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    624 3Rd Ave N Great Falls, MT 59401

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    Sponsored
    For Sale
    $299,000

    MULTI_FAMILY - Victorian - Great Falls, MT

    Property size:
    6,000 SF
    Lot size:
    0.11 Acres
    Days on Market:
    45
    Last Refresh:
    Mar 7 at 8:06 pm

    Property Features for 624 3Rd Ave N

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    Residential
    Rooms
    Basement
    APN
    02301512235090000
    Size
    6,000 SF
    Lot size
    0.11 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    3
    Number of units
    2
    Roof type
    Composition, Rubber
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Leo M Imperi
    Leo M Imperi

    Keller Williams Capital Realty (406) 449-2181

    Listing agent Leo M Imperi (406) 750-9503 License #RRE-RBS-LIC-53226

    Listing date Jan 22, 2026

    MLS# 30061318

    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.

    Learn more

    Property Insight Report

    Overview

    Victorian Landmark Multifamily Opportunity

    This architecturally significant home, built in 1907, is listed as a contributing property on the National Historic Register. The property offers restoration advantages and may be eligible for historic programs that offer grant opportunities, 0% interest loan options, and potential property tax reimbursement. The home has been taken down to the studs and is ready for completion. The property spans four levels, including the basement, with nearly 6,000 sq ft of space. It is suited for a single-family showpiece or possible multifamily use. The exterior renovation is complete, featuring newer Dryvit stucco siding, newer roofing, and TPO roofing on third-floor balconies and flat roof areas. Triple-pane windows and doors are installed, and upper porch railings are included. The property is located across from St. Anne's Cathedral, offering views of the Gothic Revival landmark from the upper levels. The lot size is 0.11 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Great Falls
    County
    Cascade
    State
    Montana
    Longitude
    -111.295827
    Latitude
    47.508348

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    FAQs

    What type of property is this?
    Residential income property - Iconic Victorian ready for restoration, potential multifamily use.
    Where is this residential income property located?
    The property is located at 624 3Rd Ave N Great Falls, MT.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: - Eligible for historic programs offering potential grants, 0% interest loans, and property tax reimbursement.; - **Architecturally significant Victorian home (built in 1907) listed on the National Historic Register.**; - **Nearly 6,000 sq ft of space across four levels, suitable for single-family or multifamily use.**
    (406) 750-9503
    Request Owner's contact information
    624 3Rd Ave N Great Falls, MT 59401
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    Great Falls, MT 59401
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    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
    624 3Rd Ave N Great Falls, MT 59401
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    We can help!
    Listing Contact
    Leo M Imperi
    Leo M Imperi
    Real Estate License ID: RRE-RBS-LIC-53226
    (406) 750-9503 (406) 770-3674
    Learn more
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