Updated Flex Warehouse and
For Sale
$3,360,000
1700 National Avenue, Helena, MT 59601
CommercialSale, Helena, MT
Property Size30,048 SF
Lot Size1.20 Acres
Price / SF$111.82
Days on Market87
Property Features for 1700 National Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
National Avenue from Lyndale - across RR Tracks - Building on your left
Standard status
Active
APN
05188819440012001
Lot size
1.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S19, T10 N, R03 W, NT WAREHOUSE/OFFICE BLDG ON RR LAND
Tax Annual Amount
30924
Legal Description
S19, T10 N, R03 W, NT WAREHOUSE/OFFICE BLDG ON RR LAND
Amenities
conference room
kitchenette
support areas
Building Details
Year built
1965
Listing Agency:
Century 21 Heritage Realty - Helena · Century 21 Real Estate
(406) 443-1432
Listed By:
John E Lagerquist · License #RRE-BRO-LIC-53942
(406) 439-0650
Added: May 27
Changed: Aug 21
Last Checked: Aug 21 at 6:06AM
MLS# 30071351
Copyright © 2026 Montana Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Helena property combines a 30,048 SF warehouse and office building with a 52,236 SF site. Building improvements include multiple offices, a conference room, kitchenette, support areas, and warehouse space with wall heights ranging from 20 feet to 26 feet. Constructed in 1965, the building has undergone extensive updates.
The property is located at 1700 National Avenue in Helena, Montana. The site is leased by BNSF Railway Company, while the building carries a renewed 5-year NNN lease executed 4/1/2026 with 3.0% annual escalations. Lease documents are available upon signing an NDA.
The property is located at 1700 National Avenue in Helena, Montana. The site is leased by BNSF Railway Company, while the building carries a renewed 5-year NNN lease executed 4/1/2026 with 3.0% annual escalations. Lease documents are available upon signing an NDA.
Key Highlights
- 30,048 SF warehouse and office building
- 52,236 SF site leased by BNSF Railway Company
- Renewed 5‑year NNN lease executed 4/1/2026
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
26 ft
Clear height
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Updated improvements include offices, conference space, kitchenette, and support areas.
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: 30,048 SF warehouse and office building; 52,236 SF site leased by BNSF Railway Company; Renewed 5‑year NNN lease executed 4/1/2026
