Historic Brick Duplex with
For Sale
$369,500
205 N Excelsior Avenue, Butte, MT 59701
MULTI_FAMILY - Butte, MT
Property Size4,890 SF
Lot Size0.07 Acres
Price / SF$75.56
Days on Market176
Property Features for 205 N Excelsior Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Call Listing Agent for Details
Rooms
Basement
Parking features
Offsite
Patio and Porch features
Porch
Interior features
SunRoom
Appliances
Dryer, Range, Refrigerator, Washer
Directions
Head north on Excelsior and cross over Park Street continue on Excelsior it will be on the left side of the street.
Subdivision
10BWM - Butte - West of Montana
Standard status
Active
APN
0001359000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
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
Baseboard
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Century 21 Shea Realty · Century 21 Real Estate
(406) 723-5455
Listed By:
Jennifer Shea · License #BRO-13804
(406) 560-5366
Added: Feb 26
Changed: Aug 15
Last Checked: Aug 21 at 3:06PM
MLS# 408953
Copyright © 2026 Big Sky Country MLS. 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 brick duplex contains approximately 4,890 square feet arranged as two residential units in an up-and-down configuration. Each unit includes hardwood floors, a living room, a wide hallway, three bedrooms, a full bathroom, formal dining space, and a kitchen. The upper residence also features an enclosed sunroom. Basement space provides laundry, storage, and a utility room. Each unit has a small garage that can support storage needs.
The property is near the hospital, Montana Tech, and historic uptown Butte. Public water and public sewer serve the building, while baseboard heating is installed throughout. Appliances include ranges, refrigerators, washers, and dryers.
The property is near the hospital, Montana Tech, and historic uptown Butte. Public water and public sewer serve the building, while baseboard heating is installed throughout. Appliances include ranges, refrigerators, washers, and dryers.
Key Highlights
- Approximately 4,890 square feet across two residential units
- 1905 brick construction with hardwood flooring
- Each unit includes three bedrooms, a full bathroom, kitchen, dining room, and living room
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer hardwood flooring, formal dining rooms, three bedrooms, and full bathrooms in each layout.
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 square feet across two residential units; 1905 brick construction with hardwood flooring; Each unit includes three bedrooms, a full bathroom, kitchen, dining room, and living room
