Duplex with Enclosed
For Sale
$369,500
205 N Excelsior Avenue, Butte, MT 59701
MULTI_FAMILY - Other - MT
Property Size4,890 SF
Lot Size0.07 Acres
Price / SF$75.56
Days on Market34
Property Features for 205 N Excelsior Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2
Subdivision
Emmet Add
Standard status
Active
APN
1359000
Size
4,890 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
EMMET ADD, S14, T03 N, R08 W, BLOCK 2, N 33'2"" OF LTS 14-16
Tax Annual Amount
2990
Legal Description
EMMET ADD, S14, T03 N, R08 W, BLOCK 2, N 33'2"" OF LTS 14-16
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
Century 21 Shea Realty
(406) 723-5455
Listed By:
Jennifer Shea · License #RRE-BRO-LIC-13804
(406) 560-5366
Added: Jul 18
Changed: Aug 18
Last Checked: Aug 20 at 10:06PM
MLS# 357847
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.
Built in 1905, this historic up-and-down duplex offers generous, separate living spaces with both units featuring 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 includes a paid laundry area, ample storage, and a utility room. Each unit has its own small garage, providing additional storage options. The building is heated with natural gas and hot water. Public water and public sewer services are available.
Convenient to the hospital, Montana Tech, and historic uptown Butte, the property can be used as a live-in option with a tenant in the second unit or as an investment purchase.
The basement includes a paid laundry area, ample storage, and a utility room. Each unit has its own small garage, providing additional storage options. The building is heated with natural gas and hot water. Public water and public sewer services are available.
Convenient to the hospital, Montana Tech, and historic uptown Butte, the property can be used as a live-in option with a tenant in the second unit or as an investment purchase.
Key Highlights
- Approximately 4,890 SF duplex on a 0.068‑acre lot
- Historic 1905 up‑and‑down duplex
- Both units have wood floors, spacious living rooms, and formal dining rooms
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
8.82%
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 8.82%
Second Best
Apartment 5plus
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$1.07M
$932.5K – $1.24M
NOI $74,601 @ 7.0% cap · market cap 20.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
695
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with wood floors in both units, an enclosed sunroom in the upper unit, and a small garage for each unit.
Where is this duplex located?
The property is located at 205 N Excelsior Avenue Butte, MT.
What is the asking price?
The asking price for this property is $369,500.
What are key features of this property?
This property features: Approximately 4,890 SF duplex on a 0.068‑acre lot; Historic 1905 up‑and‑down duplex; Both units have wood floors, spacious living rooms, and formal dining rooms
