Two-Story Flex
For Sale
$975,000
1531 National, Helena, MT 59601
Open-span commercial building with freight access, ground-level entry, and adaptable retail or workshop configuration.
Property Size14,338 SF
Price / SF$68
Days on Market20
Property Features for 1531 National
General Information
Standard status
Active
Size
14,338 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,815
Building Details
Year Built
1885
Year Renovated
2015
Stories
2
Building Size
14,338 SF
Construction
stone walls
Listing Agency:
Coldwell Banker Commercial Green & Green
Listed By:
Mark J Runde · License #RRE-RBS-LIC-101740
(406) 916-2259
Source:
Clearwaterproperties
Added: Aug 20
Changed: Sep 8
Last Checked: Sep 8 at 5:01AM
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 flex property contains approximately 14,338 square feet in an open-span building with stone walls, timber beams, and tall ceilings. The main level offers an open layout with 11' ceilings and was most recently used for retail. A freight elevator connects the main floor and basement, while the lower level provides 9' ceilings, a fire suppression system, and a sump pump; it was previously used for woodworking. An asphalt drive-up lot provides direct ground-level entry.
Originally constructed in 1885, the building received substantial improvements after a 2015 fire. Updates included electrical panels and fixtures, blown-in attic insulation, a metal roof, drywall ceilings, and structural reinforcement completed in accordance with engineering guidelines. The property is located in Helena’s Grand Avenue Addition at 1531 National Ave.
Originally constructed in 1885, the building received substantial improvements after a 2015 fire. Updates included electrical panels and fixtures, blown-in attic insulation, a metal roof, drywall ceilings, and structural reinforcement completed in accordance with engineering guidelines. The property is located in Helena’s Grand Avenue Addition at 1531 National Ave.
Key Highlights
- Approximately 14,338 square feet across two levels
- Open‑span main floor with 11' ceilings and a freight elevator serving the main floor and basement
- Basement includes 9' ceilings, fire suppression, and a sump pump
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
8.62%
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
Retail
$2.67M
$2.34M – $3.12M
NOI $186,922 @ 7.0% cap · market cap 19.17%
Second Best
Flex RnD
$1.84M
$1.61M – $2.14M
NOI $128,612 @ 7.0% cap · market cap 13.19%
Theoretical Best
Office A
$3.11M
$2.73M – $3.63M
NOI $218,029 @ 7.0% cap · market cap 22.36%
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
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Similar Off Market Nearby
- Bad Betty's Barbecue and Catering Company — 812 Front St, Helena, MT 59601
- Marci's Catering — 1710 national ave, helena, mt 59601
- Rockstarr BBQ — 2125 N Last Chance Gulch Suite 2, Helena, MT 59601
Frequently Asked Questions
What type of property is this?
Flex space - Open-span commercial building with freight access, ground-level entry, and adaptable retail or workshop configuration.
Where is this flex space located?
The property is located at 1531 National Helena, MT.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Approximately 14,338 square feet across two levels; Open‑span main floor with 11' ceilings and a freight elevator serving the main floor and basement; Basement includes 9' ceilings, fire suppression, and a sump pump
