Historic Office Building in
For Sale
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820 Division Street, Billings, MT 59101
Historic 1916 office building with modernized mechanical systems.
Property Size5,688 SF
Price / SF$167.02
Days on Market923
Property Features for 820 Division Street
General Information
Standard status
Active
Size
5,688 SF
Property subtype
Special Purpose
Building Details
Year Built
1916
Listing Agency:
CENTURY 21 Hometown Brokers Billings
(406) 690-0373
Listed By:
Gregory Judson · License #MT
Source:
Crexi
Added: Feb 10, 2024
Changed: Aug 8
Last Checked: Aug 20 at 6:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Hometown Brokers Billings
Investment Insights
Based on property information with market context.
This historic property, known as the Snidow Home, presents a rare opportunity to own a piece of Billings heritage. Originally built in 1916, the property has been converted and rezoned into professional offices while retaining its opulent period finishes and styles. The interior features finely finished walnut, marble, and original ornamentation throughout. Natural light fills the space from two sunrooms, accentuating the rich woodwork. The upper level includes four offices, a small family room, and two bathrooms. The main level, which is ADA accessible, features a large office and a library/study that could serve as another office. The basement contains two offices or meeting rooms, plus storage space. A heated carriage house is located adjacent to the rear parking lot. The property has a total size of 5688 square feet.
Key Highlights
- Historic 1916 Snidow Home: A rare opportunity to own a piece of Billings history and heritage.
- Zoned for Professional Offices: Converted and rezoned, ready for immediate use as professional offices.
- Opulent Period Finishes: Breathtaking original ornamentation, marble, and finely finished walnut throughout.
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 - Historic 1916 office building with modernized mechanical systems.
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: Historic 1916 Snidow Home: A rare opportunity to own a piece of Billings history and heritage.; Zoned for Professional Offices: Converted and rezoned, ready for immediate use as professional offices.; Opulent Period Finishes: Breathtaking original ornamentation, marble, and finely finished walnut throughout.
