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    Redevelopment School-to-Multifamily Property Title is generated by Realmo AI

    410 Colorado Avenue, Laurel, MT 59044

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    Zoned residential multi-family with two existing buildings for multifamily or condo redevelopment.

    Type:Special Purpose
    Property size:
    59,050 SF
    Lot size:
    2.07 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 1:52 am

    Property Features for 410 Colorado Avenue

    General Information

    Standard status
    Active
    Size
    59,050 SF
    Lot size
    2.07 Acres
    Property subtype
    Special Purpose

    We can help!

    Listing Contact
    George Warmer, SIOR, CCIM

    Listing agent George Warmer, SIOR, CCIM License #MT #RRE-RBS-LIC-14174

    Listing office

    Listing date Jun 3, 2026

    Source Cbcmontana

    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 George Warmer, SIOR, CCIM

    HighLights

    • Two‑building redevelopment site at 410 Colorado Ave in Laurel, MT, currently occupied by Laurel Public Schools
    • Includes 59,050 SF total building space: 50,454 SF main building plus 7,900 SF auditorium building
    • 90,000 SF lot size
    • Zoned residential multi‑family
    • Main building was built in 1910

    Overview

    This offering includes two buildings totaling 59,050 SF, plus a 90,000 SF lot, built in 1910. The main building was previously used as a school and totals 50,454 SF. A separate auditorium building totals 7,900 SF. The property is currently occupied by Laurel Public Schools, and any future plan would require coordination on an exit strategy or a short-term lease-back, based on arrangements with the buyer.

    The property is located at 410 Colorado Avenue in Laurel, MT, and is described as being well-suited for redevelopment into multifamily and/or residential condo use. The City of Laurel has been noted in the remarks as experiencing a shortage of apartment rentals or condos, supporting interest from redevelopment buyers seeking residential conversion opportunities.

    For a developer, investor, or owner-user, this configuration presents a practical “shell” redevelopment framework under the existing residential multi-family zoning. Because the space is currently school-occupied, timelines and operating plans should account for the coordination required for transfer of possession. The combination of two structures and the multi-family zoning may allow flexibility in how the site is reimagined for future residential use, subject to applicable approvals and design decisions.
    Location Intelligence

    Current Use by Public Records

    Laurel Public Schools Public Educational Institution Montana PTA Office Association / Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Laurel
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.768917
    Latitude
    45.6729482

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    FAQs

    What type of property is this?
    School - Zoned residential multi-family with two existing buildings for multifamily or condo redevelopment.
    Where is this school located?
    The property is located at 410 Colorado Avenue Laurel, MT.
    What are key features of this property?
    This property features: Two‑building redevelopment site at 410 Colorado Ave in Laurel, MT, currently occupied by Laurel Public Schools; Includes 59,050 SF total building space: 50,454 SF main building plus 7,900 SF auditorium building; 90,000 SF lot size
    (406) 855-8946
    We can help!
    Listing Contact
    George Warmer, SIOR, CCIM
    Real Estate License ID: MT #RRE-RBS-LIC-14174
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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