Two-Story Flex Building For
For Sale
$999,000
1531 National Avenue, Helena, MT 59601
Two-story, 14,338 SF flex building with recent significant improvements.
Property Size14,338 SF
Price / SF$69.67
Days on Market140
Property Features for 1531 National Avenue
General Information
Standard status
Active
Size
14,338 SF
Property subtype
Commercial
Zoning
Commercial, Commercial Light Manufacturi
Taxes and HOA fees
Annual Taxes
$1,815
Building Details
Building Size
14,338 SF
Year Built
1885
Listing Agency:
Coldwell Banker Commercial Green & Green
(406) 916-2259
Listed By:
Mark J Runde · License #98724
(406) 916-2259
Source:
Missionvalleyproperties
Added: Apr 7
Changed: Aug 23
Last Checked: Aug 14 at 9:01AM
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 Coldwell Banker Commercial Green & Green
Investment Insights
Based on property information with market context.
This two-story open-span flex building, originally constructed in 1885, is available for sale. Following a fire in 2015, the building underwent significant improvements, including new electrical panels and fixtures, blown-in attic insulation, a metal roof, a drywall ceiling, and structural reinforcements per engineering guidelines. The property, totaling approximately 14,338 square feet, features stone walls, tall ceilings, and timber beams, making it suitable for various uses such as a retail store, artisan shop, or art studio. A freight elevator provides access to the main floor and basement. The main floor, previously used for retail, has 11-foot ceilings and an open layout. The basement level, previously used for woodworking, features 9-foot ceilings, a fire suppression system, and a sump pump. An asphalt drive-up parking lot provides direct ground-level access to the building. The property is located in central Helena’s Grand Avenue Addition.
Key Highlights
- Expansive 14,338 sq ft open‑span flex building, ideal for retail, artisan shops, or art studios.
- Substantial renovations completed post‑2015 fire, featuring new electrical, insulation, metal roof, drywall ceiling, and structural reinforcements.
- Notable features include stone walls, tall ceilings (11' on main floor, 9' in basement), and timber beams.
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
$84,006
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
8.41%
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%
$1,680,120
$1.7M
Cap Rate 7%
$1,200,086
$1.2M
Cap Rate 9%
$933,400
$933.4K
Market Conditions
NOI Build-Up for 14,338 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
$129.0K $9.00/SF
− Vacancy
−$9.0K −$0.63/SF
EGI
$120.0K $8.37/SF
− OpEx
−$36.0K −$2.51/SF
NOI
$84.0K $5.86/SF
Area
Lewis and Clark County, MT
Vacancy
7.00%
Lease Rate
$9.00 /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%
$1,680,120
Cap Rate 7%
$1,200,086
Cap Rate 9%
$933,400
Alternative Uses
Best Use
Flex RnD
$1.84M
$1.61M – $2.14M
NOI $128,612 @ 7.0% cap · market cap 12.87%
Second Best
Industrial
$1.20M
$1.05M – $1.40M
NOI $84,006 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$3.11M
$2.73M – $3.63M
NOI $218,029 @ 7.0% cap · market cap 21.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59601, MT
30,848
Population
15,937
Households
1.9
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
130.2 sq mi
ZIP Area
237
Density / Sq Mi
$70,502
Median Household Income
$44,000
Median Earnings
$1,023
Median Rent
$355,000
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.
Similar Off Market Nearby
- Bad Betty's Barbecue and Catering Company — 812 Front St, Helena, MT 59601
- Rockstarr BBQ — 2125 N Last Chance Gulch Suite 2, Helena, MT 59601
- Marci's Catering — 1710 national ave, helena, mt 59601
Frequently Asked Questions
What type of property is this?
Flex space - Two-story, 14,338 SF flex building with recent significant improvements.
Where is this flex space located?
The property is located at 1531 National Avenue Helena, MT.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Expansive 14,338 sq ft open‑span flex building, ideal for retail, artisan shops, or art studios.; Substantial renovations completed post‑2015 fire, featuring new electrical, insulation, metal roof, drywall ceiling, and structural reinforcements.; Notable features include stone walls, tall ceilings (11' on main floor, 9' in basement), and timber beams.
