Butte Investment Property For
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1820 Meadowlark Ln, Butte, MT 59701
Centrally located investment property with government tenants and long-term occupancy.
Property Size28,926 SF
Price / SF$232.07
Days on Market151
Property Features for 1820 Meadowlark Ln
General Information
Standard status
Active
Size
28,926 SF
Property subtype
Office
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1990
Year Renovated
2023
Units
3
Tenancy
Multi
Listing Agency:
Real Estate Montana & Co
(406) 543-7325
Listed By:
Macall McGillis SIOR/ICSC · License #RRE-BRO-LIC-53315
Source:
Crexi
Added: Mar 23
Changed: Aug 17
Last Checked: Aug 19 at 12:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Estate Montana & Co
Investment Insights
Based on property information with market context.
This centrally located property in Butte, Montana, presents an investment opportunity with stable income supported by government tenants and long-term occupancy. The property is leased to three established agencies: the United States Forest Service (GSA), the Montana Division of Criminal Investigation, and Montana Fish, Wildlife & Parks. The Forest Service serves as the anchor tenant. The specialized warehouse and yard space supports long-term operational stability. The building has been well maintained, helping retain tenants and limit near-term capital improvements. Investors benefit from rental income, essential occupancy, and the strong credit profile of state and federal leases. This income-producing asset is designed for investors seeking predictable returns with limited operational involvement. The property size is 28926 square feet.
Key Highlights
- Leased to government tenants including US Forest Service providing stable income.
- Anchor tenant is the United States Forest Service (GSA).
- Long‑term occupancy with established agencies.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$373,457
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,469,140
$7.5M
Cap Rate 7%
$5,335,100
$5.3M
Cap Rate 9%
$4,149,522
$4.1M
Market Conditions
NOI Build-Up for 28,926 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$579.7K $20.04/SF
− Vacancy
−$81.7K −$2.83/SF
EGI
$497.9K $17.21/SF
− OpEx
−$124.5K −$4.30/SF
NOI
$373.5K $12.91/SF
Area
Silver Bow County, MT
Vacancy
14.10%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,469,140
Cap Rate 7%
$5,335,100
Cap Rate 9%
$4,149,522
Alternative Uses
Best Use
Office B
$5.34M
$4.67M – $6.22M
NOI $373,457 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.30M
$5.52M – $7.35M
NOI $441,290 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 59701, MT
33,937
Population
16,834
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
509.7 sq mi
ZIP Area
67
Density / Sq Mi
$56,799
Median Household Income
$34,793
Median Earnings
$811
Median Rent
$219,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Centrally located investment property with government tenants and long-term occupancy.
Where is this office building located?
The property is located at 1820 Meadowlark Ln Butte, MT.
What is the asking price?
The asking price for this property is $6,713,000.
What are key features of this property?
This property features: Leased to government tenants including US Forest Service providing stable income.; Anchor tenant is the United States Forest Service (GSA).; Long‑term occupancy with established agencies.
