Multi-Office Building with Daylight
For Sale
Under Contract
$2,225,000
825 W Custer Avenue, Helena, MT 59601
CommercialSale, Helena, MT
Property Size11,665 SF
Lot Size0.61 Acres
Price / SF$190.74
Days on Market224
Property Features for 825 W Custer Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Directions
West on Custer Avenue
Standard status
Active Under Contract
APN
05188819126100000
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Custer Ave Add, S19, T10N, R03W, Block 6, Lot 1, COS# 292776
Tax Annual Amount
27168
Legal Description
Custer Ave Add, S19, T10N, R03W, Block 6, Lot 1, COS# 292776
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
conference rooms
reception areas
natural light
storage
kitchen areas
bathrooms
Building Details
Year built
1990
Flooring type
Carpet
Listing Agency:
Augustine Properties
(406) 431-4426
Listed By:
Didi Augustine Peccia · License #RRE-BRO-LIC-14187
(406) 431-4426
Added: Jan 9
Changed: Aug 21
Last Checked: Aug 21 at 2:06PM
MLS# 30064571
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.
Built in 1990, this professional office building provides 11,665 SF across a main level and daylight basement. The layout includes over 30 offices, 2 conference rooms, 2 reception areas, two kitchen areas, storage, and bathrooms on each floor. Carpeted interiors are supported by forced-air heating and central air conditioning.
The property occupies 0.606 acres at 825 W Custer Avenue in Helena, with access from adjacent streets and paved on-site parking. Public water and public sewer serve the property, providing established utility infrastructure for office operations.
The property occupies 0.606 acres at 825 W Custer Avenue in Helena, with access from adjacent streets and paved on-site parking. Public water and public sewer serve the property, providing established utility infrastructure for office operations.
Key Highlights
- 11,665 SF of office space across a main floor and daylight basement
- Over 30 offices, 2 conference rooms, and 2 reception areas
- Two kitchen areas, ample storage, and bathrooms on each level
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
$124,932
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
5.61%
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%
$2,498,640
$2.5M
Cap Rate 7%
$1,784,743
$1.8M
Cap Rate 9%
$1,388,133
$1.4M
Market Conditions
NOI Build-Up for 11,665 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
$196.0K $16.80/SF
− Vacancy
−$29.4K −$2.52/SF
EGI
$166.6K $14.28/SF
− OpEx
−$41.6K −$3.57/SF
NOI
$124.9K $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%
$2,498,640
Cap Rate 7%
$1,784,743
Cap Rate 9%
$1,388,133
Alternative Uses
Best Use
Office B
$1.78M
$1.56M – $2.08M
NOI $124,932 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.22M – $2.96M
NOI $177,383 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
643
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office property with natural light, conference rooms, reception areas, kitchens, storage, and paved on-site parking.
Where is this office building located?
The property is located at 825 W Custer Avenue Helena, MT.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: 11,665 SF of office space across a main floor and daylight basement; Over 30 offices, 2 conference rooms, and 2 reception areas; Two kitchen areas, ample storage, and bathrooms on each level
