Victorian Mixed-Use
For Sale
$575,000
215 Broadway Avenue S, Red Lodge, MT 59068
CommercialSale, Red Lodge, MT
Property Size1,924 SF
Lot Size0.07 Acres
Price / SF$298.86
Days on Market51
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
Amenities
gas fireplace
Building Details
Year built
1905
Floors in Building
2
Building materials
WoodSiding
Roof type
Shingle, Composition
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 19
Changed: Sep 12
Last Checked: Oct 8 at 12:06AM
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.
Built in 1905, this 1,924-square-foot wood-sided property occupies 0.0717 acres at 215 Broadway Avenue S. The building retains Victorian-era character, including interior and exterior trim details and fir flooring on the main level. Its existing layout includes a front office area with a half bath, conference space, coffee service area, gas fireplace, and main-street access. A separate-entry two-bedroom apartment includes a kitchen, living room, full bath, and laundry, while the upper level contains a studio apartment with a kitchen, bedroom, and full bath.
The property is situated in the central business district of Red Lodge, Montana. One alley parking space is available, with public parking along the front of the property. Public water and public sewer serve the building, which is heated by natural gas and covered by a shingle and composition roof.
The property is situated in the central business district of Red Lodge, Montana. One alley parking space is available, with public parking along the front of the property. Public water and public sewer serve the building, which is heated by natural gas and covered by a shingle and composition roof.
Key Highlights
- 1,924‑square‑foot building on a 0.0717‑acre parcel
- Constructed in 1905 with Victorian‑era trim and main‑level fir flooring
- Front office area includes half bath, conference space, coffee service area, and gas fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,091
Cap Rate
3.67%
Suggested Prices Based on Cap Rates
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
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 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 3.67%
Second Best
Mixed Use
$265.5K
$232.3K – $309.8K
NOI $18,586 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$419.8K
$367.3K – $489.8K
NOI $29,386 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The 1905 building combines a front office area with separate-entry apartment spaces in a central business district setting.
Where is this mixed-use property 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 $575,000.
What are key features of this property?
This property features: 1,924‑square‑foot building on a 0.0717‑acre parcel; Constructed in 1905 with Victorian‑era trim and main‑level fir flooring; Front office area includes half bath, conference space, coffee service area, and gas fireplace
