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    The Largest CRE Database in the US with Over 1 Million Listings

    6532 Us Highway 287 Norris, MT 59745

    Sponsored
    For Sale
    $494,000

    Montana Mixed-Use Property, 6748 sq ft

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    421
    This remarkable 6748-square-foot mixed-use property, the historic Norris Schoolhouse, presents a unique investment opportunity in Madison County, Montana. Built in 1905, this expansive building sits on a 1.016-acre lot at 6532 US Highway 287 in Norris, MT, zip code 59745. Its prime location offers unparalleled year-round accessibility and breathtaking views, making it exceptionally well-suited for businesses catering to tourism. The property's proximity to several key Montana towns provides significant advantages. A short 15-minute drive to Ennis and a convenient 30-minute drive to Bozeman ensures easy access to a larger population base and ample amenities. Nearby towns such as McAllister, Three Forks, Harrison, and Cardwell further enhance the property's visibility and accessibility. The area boasts abundant outdoor recreational opportunities, including nearby hot springs, attracting a significant number of visitors annually. The building's substantial size allows for a wide range of potential uses, from a boarding house or office spaces to a fitness center or event venue. This versatile property offers the chance to establish a thriving business in a picturesque and accessible location, combining work and leisure in the heart of Montana's stunning landscape. The asking price for this exceptional property is $494,000.

    Property Features for 6532 Us Highway 287

    General Information

    Property type
    Mixed-use properties
    Lot Size
    44,257 SF

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Trampus Corder
    Trampus Corder

    Learn more

    Property Insight Report

    HighLights

    • $494,000 asking price.
    • Mixed‑use property.
    • 1905 construction.
    • 1.016‑acre lot.
    • 6,748 square feet.
    • Located at 6532 US Hwy 287, Norris, MT 59745.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Norris
    County
    Madison
    State
    Montana
    Longitude
    -111.6899851
    Latitude
    45.5700957

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    FAQs

    What type of property is this?
    Mixed-use property - Montana Mixed-Use Property, 6748 sq ft
    Where is this mixed-use property located?
    The property is located at 6532 Us Highway 287 Norris, MT.
    What is the asking price?
    The asking price for this property is $494,000.
    What are key features of this property?
    This property features: $494,000 asking price.; Mixed-use property.; 1905 construction.
    (406) 799-5908
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    6532 Us Highway 287 Norris, MT 59745
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    Norris, MT 59745
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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
    6532 Us Highway 287 Norris, MT 59745
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    We can help!
    Listing Contact
    Trampus Corder
    Trampus Corder
    Real Estate License ID: 38039
    (406) 799-5908
    Learn more
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