Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1601 Lewis Ave Billings, MT 59102

    • Office buildings
    • 36,204 SF
    • 1.44 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US52-0013209
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dr. Elizabeth A Walter / Psychiatrist
    • Tenika Capouch / Occupational Therapist
    • Susan Frew / Counselor / Marriage Or Relationship Counselor
    • Rimel & Mrkich / Attorney
    • High Plains Law, P.L.L.C. / General Practice Attorney / Civil Law Attorney

    Property Details for 1601 Lewis Ave

    Year built
    1982
    Construction
    WOOD
    Lot size
    1.44 lot acres
    Property size
    36,204 SF
    Zone code
    CC
    Property type
    Office buildings
    APN
    03-0927-06-1-24-01-0000
    APU
    3092706124010000

    Description

    This exceptional office building, located at 1601 Lewis Ave in Billings, Montana, offers a blend of traditional and executive office spaces. The property, situated on a 1.44-acre lot, comprises a total of 36,348 square feet, with 3,718 square feet currently vacant. Built in 1982, the building features one elevator and is zoned for neighborhood office use (NO). The property is conveniently located in Billings' midtown area, providing easy access to various amenities and businesses. The building offers ample parking, including reserved spaces for tenants and guests. Accessibility is ensured through ADA compliance. Shared restrooms and a single elevator serve the building's tenants. The property benefits from daily cleaning and regular maintenance, ensuring a clean and well-maintained environment. Currently, one available suite offers 1,496 square feet of space. The property's APN is A19576, and it's located in Yellowstone County, Montana, zip code 59102. This is a fantastic opportunity for businesses seeking a well-maintained, conveniently located office space in a thriving Montana city.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.557
    Latitude
    45.781
    CBSA code
    13740
    CBSA name
    BILLINGS, MT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $47,844
    $0.00
    $0.00
    $3,829,300
    -
    $272,828
    $3,556,472
    $3,829,300

    Comparable in this City

    • Value Estimation by Request
      6,151 SF

      1645 Ave D D

      OFFICE BUILDING • 6,151 SF
      1645 Ave D D, Billings, MT 59102-3043
      View Details
    • Value Estimation by Request
      27,242 SF

      2970 King W Ave

      OFFICE BUILDING • 27,242 SF
      2970 King W Ave, Billings, MT 59102-6434
      View Details
    • Value Estimation by Request
      11,540 SF

      3470 Gabel Rd

      OFFICE BUILDING • 11,540 SF
      3470 Gabel Rd, Billings, MT 59102-7302
      View Details
    • Value Estimation by Request
      19,390 SF

      1444 Grand Ave

      OFFICE BUILDING • 19,390 SF
      1444 Grand Ave, Billings, MT 59102-3104
      View Details
    • Value Estimation by Request
      16,932 SF

      1925 Grand Ave

      OFFICE BUILDING • 16,932 SF
      1925 Grand Ave, Billings, MT 59102-2764
      View Details
    • Value Estimation by Request
      11,312 SF

      2180 Overland Ave

      OFFICE BUILDING • 11,312 SF
      2180 Overland Ave, Billings, MT 59102-6695
      View Details

    Similar Nearby for Sale

    • $699,000
      3 SF

      Billings Heights Newer Office Building

      Class A office building built in 2008 with high-quality finishes.
      1668 Gleneagles Blvd, Billings, MT 59102
      View Details
    • $1,495,000
      4,961 SF

      Billings Office Condo For Sale

      Office condominium in west Billings with investment or owner-user potential.
      3936 Avenue B, Billings, MT 59102
      View Details
    • Contact for pricing
      39,052 SF

      Midtown Office Building For Sale

      Midtown office building with suites available, close to amenities.
      1501 14Th St West, Billings, MT 59102
      View Details
    • $3,995,000
      18 SF

      New Construction Shop/Warehouse For Sale

      18,939 SF new construction shop/warehouse with office space.
      1450 S 32Nd St W Billings, Billings, MT 59102
      View Details
    • $325,000
      350 SF

      Turnkey Insurance Office For Sale

      Established insurance agency with loyal clients and strong brand recognition.
      Insurance Agency, Billings, MT 59102
      View Details
    • $540,000
      3,120 SF

      Free Standing Midtown Retail Building

      Midtown retail building, remodeled in 2010, suitable for multiple uses.
      644 Broadwater Ave, Billings, MT 59102
      View Details

    Similar Nearby for Lease

    • $515 /Mo
      340 SF

      West End Billings landmark office complex with multiple separate office suites

      West End Billings landmark office complex with multiple separate office suites
      2108 Broadwater Ave Ste 100A, Billings, MT 59102
      View Details
    • $600 /Mo
      171 SF

      Professional Office Building For Lease

      Professional Office Building For Lease
      2048 Overland Ave Suite 102BB, Billings, MT 59102
      View Details
    • $14 SF/Yr
      11,152 SF

      Grand Ave Executive Suites

      Billings, MT Office Space Available
      1211 Grand Ave, Billings, MT 59102
      View Details
    • $875 /Mo
      656 SF

      Solar Plaza office complex with multiple separate office suites for lease

      Solar Plaza office complex with multiple separate office suites for lease
      2108 Broadwater Ave Ste 104, Billings, MT 59102
      View Details
    • $1,500 /Mo
      2,208 SF

      2331 Lewis is a Class A Office Building Redevelopment For Lease

      2331 Lewis is a Class A Office Building Redevelopment For Lease
      2331 Lewis Ave, Suite A, Billings, MT 59102
      View Details
    • $13 SF/Yr
      1,520 SF

      Midtown Billings Office Space

      Stand-alone office building in prime midtown Billings area.
      1440 Grand Ave, Billings, MT 59102
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1601 Lewis Ave
    Billings, MT 59102
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.