2019 Montana Ave

Investment Overview

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