Ground-Floor Office
For Sale
Under Contract
$260,000
62 S Last Chance Gulch, Helena, MT 59601
CommercialSale, Helena, MT
Property Size1,000 SF
Price / SF$260
Days on Market14
Property Features for 62 S Last Chance Gulch
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Business
Zoning description
DT - Down Town
Parking
3
Directions
South Park Avenue across from the Lewis and Clark Library
Standard status
Active Under Contract
APN
05188831233017002
Taxes and HOA fees
Tax Year
2025
Tax Description
COLWELL BUILDING CONDO, S31, T10 N, R03 W, UNIT STE B, HELENA TOWNSITE PARCELS 25 & 26A
Tax Annual Amount
3373
Legal Description
COLWELL BUILDING CONDO, S31, T10 N, R03 W, UNIT STE B, HELENA TOWNSITE PARCELS 25 & 26A
Utilities
Sewer type
Public Sewer
Cooling system
Ductless
Water source
Public
Amenities
kitchenette
private bathroom
Building Details
Year built
1890
Flooring type
Linoleum, Carpet
Listing Agency:
Big Sky Brokers, LLC
(406) 443-1300
Listed By:
Matt B Dalton · License #RRE-RBS-LIC-127382
(406) 431-5080
Added: Sep 14
Changed: Sep 27
Last Checked: Sep 27 at 1:06PM
MLS# 30078395
Copyright © 2026 Montana Regional MLS. 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.
This ground-floor office condominium offers 1,000 square feet within the historic Colwell Building at 62 S Last Chance Gulch. The layout includes a reception area, three private offices, a kitchenette, and a private bathroom. Tall ceilings, south-facing windows, carpet and linoleum flooring, and ductless cooling contribute to a functional professional setting. Public water and public sewer serve the property, which is zoned Business.
Three dedicated parking spaces are positioned directly in front of the entrance, with an additional city lot immediately west of the building. The downtown Helena location provides a walkable setting along Last Chance Gulch, while the building’s restored historic character and new roof add to the property’s physical appeal. The office is suited to a professional practice, firm, or agency seeking an established downtown address.
Three dedicated parking spaces are positioned directly in front of the entrance, with an additional city lot immediately west of the building. The downtown Helena location provides a walkable setting along Last Chance Gulch, while the building’s restored historic character and new roof add to the property’s physical appeal. The office is suited to a professional practice, firm, or agency seeking an established downtown address.
Key Highlights
- 1,000‑square‑foot ground‑floor office condominium
- Reception area, three private offices, kitchenette, and private bathroom
- Three dedicated parking spaces directly in front of the entrance
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
$10,710
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
4.12%
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%
$214,200
$214.2K
Cap Rate 7%
$153,000
$153.0K
Cap Rate 9%
$119,000
$119.0K
Market Conditions
NOI Build-Up for 1,000 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
$16.8K $16.80/SF
− Vacancy
−$2.5K −$2.52/SF
EGI
$14.3K $14.28/SF
− OpEx
−$3.6K −$3.57/SF
NOI
$10.7K $10.71/SF
Area
Lewis and Clark County, MT
Vacancy
15.00%
Lease Rate
$16.80 /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%
$214,200
Cap Rate 7%
$153,000
Cap Rate 9%
$119,000
Alternative Uses
Best Use
Office B
$153.0K
$133.9K – $178.5K
NOI $10,710 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,459
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Office units - Move-in-ready professional office with private rooms, kitchenette, bathroom, and dedicated parking in downtown Helena.
Where is this office units located?
The property is located at 62 S Last Chance Gulch Helena, MT.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,000‑square‑foot ground‑floor office condominium; Reception area, three private offices, kitchenette, and private bathroom; Three dedicated parking spaces directly in front of the entrance
