Drive-Through Auto
For Sale
$1,150,000
1021 15th Street N, Great Falls, MT 59401
CommercialSale, Great Falls, MT
Property Size7,460 SF
Lot Size0.62 Acres
Price / SF$154.16
Days on Market675
Property Features for 1021 15th Street N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Mixed Use Transitional M-2
Lot features
Level
Directions
Use navigation
Standard status
Active
APN
02301606346090000
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
S06, T20 N, R04 E, IN S2NW MK F1
Tax Annual Amount
8425
Legal Description
S06, T20 N, R04 E, IN S2NW MK F1
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
drive-through shop doors
fenced back lot
air-conditioned office space
reception area with TV
multiple heaters
Building Details
Year built
1973
Flooring type
Concrete
Listing Agency:
Montana's Best Realty
(406) 468-9911
Listed By:
Robin McKnight · License #RRE-RBS-LIC-17672
(406) 899-0857
Added: Oct 15, 2024
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 30035285
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 auto shop property includes a 7,460-square-foot building on 0.62 acres, with drive-through doors providing passage to a fenced rear lot. The interior combines an updated office area with an adjoining reception space, while the shop is equipped with multiple heaters, including an oil burner, two hoists, a 15-horsepower compressor, a down-draft paint booth, and two air-filtration systems. Concrete flooring, central air, natural gas, and forced-air heating support the facility. The equipment may be negotiated into the sale.
Built in 1973, the property is located at 1021 15th Street N in Great Falls, Montana. Public water and sewer serve the site. The building previously operated as an auto body and mechanic business and offers a layout that can be adapted for continued automotive use or another configuration supported by the existing improvements.
Built in 1973, the property is located at 1021 15th Street N in Great Falls, Montana. Public water and sewer serve the site. The building previously operated as an auto body and mechanic business and offers a layout that can be adapted for continued automotive use or another configuration supported by the existing improvements.
Key Highlights
- 7,460‑square‑foot shop on 0.62 acres
- Drive‑through shop doors connect to a fenced rear lot
- Updated office space with adjoining reception area and central air
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
$81,636
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
7.10%
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%
$1,632,720
$1.6M
Cap Rate 7%
$1,166,229
$1.2M
Cap Rate 9%
$907,067
$907.1K
Market Conditions
NOI Build-Up for 7,460 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
$120.9K $16.20/SF
− Vacancy
−$4.2K −$0.57/SF
EGI
$116.6K $15.63/SF
− OpEx
−$35.0K −$4.69/SF
NOI
$81.6K $10.94/SF
Area
Cascade County, MT
Vacancy
3.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,632,720
Cap Rate 7%
$1,166,229
Cap Rate 9%
$907,067
Alternative Uses
Best Use
Retail
$1.17M
$1.02M – $1.36M
NOI $81,636 @ 7.0% cap · market cap 7.10%
Second Best
Flex RnD
$935.2K
$818.3K – $1.09M
NOI $65,462 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,626 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Well-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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Air-conditioned offices and a customer reception area complement the service facility and secured rear yard.
Where is this auto shop located?
The property is located at 1021 15th Street N Great Falls, MT.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 7,460‑square‑foot shop on 0.62 acres; Drive‑through shop doors connect to a fenced rear lot; Updated office space with adjoining reception area and central air
