Victorian Mixed-Use
For Sale
$598,000
215 Broadway Avenue S, Red Lodge, MT 59068
Historic character combines an office area with separately entered residential accommodations and kitchen facilities.
Property Size1,924 SF
Days on Market52
Property Features for 215 Broadway Avenue S
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
CBD - Central Business District
Units
Unit Mix
1 x 2BR/1BA, 1 x studio/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,984
Amenities
gas fireplace
laundry
white picket fence
Building Details
Building Size
1,924 SF
Year Built
1905
Buildings
1
Stories
2
Construction
Victorian
Listing Agency:
H BAR S Real Estate
4250098
Listed By:
Anner Marble · License #RRE-BRO-LIC-13683
4250098
Source:
Pinnacleproperty
Added: Jul 9
Changed: Aug 27
Last Checked: Aug 28 at 11:29AM
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 H BAR S Real Estate
Investment Insights
Based on property information with market context.
Built in 1905, this Victorian property combines commercial and residential components within a well-maintained building. The front area includes an office, half bath, conference space, coffee service setup, gas fireplace, and access from Broadway Avenue S. A separate-entry two-bedroom apartment occupies the rear portion with a kitchen, living room, full bath, and laundry. The upper level contains a studio apartment with a bedroom area, kitchen, and full bath.
The property is zoned CBD - Central Business District and is located at 215 Broadway Avenue S in Red Lodge, Montana. Original interior and exterior trim, fir flooring on the main level, a recently painted interior, and manicured grounds retain the building’s historic character. Parking includes one alley space, with public parking in front.
The property is zoned CBD - Central Business District and is located at 215 Broadway Avenue S in Red Lodge, Montana. Original interior and exterior trim, fir flooring on the main level, a recently painted interior, and manicured grounds retain the building’s historic character. Parking includes one alley space, with public parking in front.
Key Highlights
- Mixed‑use layout with 1 office area, a 2 bdrm apartment, and an upstairs studio apartment
- Zoned CBD - Central Business District
- Office area includes a half bath, conference area, coffee service setup, and gas fireplace
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
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
471
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic character combines an office area with separately entered residential accommodations and kitchen facilities.
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 $598,000.
What are key features of this property?
This property features: Mixed‑use layout with 1 office area, a 2 bdrm apartment, and an upstairs studio apartment; Zoned CBD - Central Business District; Office area includes a half bath, conference area, coffee service setup, and gas fireplace
