Updated Flex Space
For Sale
$3,360,000
1700 National Avenue, Helena, MT 59601
Industrial flex property with office, conference, kitchenette, support, and warehouse areas under a 5-year NNN lease.
Property Size30,412 SF
Lot Size1.20 Acres
Price / SF$111.82
Days on Market77
Property Features for 1700 National Avenue
General Information
Standard status
Active
Size
30,412 SF
Lot size
1.20 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$30,924
Amenities
multiple offices
conference room
kitchenette
support areas
Building Details
Building Size
30,412 SF
Year Built
1965
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Century 21 Heritage Realty - Helena
(406) 439-0650
Listed By:
John E Lagerquist · License #RRE-BRO-LIC-53942
(406) 439-0650
Source:
Avatarrealtymt
Added: Jun 16
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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 Century 21 Heritage Realty - Helena
Investment Insights
Based on property information with market context.
Built in 1965, this flex space property combines office and warehouse functions within a substantially updated building. The layout includes multiple offices, a conference room, kitchenette, support areas, and warehouse space with wall heights ranging from 20 feet to 26 feet.
Located at 1700 National Avenue in Helena, Montana, the 52,236 SF site is leased by BNSF Railway Company. The building is occupied under a renewed 5-year NNN lease, and lease materials are available upon execution of an NDA.
Located at 1700 National Avenue in Helena, Montana, the 52,236 SF site is leased by BNSF Railway Company. The building is occupied under a renewed 5-year NNN lease, and lease materials are available upon execution of an NDA.
Key Highlights
- Updated flex space building constructed in 1965
- Multiple offices, conference room, kitchenette, and support areas
- Warehouse wall heights range from 20 feet to 26 feet
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
$269,531
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
8.02%
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%
$5,390,620
$5.4M
Cap Rate 7%
$3,850,443
$3.9M
Cap Rate 9%
$2,994,789
$3.0M
Market Conditions
NOI Build-Up for 30,048 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
$450.7K $15.00/SF
− Vacancy
−$36.1K −$1.20/SF
EGI
$414.7K $13.80/SF
− OpEx
−$145.1K −$4.83/SF
NOI
$269.5K $8.97/SF
Area
Lewis and Clark County, MT
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$5,390,620
Cap Rate 7%
$3,850,443
Cap Rate 9%
$2,994,789
Alternative Uses
Best Use
Office B
$4.60M
$4.02M – $5.36M
NOI $321,814 @ 7.0% cap · market cap 9.58%
Second Best
Flex RnD
$3.85M
$3.37M – $4.49M
NOI $269,531 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$6.53M
$5.71M – $7.62M
NOI $456,922 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
Well-served
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 Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
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- Chili O'Briens Catering — 2605 N Roberts St, Helena, MT 59601
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with office, conference, kitchenette, support, and warehouse areas under a 5-year NNN lease.
Where is this flex space located?
The property is located at 1700 National Avenue Helena, MT.
What is the asking price?
The asking price for this property is $3,360,000.
What are key features of this property?
This property features: Updated flex space building constructed in 1965; Multiple offices, conference room, kitchenette, and support areas; Warehouse wall heights range from 20 feet to 26 feet
