Historic Office Building with
For Sale
$950,000
820 Division Street, Billings, MT 59101
COMMERCIAL - Other - Billings, MT
Property Size5,688 SF
Lot Size0.48 Acres
Price / SF$167.02
Days on Market47
Property Features for 820 Division Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Neighborhood Office-Residential
Parking
18
Parking features
Open
Subdivision
West Side Add
Lot features
Alley
Standard status
Active
APN
A17676
Size
5,688 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
WEST SIDE ADD, S04, T01 S, R26 E, BLOCK 2, Lot 41 - 46
Tax Annual Amount
12706
Legal Description
WEST SIDE ADD, S04, T01 S, R26 E, BLOCK 2, Lot 41 - 46
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
sunrooms
gathering areas
Building Details
Year built
1918
Floors in Building
3
Building materials
Brick
Architectural style
Other
Listing Agency:
Engel & Voelkers
(406) 206-0192
Listed By:
Ryan Thomsen · License #RRE-RBS-LIC-12929
(406) 672-8803
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 22 at 9:06PM
MLS# 360498
Copyright © 2026 Billings Association of Realtors. 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.
The Snidow Home is a historic single-family property adapted for professional office use, preserving architectural character while adding practical workplace functionality. Interior highlights include rich woodwork, marble details, and original ornamentation, complemented by two sunrooms that add natural light and flexible space. The layout supports multiple office spaces, gathering areas, and restrooms, offering an established configuration for teams, meetings, and day-to-day operations.
Located at 820 Division Street in Billings, Montana (59101), the property is positioned near Moss Mansion and in a highly recognizable area of the city. The site sits on approximately 0.4821 acres, providing a sense of presence and an on-property setting suitable for an owner-operator or business seeking a more distinctive address.
With roughly 5,688 square feet of flexible interior space, this building can fit a range of professional uses that benefit from a traditional office layout with character. Whether you are looking for an owner-user property or an investment with a unique identity, the combination of preserved historic finishes and ready-to-use office rooms is designed to support ongoing business activity without requiring a complete reinvention of the space.
Located at 820 Division Street in Billings, Montana (59101), the property is positioned near Moss Mansion and in a highly recognizable area of the city. The site sits on approximately 0.4821 acres, providing a sense of presence and an on-property setting suitable for an owner-operator or business seeking a more distinctive address.
With roughly 5,688 square feet of flexible interior space, this building can fit a range of professional uses that benefit from a traditional office layout with character. Whether you are looking for an owner-user property or an investment with a unique identity, the combination of preserved historic finishes and ready-to-use office rooms is designed to support ongoing business activity without requiring a complete reinvention of the space.
Key Highlights
- Brick building with central air and natural gas hot water heating
- Year built 1918 with original architectural character and details
- Adapted for professional office use with multiple office spaces and gathering areas
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
$62,352
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
6.56%
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%
$1,247,040
$1.2M
Cap Rate 7%
$890,743
$890.7K
Cap Rate 9%
$692,800
$692.8K
Market Conditions
NOI Build-Up for 5,688 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
$99.0K $17.40/SF
− Vacancy
−$15.8K −$2.78/SF
EGI
$83.1K $14.62/SF
− OpEx
−$20.8K −$3.65/SF
NOI
$62.4K $10.96/SF
Area
Billings, 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%
$1,247,040
Cap Rate 7%
$890,743
Cap Rate 9%
$692,800
Alternative Uses
Best Use
Office B
$890.7K
$779.4K – $1.04M
NOI $62,352 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,876 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
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?
Office building - A character-rich office building with multiple workspaces, gathering areas, restrooms, and two sunrooms on nearly half an acre.
Where is this office building located?
The property is located at 820 Division Street Billings, MT.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Brick building with central air and natural gas hot water heating; Year built 1918 with original architectural character and details; Adapted for professional office use with multiple office spaces and gathering areas
