Showroom and Warehouse
For Sale
$3,250,000
201 & 215 2nd S, Great Falls, MT 59405
Mixed-use showroom and heated warehouse space with multiple entrances, offices, and overhead door street access.
Property Size41,000 SF
Price / SF$79.27
Days on Market32
Property Features for 201 & 215 2nd S
General Information
Standard status
Active
Size
41,000 SF
Building Details
Year Built
1914
Listing Agency:
Corder and Associates LLC
(406) 231-8515
Listed By:
Trampus Corder · License #38039
Source:
Shonnakeyteam
Added: Jul 21
Changed: Aug 20
Last Checked: Aug 21 at 9:30AM
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 Corder and Associates LLC
Investment Insights
Based on property information with market context.
This commercial building offers just under 15,000 square feet, with approximately 8,000 square feet designated as showroom space. The interior features high ceilings, multiple entrances, and a layout that includes five separate offices, four bathrooms, a break/conference room, front counter space, an IT room, a copier/office supply room, and several storage rooms.
A heated warehouse portion includes an overhead door with street access. The property also includes office unit 207, which could be utilized separately with its own entrance, bathroom, office space, kitchenette, and storage.
Significant upgrades were completed in 2008, including new plumbing, electrical, roof, HVAC, and windows. The site also includes a building at 215 2nd Ave. So. that provides 26,000 additional square feet for storage or business uses.
A heated warehouse portion includes an overhead door with street access. The property also includes office unit 207, which could be utilized separately with its own entrance, bathroom, office space, kitchenette, and storage.
Significant upgrades were completed in 2008, including new plumbing, electrical, roof, HVAC, and windows. The site also includes a building at 215 2nd Ave. So. that provides 26,000 additional square feet for storage or business uses.
Key Highlights
- Commercial building built in 1914 with just under 15,000 SF total and ~8,000 SF showroom space
- Heated warehouse with overhead door plus street access, giving direct loading/entry capability
- Multiple entrances and a floorplan with 5 separate offices, front counter space, IT room, and break/conference room
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
$233,356
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
7.18%
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%
$4,667,120
$4.7M
Cap Rate 7%
$3,333,657
$3.3M
Cap Rate 9%
$2,592,844
$2.6M
Market Conditions
NOI Build-Up for 41,000 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
$295.2K $7.20/SF
− Vacancy
−$20.7K −$0.50/SF
EGI
$274.5K $6.70/SF
− OpEx
−$41.2K −$1.00/SF
NOI
$233.4K $5.69/SF
Area
Cascade County, MT
Vacancy
7.00%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$4,667,120
Cap Rate 7%
$3,333,657
Cap Rate 9%
$2,592,844
Alternative Uses
Best Use
Retail
$6.41M
$5.61M – $7.48M
NOI $448,667 @ 7.0% cap · market cap 13.81%
Second Best
Flex RnD
$5.14M
$4.50M – $6.00M
NOI $359,775 @ 7.0% cap · market cap 11.07%
Theoretical Best
Specialty Retail
$7.98M
$6.98M – $9.31M
NOI $558,533 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59405, MT
33,578
Population
15,260
Households
2.2
Avg Household Size
35
Median Age
29%
College-Educated
94%
High-School Grad
479.4 sq mi
ZIP Area
70
Density / Sq Mi
$60,509
Median Household Income
$37,431
Median Earnings
$947
Median Rent
$236,800
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.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use showroom and heated warehouse space with multiple entrances, offices, and overhead door street access.
Where is this flex space located?
The property is located at 201 & 215 2nd S Great Falls, MT.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Commercial building built in 1914 with just under 15,000 SF total and ~8,000 SF showroom space; Heated warehouse with overhead door plus street access, giving direct loading/entry capability; Multiple entrances and a floorplan with 5 separate offices, front counter space, IT room, and break/conference room
