Victorian Live-Work
For Sale
$598,000
215 Broadway Avenue S, Red Lodge, MT 59068
COMMERCIAL - Other - Red Lodge, MT
Property Size1,924 SF
Lot Size0.07 Acres
Price / SF$310.81
Days on Market10
Property Features for 215 Broadway Avenue S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD - Central Business District
Parking
1
Parking features
On Street
Appliances
Refrigerator
Lot features
Alley
Directions
Red Lodge main street (Broadway) south end. Same block as Covering Broadway and Cattail Bakery.
Subdivision
(16) Red Lodge;Luther;Roscoe
Standard status
Active
APN
1097300
Size
1,924 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
Red Lodge Original Townsite, S27, T07 S, R20 E, RLOP LOT 7 BLK 15.
Tax Annual Amount
2984
Legal Description
Red Lodge Original Townsite, S27, T07 S, R20 E, RLOP LOT 7 BLK 15.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Building materials
WoodSiding
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
H BAR S Real Estate
(406) 446-3535
Listed By:
Anner Marble · License #RRE-BRO-LIC-13683
4250098
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 23 at 9:06PM
MLS# 360520
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.
This 1,924-square-foot wood-sided property dates to 1905 and retains original interior and exterior trim, main-level fir flooring, and a decorative Victorian exterior. The building is currently used as a single-family residence but was recently arranged as a front office with a half bath, conference area, coffee service, gas fireplace, and direct main-street access. A separate-entry two-bedroom apartment includes a kitchen, living room, and full bath with laundry, while the upper-level studio apartment has a bedroom, kitchen, and full bath. The interior has been freshly painted.
The 0.0717-acre property is located at 215 Broadway Avenue S in Red Lodge’s CBD. Parking includes one alley space, with public parking along the front. Public water and public sewer serve the property, and natural-gas heating is installed. A refrigerator is included, and the roof uses composition and shingle materials.
The 0.0717-acre property is located at 215 Broadway Avenue S in Red Lodge’s CBD. Parking includes one alley space, with public parking along the front. Public water and public sewer serve the property, and natural-gas heating is installed. A refrigerator is included, and the roof uses composition and shingle materials.
Key Highlights
- 1,924‑square‑foot building on a 0.0717‑acre lot
- 1905 construction with original trim, main‑level fir flooring, and Victorian exterior detailing
- Front office area with half bath, conference space, coffee setup, gas fireplace, and main‑street access
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
$21,091
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
3.53%
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%
$421,820
$421.8K
Cap Rate 7%
$301,300
$301.3K
Cap Rate 9%
$234,344
$234.3K
Market Conditions
NOI Build-Up for 1,924 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
$33.5K $17.40/SF
− Vacancy
−$5.4K −$2.78/SF
EGI
$28.1K $14.62/SF
− OpEx
−$7.0K −$3.65/SF
NOI
$21.1K $10.96/SF
Area
Carbon County, MT
Vacancy
16.00%
Lease Rate
$17.40 /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%
$421,820
Cap Rate 7%
$301,300
Cap Rate 9%
$234,344
Alternative Uses
Best Use
Office B
$301.3K
$263.6K – $351.5K
NOI $21,091 @ 7.0% cap · market cap 3.53%
Second Best
Mixed Use
$265.5K
$232.3K – $309.8K
NOI $18,586 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$419.8K
$367.3K – $489.8K
NOI $29,386 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 59068, MT
3,670
Population
2,967
Households
1.2
Avg Household Size
52
Median Age
47%
College-Educated
99%
High-School Grad
520.9 sq mi
ZIP Area
7
Density / Sq Mi
$63,704
Median Household Income
$33,293
Median Earnings
$795
Median Rent
$413,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Wood-sided 1905 building with office amenities, two residential units, and public utilities in a main-street setting.
Where is this live-work space located?
The property is located at 215 Broadway Avenue S Red Lodge, MT.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: 1,924‑square‑foot building on a 0.0717‑acre lot; 1905 construction with original trim, main‑level fir flooring, and Victorian exterior detailing; Front office area with half bath, conference space, coffee setup, gas fireplace, and main‑street access
