Two-Building Mixed-Use
For Sale
$750,000
494 N Main Street, Kalispell, MT 59901
CommercialSale, Kalispell, MT
Property Size2,404 SF
Lot Size0.14 Acres
Price / SF$311.98
Days on Market40
Property Features for 494 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Business
Zoning description
B-1 Neighborhood Business
Parking features
Alley, On Street
Directions
On the SW corner of Main Street and California Street, off Highway 93
Standard status
Active
APN
07396607101010000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KAL ADD 6, S07, T28 N, R21 W, BLOCK 238, Lot 1, ASSR #0000961830
Tax Annual Amount
5339
Legal Description
KAL ADD 6, S07, T28 N, R21 W, BLOCK 238, Lot 1, ASSR #0000961830
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating), Natural Gas, Radiant, Radiant Floor, Hot Water(Heating)
Water source
Public
Building Details
Year built
2001
Listing Agency:
Lifetime Montana Real Estate
(406) 253-6533
Listed By:
Tricia Brisendine · License #RRE-BRO-LIC-63245
(406) 253-6533
Added: Jul 13
Changed: Aug 21
Last Checked: Aug 21 at 8:06AM
MLS# 30074559
Copyright © 2026 Montana Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property comprises two buildings totaling 2,404 square feet of usable space. The Main Street building contains 672 square feet plus a 480-square-foot crawl space and was built in 1940. Its two addresses support separate upper- and lower-level occupancy. The California Street building, completed in 2001, provides two additional spaces measuring 888 square feet and 844 square feet, creating three potential business or live-work areas across the property.
The property has frontage along Highway 93/Main Street in Kalispell, with access from both on-street and alley parking. Business zoning supports its commercial positioning, while public water and public sewer serve the site. Heating systems include radiant, electric, baseboard, radiant floor, hot water, and natural gas components.
The property has frontage along Highway 93/Main Street in Kalispell, with access from both on-street and alley parking. Business zoning supports its commercial positioning, while public water and public sewer serve the site. Heating systems include radiant, electric, baseboard, radiant floor, hot water, and natural gas components.
Key Highlights
- 2,404 square feet of usable space across two buildings
- Three potential occupancies, including two spaces in the California Street building
- Main Street building includes 672 square feet plus a 480‑square‑foot crawl space
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
$28,505
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
3.80%
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%
$570,100
$570.1K
Cap Rate 7%
$407,214
$407.2K
Cap Rate 9%
$316,722
$316.7K
Market Conditions
NOI Build-Up for 2,404 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
$44.7K $18.60/SF
− Vacancy
−$6.7K −$2.79/SF
EGI
$38.0K $15.81/SF
− OpEx
−$9.5K −$3.95/SF
NOI
$28.5K $11.86/SF
Area
Flathead County, MT
Vacancy
15.00%
Lease Rate
$18.60 /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%
$570,100
Cap Rate 7%
$407,214
Cap Rate 9%
$316,722
Alternative Uses
Best Use
Office B
$407.2K
$356.3K – $475.1K
NOI $28,505 @ 7.0% cap · market cap 3.80%
Second Best
Mixed Use
$242.1K
$211.9K – $282.5K
NOI $16,948 @ 7.0% cap · market cap 2.26%
Theoretical Best
Office A
$536.7K
$469.7K – $626.2K
NOI $37,572 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,643
Businesses Nearby
Explore this area
Business Placement
Demographics for 59901, MT
57,900
Population
25,154
Households
2.3
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
468.8 sq mi
ZIP Area
124
Density / Sq Mi
$70,391
Median Household Income
$38,073
Median Earnings
$1,052
Median Rent
$417,200
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?
Mixed-use property - Flexible commercial configuration with three potential occupancies, business zoning, and public water and sewer service.
Where is this mixed-use property located?
The property is located at 494 N Main Street Kalispell, MT.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,404 square feet of usable space across two buildings; Three potential occupancies, including two spaces in the California Street building; Main Street building includes 672 square feet plus a 480‑square‑foot crawl space
