Miner's Boutique Hotel Real Estate

THE MINER'S BOUTIQUE HOTEL

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Butte, Montana

ABOUT

The Miner's Hotel is listed on the National Registry of Historic Places. The current building was built in 1913 as the Miner's Savings and Trust Co.  The bank occupied the ground floor office until the 1960's.  Upstairs Lawrence and Katherine Graves were the longtime proprietors of the Miner's Bank Block Furnished Rooms.  In 1930, among their thirty-five lodgers were an architect, an actress, a teacher, miners, and salesmen.  Also, curiously lodged under the same roof were government Prohibition agent Carrol Olson and declared bootlegger Henry Allexis.  

Miner's Hotel

PROPERTY INFO‏

53 West Park Street | Butte, Montana

The current offering is inclusive of the twelve-unit hotel, private owner’s residence, and two tenants. The tenants are the 51 Below Speakeasy located below the hotel and the Butte Stuff retail store adjacent to the west.

 

The entire property has been renovated from ground up. The renovation provides for modern amenities while maintaining the historical décor. Some will argue the benefits of ownership is the generous income stream the property provides while others prefer ownership of one of Butte’s most prized historical structures. We’ll leave it up to the next owner to decide.

More Details

  • Main Floor contains four suites and Butte Stuff retail store

  • Second Floor contains eight suites

  • Third Floor contains owner’s residence and additional space ready for development

  • Basement includes 51 Below Speakeasy

  • Heat is combination of three forced air units and radiant heat

  • Private parking to the west includes 8 dedicated spaces

  • Public parking garage located across street

  • Gross building area 19,927 square ft

  • Site size 11,282 square ft

Offered at $2,450,000

 

Miner's Hotel

FINANCIAL HIGHLIGHTS

Based on 2021

  • Hotel $290,636

  • Speakeasy $30,000 *

  • Butte Stuff $12,000 *

  • Owner Residence (3rd Floor) $18,000 **

  • 3rd Floor Residential Suite $14,400 ***

  • 3rd floor Hotel Suite $21,600 ***


TOTAL GROSS INCOME $386,636

* Proposed lease rate to be negotiated prior to closing
** estimated lease rate if not owner occupied

*** under construction

 

EXPENSES

  • NW Energy $17,436

  • Water/Garbage $2,292

  • RE Taxes $17,882

  • Insurance $15,600

  • Advertising $6,000 *

  • Maintenance $10,000 **

  • Payroll $48,000 **

  • CC Processing $20,344

  • State Bed Tax. $23,251

TOTAL EXPENSES $160,805

* Budgeted
** Estimated

NOI $225,831

$225,831/$2,450,000 = 9.2% (CAP)

 

Offered at $2,450,000