New Multifamily Property in
For Sale
$3,650,000
2296 Deerfield Lane, Helena, MT 59601
New 10-unit multifamily property with desirable tenant features.
Property Size15,540 SF
Lot Size0.88 Acres
Price / SF$189.12
Days on Market158
Property Features for 2296 Deerfield Lane
General Information
Standard status
Active
Size
15,540 SF
Lot size
0.88 Acres
Property subtype
Multifamily
Building Details
Building Size
15,540 SF
Year Built
2024
Listing Agency:
Coldwell Banker Commercial Green & Green
(406) 442-1736
Listed By:
Tyler Warne · License #98724
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:05AM
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 Coldwell Banker Commercial Green & Green
Investment Insights
Based on property information with market context.
This multifamily property for sale features 10 residential units. Constructed in 2024 and 2025 by a local builder, the property is situated in the South Hills, providing convenient access to major employers such as St. Pete's Hospital and the state Capitol Complex. The property offers separately metered utilities and durable finishes. Each unit includes an attached garage, a main floor kitchen and living room with 9-foot ceilings, a private patio with views, in-unit laundry, 3 bedrooms, and 2.5 baths. The property also features a fenced yard for pets and an asphalt parking lot. The gross building area totals 19,300 square feet across 3 structures, with a gross living area of 15,540 square feet. The property is located in Helena, Montana.
Key Highlights
- New construction (2024 & 2025) by a respected local builder.
- 6.1% cap rate.
- Desirable location minutes from major employers (St. Pete's Hospital & State Capitol Complex).
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
$163,365
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
4.48%
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%
$3,267,300
$3.3M
Cap Rate 7%
$2,333,786
$2.3M
Cap Rate 9%
$1,815,167
$1.8M
Market Conditions
NOI Build-Up for 19,300 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
$312.7K $16.20/SF
− Vacancy
−$15.6K −$0.81/SF
EGI
$297.0K $15.39/SF
− OpEx
−$133.7K −$6.93/SF
NOI
$163.4K $8.46/SF
Area
Lewis and Clark County, MT
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$3,267,300
Cap Rate 7%
$2,333,786
Cap Rate 9%
$1,815,167
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,365 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.19M
$3.67M – $4.89M
NOI $293,484 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 59601, MT
30,848
Population
15,937
Households
1.9
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
130.2 sq mi
ZIP Area
237
Density / Sq Mi
$70,502
Median Household Income
$44,000
Median Earnings
$1,023
Median Rent
$355,000
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?
Apartment building - New 10-unit multifamily property with desirable tenant features.
Where is this apartment building located?
The property is located at 2296 Deerfield Lane Helena, MT.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: New construction (2024 & 2025) by a respected local builder.; 6.1% cap rate.; Desirable location minutes from major employers (St. Pete's Hospital & State Capitol Complex).
