Iconic Great Falls Commercial
For Sale
Contact for pricing
1512 Vaughn Road, Great Falls, MT 59404
Historic commercial building near I-15 and Central Avenue.
Property Size4,877 SF
Lot Size0.37 Acres
Price / SF$74.84
Days on Market963
Property Features for 1512 Vaughn Road
General Information
Standard status
Active
Size
4,877 SF
Lot size
0.37 Acres
Property subtype
Mixed Use
Zoning
C-2
Building Details
Year Built
1951
Listing Agency:
Live in Montana Real Estate
(406) 770-0013
Listed By:
Lynn Kenyon · License #RRE-BRO-LIC-38199
Source:
Crexi
Added: Dec 22, 2023
Changed: Aug 11
Last Checked: May 12 at 11:02PM
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 Live in Montana Real Estate
Investment Insights
Based on property information with market context.
This iconic commercial building in Great Falls, situated in an ideal location near I-15 and Central Avenue, presents a unique investment opportunity. The building, formerly The Jack Club Bar and later an antique mall, awaits a new vision for profitable use. The property includes part of a kitchen with a stove, grill, and sink, making it suitable for conversion back to a bar/casino. Alternatively, it could continue as an antique mall, with the business sold separately. The surrounding area features commercial buildings housing construction supplies, services, and offices, potentially making this a prime location for businesses catering to builders and clients. Constructed of cinder block, the building sits on a paved 0.37-acre lot with ample parking. A prominent monument sign frame is included in the sale. The building features a newer roof, two bathrooms in the main space, and two additional bathrooms that have not been in use for years. The basement includes two gas heaters, and the roof has two central air units. The property is zoned commercial (C2), and buyers should consult with the city regarding allowable uses. The building size is 4877 square feet, not including the basement.
Key Highlights
- Ideal location near I‑15 and Central Avenue.
- Commercial (C2) zoning allows for a variety of business uses.
- Paved .37‑acre lot with plenty of parking.
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
$32,920
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
9.02%
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%
$658,400
$658.4K
Cap Rate 7%
$470,286
$470.3K
Cap Rate 9%
$365,778
$365.8K
Market Conditions
NOI Build-Up for 4,877 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
$58.5K $12.00/SF
− Vacancy
−$5.9K −$1.20/SF
EGI
$52.7K $10.80/SF
− OpEx
−$19.8K −$4.05/SF
NOI
$32.9K $6.75/SF
Area
Cascade County, MT
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$658,400
Cap Rate 7%
$470,286
Cap Rate 9%
$365,778
Alternative Uses
Best Use
Retail
$762.4K
$667.1K – $889.5K
NOI $53,369 @ 7.0% cap · market cap 14.62%
Second Best
Mixed Use
$470.3K
$411.5K – $548.7K
NOI $32,920 @ 7.0% cap · market cap 9.02%
Theoretical Best
Specialty Retail
$949.1K
$830.5K – $1.11M
NOI $66,438 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
147
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 Retail 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?
Mixed-use property - Historic commercial building near I-15 and Central Avenue.
Where is this mixed-use property located?
The property is located at 1512 Vaughn Road Great Falls, MT.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Ideal location near I‑15 and Central Avenue.; Commercial (C2) zoning allows for a variety of business uses.; Paved .37‑acre lot with plenty of parking.
