Historic Up-Down
For Sale
$399,000
312 314 5th, Great Falls, MT 59404
Upstairs unit has been fully remodeled and is currently rented, while the downstairs level includes recent outdoor amenities.
Property Size3,904 SF
Price / SF$102.20
Days on Market27
Property Features for 312 314 5th
General Information
Standard status
Active
Size
3,904 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,617
Amenities
deck
greenhouse
hot tub
Garage: Additional Parking,Alley Access,RV Access/Parking
Garage Spaces: 0
Style: Other
Other
Additional Parking,Alley Access,RV Access/Parking
Building Details
Year Built
1895
Listing Agency:
Montana's Best Realty
(406) 468-9911
Listed By:
Gym Anderson · License #RRE-BRO-LIC-12207
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 12
Last Checked: Aug 12 at 3:34AM
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 Montana's Best Realty
Investment Insights
Based on property information with market context.
Built in 1895, this historic up-and-down duplex offers two separate residential units. The upstairs has been totally remodeled and is currently rented. The downstairs level has a history of commercial use and is set up as part of the current duplex configuration, with recent improvements that include a hot tub area connected to the downstairs unit.
Recent renovations also include a deck off the upstairs unit with a greenhouse. The property provides flexibility, as the downstairs unit could be rented as residential or easily converted back to a retail space, depending on a buyer’s preference.
With its combination of remodeled living space and outdoor upgrades tied to each level, the building is designed to support income generation in its current duplex layout while preserving the option for alternate use.
Recent renovations also include a deck off the upstairs unit with a greenhouse. The property provides flexibility, as the downstairs unit could be rented as residential or easily converted back to a retail space, depending on a buyer’s preference.
With its combination of remodeled living space and outdoor upgrades tied to each level, the building is designed to support income generation in its current duplex layout while preserving the option for alternate use.
Key Highlights
- Up/down duplex originally built in 1895
- Upstairs unit is totally remodeled and currently rented for $1,400 per month
- Downstairs level has historic retail use history as a bakery, cigar store, and neighborhood grocery concept
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
$32,987
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
8.27%
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%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 3,904 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
$49.2K $12.60/SF
− Vacancy
−$2.1K −$0.53/SF
EGI
$47.1K $12.07/SF
− OpEx
−$14.1K −$3.62/SF
NOI
$33.0K $8.45/SF
Area
Cascade County, MT
Vacancy
4.20%
Lease Rate
$12.60 /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%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$426.5K
$373.2K – $497.6K
NOI $29,854 @ 7.0% cap · market cap 7.48%
Theoretical Best
Specialty Retail
$759.8K
$664.8K – $886.4K
NOI $53,183 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 59404, MT
28,131
Population
11,828
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
94%
High-School Grad
331.4 sq mi
ZIP Area
85
Density / Sq Mi
$79,327
Median Household Income
$44,545
Median Earnings
$1,034
Median Rent
$272,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Upstairs unit has been fully remodeled and is currently rented, while the downstairs level includes recent outdoor amenities.
Where is this duplex located?
The property is located at 312 314 5th Great Falls, MT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Up/down duplex originally built in 1895; Upstairs unit is totally remodeled and currently rented for $1,400 per month; Downstairs level has historic retail use history as a bakery, cigar store, and neighborhood grocery concept
