2019 Montana Avenue
Historic Mix-Use Building for Sale
Marketing description
Positioned in the heart of Billings’ rapidly revitalizing Montana Avenue corridor, The Papermill Event Center offers a rare opportunity to acquire a historic, income-producing mixed-use asset with significant upside and flexible future use.
Originally constructed in 1914 and thoughtfully renovated, this ±34,820 SF brick warehouse has been transformed into one of Billings’ most recognizable venues, blending industrial character with modern functionality. Today, the property operates as a successful event destination while also generating stable residential income from five second-floor apartment units.
What sets this asset apart is its versatility and scale. The expansive open floor plan, high ceilings, freight elevator access, and multiple indoor/outdoor gathering areas create an environment that can easily be reimagined for a wide range of revenue-generating uses. From entertainment and hospitality concepts to creative office, brewery/distillery, or mixed-use redevelopment.
Located within the East Billings Railspur Village Main Street (EB_RSVMS) district, the property benefits from zoning designed to encourage walkable, mixed-use redevelopment, making it ideal for investors or owner-users looking to capitalize on the continued growth of the Montana Avenue corridor.
With existing cash flow, historic character, and future repositioning potential, The Papermill presents a compelling opportunity to own a landmark property with both immediate income and long-term upside.
Investment highlights
- ±34,820 SF historic mixed-use building in Billings’ Montana Avenue corridor
- Established event venue + residential units creating diversified income potential
- Event component operates on a NNN structure (reduced landlord responsibilities)
- Located within a designated revitalization district supporting mixed-use growth
- Large open-span floor plan with high ceilings ideal for multiple commercial uses
- Freight elevator (3 stops) + loading dock for operational flexibility
- Multiple indoor/outdoor spaces including patios for expanded programming
- ±0.83-acre site with on-site parking and full utilities
- Strong potential for repositioning or adaptive reuse (brewery, food hall, creative office, hospitality)
- Authentic 1914 brick construction with irreplaceable character and strong market appeal
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
