Downtown Flex Building with
For Sale
$2,250,000
201 & 207 2nd Avenue S, Great Falls, MT 59405
CommercialSale, Great Falls, MT
Property Size15,000 SF
Lot Size0.34 Acres
Price / SF$150
Days on Market851
Property Features for 201 & 207 2nd Avenue S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Call Listing Agent for Details
Parking features
On Street
Directions
CLA
Subdivision
12M - Other Montana Counties
Standard status
Active
APN
0000193200
Size
15,000 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
GREAT FALLS ORIGINAL TOWNSITE, S12, T20 N, R03 E, BLOCK 369, LOT 013, LTS 13-14
Tax Annual Amount
14805
Legal Description
GREAT FALLS ORIGINAL TOWNSITE, S12, T20 N, R03 E, BLOCK 369, LOT 013, LTS 13-14
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1914
Listing Agency:
Corder & Associates
(406) 231-8515
Listed By:
Trampus Corder · License #BRO-38039
(406) 231-8515
Added: Apr 23, 2024
Changed: Aug 19
Last Checked: Aug 21 at 3:06PM
MLS# 391452
Copyright © 2026 Big Sky Country 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.
This 15,000-square-foot flex property occupies 0.34 acres at 201 & 207 2nd Avenue S in downtown Great Falls. Approximately 8,000 square feet is configured as showroom space with large street-facing windows, high ceilings, and multiple entrances. The interior also includes 5 offices, 4 bathrooms, a break/conference room, front counter space, an IT room, copier and office-supply room, and several storage rooms. A heated warehouse includes an overhead door and street access, with space that can also accommodate private parking.
The 1914 building received substantial improvements in 2008, including plumbing, electrical, roof, HVAC, and window upgrades. The 207 portion has its own entrance, bathroom, office area, kitchenette, and storage, allowing separation from the balance of the property. Public water and public sewer serve the building, with natural gas and forced-air heating plus central air conditioning. On-street parking is available, and the property sits within the Downtown Parking District.
The 1914 building received substantial improvements in 2008, including plumbing, electrical, roof, HVAC, and window upgrades. The 207 portion has its own entrance, bathroom, office area, kitchenette, and storage, allowing separation from the balance of the property. Public water and public sewer serve the building, with natural gas and forced-air heating plus central air conditioning. On-street parking is available, and the property sits within the Downtown Parking District.
Key Highlights
- 15,000 square feet on 0.34 acres in downtown Great Falls
- Approximately 8,000 square feet of showroom space with large windows
- Heated warehouse with overhead door and street access
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
$164,147
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
7.30%
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%
$3,282,940
$3.3M
Cap Rate 7%
$2,344,957
$2.3M
Cap Rate 9%
$1,823,856
$1.8M
Market Conditions
NOI Build-Up for 15,000 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
$243.0K $16.20/SF
− Vacancy
−$8.5K −$0.57/SF
EGI
$234.5K $15.63/SF
− OpEx
−$70.3K −$4.69/SF
NOI
$164.1K $10.94/SF
Area
Cascade County, MT
Vacancy
3.50%
Lease Rate
$16.20 /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%
$3,282,940
Cap Rate 7%
$2,344,957
Cap Rate 9%
$1,823,856
Alternative Uses
Best Use
Retail
$2.34M
$2.05M – $2.74M
NOI $164,147 @ 7.0% cap · market cap 7.30%
Second Best
Flex RnD
$1.88M
$1.65M – $2.19M
NOI $131,625 @ 7.0% cap · market cap 5.85%
Theoretical Best
Specialty Retail
$2.92M
$2.55M – $3.41M
NOI $204,341 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,734
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59405, MT
33,578
Population
15,260
Households
2.2
Avg Household Size
35
Median Age
29%
College-Educated
94%
High-School Grad
479.4 sq mi
ZIP Area
70
Density / Sq Mi
$60,509
Median Household Income
$37,431
Median Earnings
$947
Median Rent
$236,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Historic 1914 property combines a large display area, offices, storage, and a heated warehouse with street access.
Where is this flex space located?
The property is located at 201 & 207 2nd Avenue S Great Falls, MT.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 15,000 square feet on 0.34 acres in downtown Great Falls; Approximately 8,000 square feet of showroom space with large windows; Heated warehouse with overhead door and street access
