Heated Shop with Storage
For Sale
$400,000
1830 Boulder Avenue, Helena, MT 59601
Flex/industrial building includes heated shop space with an overhead door, fenced storage yard, and detached storage building.
Property Size2,178 SF
Price / SF$183.65
Days on Market157
Property Features for 1830 Boulder Avenue
General Information
Standard status
Active
Size
2,178 SF
Total Parking Spaces
10
Zoning
Helena-CLM
Additional Details
Fenced Yard
Yes
Drive-In Doors
1
Office Units
2
Building Details
Building Size
2,178 SF
Year Built
1940
Listing Agency:
Uncommon Ground,LLC
Listed By:
Tana Bignell · License #RRE-BRO-LIC-31038
(406) 949-3905
Source:
Purewestrealestate
Added: Apr 24
Changed: Sep 20
Last Checked: Sep 26 at 3:31AM
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 Uncommon Ground,LLC
Investment Insights
Based on property information with market context.
This for-sale flex/industrial property in Helena’s city limits features a large, open, heated shop space alongside two office spaces, a reception/showroom area, and a half bathroom within the main building. The shop is accessed by a 12x14 overhead door, supporting straightforward loading and vehicle movement for projects that need direct drive-through capability.
Outside, the fenced storage yard includes a rolling gate on the alley side and a swinging gate near the front of the building. A detached storage building provides additional covered or enclosed storage. The property also offers approximately 10 off-street parking spaces plus on-street parking.
Overall, the combination of office space, open heated shop area, and secure yard access is designed to support operations that require both workspace and storage in one location.
Outside, the fenced storage yard includes a rolling gate on the alley side and a swinging gate near the front of the building. A detached storage building provides additional covered or enclosed storage. The property also offers approximately 10 off-street parking spaces plus on-street parking.
Overall, the combination of office space, open heated shop area, and secure yard access is designed to support operations that require both workspace and storage in one location.
Key Highlights
- Zoned CLM and located in Helena city limits
- Heated shop space with a 12x14 overhead door for easy access
- Fenced storage yard with a rolling gate on the alley side and a swinging gate near the front
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
$23,326
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
5.83%
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%
$466,520
$466.5K
Cap Rate 7%
$333,229
$333.2K
Cap Rate 9%
$259,178
$259.2K
Market Conditions
NOI Build-Up for 2,178 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
$36.6K $16.80/SF
− Vacancy
−$5.5K −$2.52/SF
EGI
$31.1K $14.28/SF
− OpEx
−$7.8K −$3.57/SF
NOI
$23.3K $10.71/SF
Area
Lewis and Clark County, MT
Vacancy
15.00%
Lease Rate
$16.80 /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%
$466,520
Cap Rate 7%
$333,229
Cap Rate 9%
$259,178
Alternative Uses
Best Use
Office B
$333.2K
$291.6K – $388.8K
NOI $23,326 @ 7.0% cap · market cap 5.83%
Second Best
Flex RnD
$279.1K
$244.2K – $325.6K
NOI $19,537 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$473.1K
$414.0K – $552.0K
NOI $33,120 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
2
Office units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59601, MT
30,848
Population
15,937
Households
1.9
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
130.2 sq mi
ZIP Area
237
Density / Sq Mi
$70,502
Median Household Income
$44,000
Median Earnings
$1,023
Median Rent
$355,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex/industrial building includes heated shop space with an overhead door, fenced storage yard, and detached storage building.
Where is this flex space located?
The property is located at 1830 Boulder Avenue Helena, 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: Zoned CLM and located in Helena city limits; Heated shop space with a 12x14 overhead door for easy access; Fenced storage yard with a rolling gate on the alley side and a swinging gate near the front
