Flex Space with Shop Conversion
New
For Sale
$499,000
1001 Central, Great Falls, MT 59401
C-5 zoning supports office, service, repair, and light manufacturing uses.
Property Size5,500 SF
Price / SF$90.73
Days on Market4
Property Features for 1001 Central
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Commercial
Zoning
C-5
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$6,584
Amenities
Garage: Additional Parking,Alley Access,On Street
Additional Parking,Alley Access,On Street
Building Details
Year Built
1954
Buildings
1
Listing Agency:
Dustin Young and Company
(760) 978-9580
Listed By:
Audrey Lazzarini · License #109078
Source:
Clearwaterproperties
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 5:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dustin Young and Company
Investment Insights
Based on property information with market context.
Located at 1001 Central in Great Falls, this 5500-square-foot flex property combines an office layout with shop-oriented features. The current configuration includes 4 private offices and several dedicated storage areas, supporting administrative, professional, financial, and general service operations. A 12 foot garage door and concealed metal roof trusses are already in place; removing the lowered ceilings and select interior walls could create a larger clear-span shop area.
The C-5 zoning permits a broad range of uses by right or through administrative review, including general and professional services, vehicle repair and service, light manufacturing and assembly, artisan shop, indoor storage, general sales, restaurant, health care services, and commercial education. Exterior features include additional parking, alley access, and on-street parking. Built in 1954, the building offers a combined office and shop format that can remain office-oriented or be reconfigured for more open production, repair, or service use.
The C-5 zoning permits a broad range of uses by right or through administrative review, including general and professional services, vehicle repair and service, light manufacturing and assembly, artisan shop, indoor storage, general sales, restaurant, health care services, and commercial education. Exterior features include additional parking, alley access, and on-street parking. Built in 1954, the building offers a combined office and shop format that can remain office-oriented or be reconfigured for more open production, repair, or service use.
Key Highlights
- 5500 SF flex building with office and shop configuration
- 4 private offices plus multiple dedicated storage areas
- 12 foot garage door with concealed metal roof trusses
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
$44,402
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
8.90%
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%
$888,040
$888.0K
Cap Rate 7%
$634,314
$634.3K
Cap Rate 9%
$493,356
$493.4K
Market Conditions
NOI Build-Up for 5,500 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
$75.9K $13.80/SF
− Vacancy
−$16.7K −$3.04/SF
EGI
$59.2K $10.76/SF
− OpEx
−$14.8K −$2.69/SF
NOI
$44.4K $8.07/SF
Area
Cascade County, MT
Vacancy
22.00%
Lease Rate
$13.80 /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%
$888,040
Cap Rate 7%
$634,314
Cap Rate 9%
$493,356
Alternative Uses
Best Use
Flex RnD
$689.5K
$603.3K – $804.4K
NOI $48,263 @ 7.0% cap · market cap 9.67%
Second Best
Office B
$634.3K
$555.0K – $740.0K
NOI $44,402 @ 7.0% cap · market cap 8.90%
Theoretical Best
Specialty Retail
$1.07M
$936.6K – $1.25M
NOI $74,925 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,504
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59401, MT
13,030
Population
6,921
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
93%
High-School Grad
3.0 sq mi
ZIP Area
4,343
Density / Sq Mi
$53,750
Median Household Income
$33,209
Median Earnings
$767
Median Rent
$206,100
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?
Flex space - C-5 zoning supports office, service, repair, and light manufacturing uses.
Where is this flex space located?
The property is located at 1001 Central Great Falls, MT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 5500 SF flex building with office and shop configuration; 4 private offices plus multiple dedicated storage areas; 12 foot garage door with concealed metal roof trusses
