Historic Duplex with
For Sale
$395,000
205 Excelsior, Butte, MT 59701
Up-and-down duplex features two units with wood floors, three bedrooms each, and individual garages.
Property Size4,890 SF
Price / SF$80.78
Days on Market26
Property Features for 205 Excelsior
General Information
Standard status
Active
Size
4,890 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,990
Amenities
Style: Historic/Antique
0.00
Historic/Antique
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
Century 21 Shea Realty
(406) 560-5366
Listed By:
Jennifer Shea · License #13804
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 11
Last Checked: Aug 11 at 7:46AM
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 Century 21 Shea Realty
Investment Insights
Based on property information with market context.
Historic up-and-down duplex offering two separate residential units with well-considered floor plans. Both units include wood floors, a spacious living room, a wide hallway leading to three sizable bedrooms, a full bathroom, a formal dining room, and a kitchen. The upper unit also includes an enclosed sunroom. The basement contains a paid laundry area, ample storage, and a utility room. Each unit has its own small garage, providing additional on-site storage.
The property is located near the hospital, Montana Tech, and historic uptown Butte.
With approximately 4,890 total square feet for the building, the layout supports multiple ways to use the duplex, including living in one unit while renting the other or purchasing as an income-oriented investment property.
The property is located near the hospital, Montana Tech, and historic uptown Butte.
With approximately 4,890 total square feet for the building, the layout supports multiple ways to use the duplex, including living in one unit while renting the other or purchasing as an income-oriented investment property.
Key Highlights
- Historic up‑and‑down duplex built in 1905 with approximately 4,890 SF total living space
- Two separate units, each with wood floors, a spacious living room, formal dining room, kitchen, full bathroom, and three sizable bedrooms
- Upper unit includes an enclosed sunroom for additional indoor space
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
$32,593
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
8.25%
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%
$651,860
$651.9K
Cap Rate 7%
$465,614
$465.6K
Cap Rate 9%
$362,144
$362.1K
Market Conditions
NOI Build-Up for 4,890 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
$49.9K $10.20/SF
− Vacancy
−$3.3K −$0.68/SF
EGI
$46.6K $9.52/SF
− OpEx
−$14.0K −$2.86/SF
NOI
$32.6K $6.67/SF
Area
Silver Bow County, MT
Vacancy
6.65%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$651,860
Cap Rate 7%
$465,614
Cap Rate 9%
$362,144
Alternative Uses
Best Use
Multifamily LT 5
$465.6K
$407.4K – $543.2K
NOI $32,593 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.07M
$932.5K – $1.24M
NOI $74,601 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
745
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex features two units with wood floors, three bedrooms each, and individual garages.
Where is this duplex located?
The property is located at 205 Excelsior Butte, MT.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Historic up‑and‑down duplex built in 1905 with approximately 4,890 SF total living space; Two separate units, each with wood floors, a spacious living room, formal dining room, kitchen, full bathroom, and three sizable bedrooms; Upper unit includes an enclosed sunroom for additional indoor space
