighborhood Office-Residential
Parking
6
Appliances
Refrigerator
Subdivision
Lake Elmo Professional Center
Lot features
Alley
Standard status
Active
APN
A29273
Size
1,980 SF
Taxes and HOA fees
Tax Description
LAKE ELMO PROFESSIONAL CENTER, S22, T01 N, R26 E, UNIT 5, 6.5% COMMON AREA INTEREST, LOC @ LTS 1-2 & 3A BLK 1 MCCRACKEN SUB
Tax Annual Amount
980
Legal Description
LAKE ELMO PROFESSIONAL CENTER, S22, T01 N, R26 E, UNIT 5, 6.5% COMMON AREA INTEREST, LOC @ LTS 1-2 & 3A BLK 1 MCCRACKEN SUB
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Roof type
Asphalt, Shingle
Listing Agency:
Meridian Real Estate LLC
(406) 671-6955
Listed By:
Lauraleah Griffin · License #RRE-BRO-LIC-98920
(406) 208-4003
Added: Jun 17
Changed: Sep 16
Last Checked: Oct 6 at 9:06PM
MLS# 359980
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial condo contains 1,980 square feet arranged around seven private office spaces, a receptionist area, two bathrooms, and a full kitchen or break room. The existing configuration provides a defined professional-office layout within a single commercial unit. A refrigerator is included, with central air conditioning and natural-gas forced-air heating supporting the interior environment.
Constructed in 2000, the property has a shingle and asphalt roof. Public water and public sewer serve the unit. The configuration can accommodate an owner-user or an office-focused investment strategy without relying on a major reconfiguration of the existing layout.
Constructed in 2000, the property has a shingle and asphalt roof. Public water and public sewer serve the unit. The configuration can accommodate an owner-user or an office-focused investment strategy without relying on a major reconfiguration of the existing layout.
Key Highlights
- 1,980‑square‑foot commercial condo
- Seven private office spaces with receptionist area
- Two bathrooms and full kitchen or break room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,705
Cap Rate
5.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,100
$434.1K
Cap Rate 7%
$310,071
$310.1K
Cap Rate 9%
$241,167
$241.2K
Market Conditions
NOI Build-Up for 1,980 SF
Gross rent
$34.5K $17.40/SF
− Vacancy
−$5.5K −$2.78/SF
EGI
$28.9K $14.62/SF
− OpEx
−$7.2K −$3.65/SF
NOI
$21.7K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,100
Cap Rate 7%
$310,071
Cap Rate 9%
$241,167
Alternative Uses
Best Use
Office B
$310.1K
$271.3K – $361.8K
NOI $21,705 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$432.0K
$378.0K – $504.0K
NOI $30,242 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condo with private offices, reception space, two bathrooms, and a full kitchen or break room.
Where is this office units located?
The property is located at 1540 Lake Elmo Drive Billings, MT.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,980‑square‑foot commercial condo; Seven private office spaces with receptionist area; Two bathrooms and full kitchen or break room
