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    Live-Work Bungalow with Office Zoning Title is generated by Realmo AI

    615 S 3rd Street, Montrose, CO 81401

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    New
    For Sale
    $350,000

    Commercial Sale, Other - Montrose, CO

    Property size:
    1,174 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $298/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 615 S 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1
    Standard status
    Active
    Size
    1,174 SF
    Lot size
    0.14 Acres

    Building Details

    Year built
    1904
    Architectural style
    Other

    We can help!

    Listing Contact
    Kerri Noonan-Inda

    Listing agent Kerri Noonan-Inda License #FA100041175,PersonLicenseNumber

    Listing office NextHome Virtual 300 E. Main Street, CO

    Listing date Jun 5, 2026

    MLS# 835578 Listing URL

    Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1904 bungalow in south downtown Montrose with bright interior featuring fresh paint and new flooring
    • 3‑bedroom layout with living room, kitchen/dining, bathroom, and laundry room on the opposite side of the house
    • Original hardwood floors with built‑ins and arches for distinctive architectural character
    • Gated backyard access and ample parking, plus a garage with 220 power
    • Outdoor features include raised garden beds, rose bushes, grape vines, and cherry and peach trees
    • Zoned Office Residential with an overlay/redo district allowing the garage to be converted into an additional dwelling unit

    Overview

    This move-in ready bungalow offers a bright entry opening to a living room with fresh paint and new flooring, while retaining original hardwood floors and character details such as built-ins and graceful arches. The home includes three bedrooms, with two located just off the main living area and a third toward the rear. The kitchen, dining area, bathroom, and laundry room are arranged on the opposite side of the house for practical flow.

    Located in south downtown Montrose, the property features curb appeal with lush green grass, colorful flower boxes, ample parking, and gated access to the backyard and garage. Outside, the yard includes raised garden beds, rose bushes, grape vines, and cherry and peach trees. The home is served by a garage with 220 power. The listing also notes the property is located in an overlay/redo district.

    With Office Residential zoning, the layout supports a live-and-work setup. The garage’s location and 220 power provide additional flexibility for creating an extra dwelling unit, subject to the overlay/redo district requirements. Whether you’re looking for a renovated bungalow with functional indoor space or a property that can accommodate professional uses alongside daily living, this residence is positioned for an owner to move in and tailor it further.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Montrose
    County
    Montrose
    State
    Colorado
    Longitude
    -107.8719205
    Latitude
    38.4790638

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    FAQs

    What type of property is this?
    Single family property - Move-in ready bungalow with office-residential zoning, gated backyard, and a garage wired with 220 power.
    Where is this single family property located?
    The property is located at 615 S 3rd Street Montrose, CO.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: 1904 bungalow in south downtown Montrose with bright interior featuring fresh paint and new flooring; 3‑bedroom layout with living room, kitchen/dining, bathroom, and laundry room on the opposite side of the house; Original hardwood floors with built‑ins and arches for distinctive architectural character
    (970) 275-1378
    We can help!
    Listing Contact
    Kerri Noonan-Inda
    Real Estate License ID: FA100041175,PersonLicenseNumber
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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.

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