Office Building with
For Sale
$3,250,000
201 & 215 2nd S, Great Falls, MT 59405
CommercialSale, Great Falls, MT
Property Size41,000 SF
Lot Size0.67 Acres
Price / SF$79.27
Days on Market118
Property Features for 201 & 215 2nd S
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
On Street
Security features
Security
Subdivision
Great Falls Original Townsite
Lot features
Alley
Standard status
Active
APN
0000193150
Size
41,000 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Description
GREAT FALLS ORIGINAL TOWNSITE, S12, T20 N, R03 E, BLOCK 369, LOT 013, LTS 13-14, LOT010, W 44 FT LT 11 AND ALL OF LOT 12
Tax Annual Amount
21270
Legal Description
GREAT FALLS ORIGINAL TOWNSITE, S12, T20 N, R03 E, BLOCK 369, LOT 013, LTS 13-14, LOT010, W 44 FT LT 11 AND ALL OF LOT 12
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1914
Floors in Building
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
Corder and Associates LLC
(406) 622-3224
Listed By:
Trampus Corder · License #RRE-BRO-LIC-38039
(406) 231-8515
Added: Jun 10
Changed: Sep 12
Last Checked: Oct 5 at 9:06AM
MLS# 345503
Copyright © 2026 Billings Association of Realtors. 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 brick office property comprises 41,000 square feet across two buildings on 0.668 acres. The primary building offers approximately 15,000 square feet, including an approximately 8,000-square-foot showroom, five offices, four bathrooms, a break and conference room, front counter area, IT room, copier and supply room, storage rooms, and a heated warehouse with an overhead door and street access. A separate portion at 207 includes its own entrance, bathroom, office area, kitchenette, and storage. The second building at 215 2nd Ave. So. contributes 26,000 additional square feet.
Constructed in 1914, the property received plumbing, electrical, roof, HVAC, and window upgrades in 2008. Additional features include high ceilings, central air, forced-air natural-gas heating, a membrane roof, public water and sewer, and on-street parking. The property is located in Great Falls within the Downtown Parking District.
Constructed in 1914, the property received plumbing, electrical, roof, HVAC, and window upgrades in 2008. Additional features include high ceilings, central air, forced-air natural-gas heating, a membrane roof, public water and sewer, and on-street parking. The property is located in Great Falls within the Downtown Parking District.
Key Highlights
- 41,000 square feet across two buildings on 0.668 acres
- Approximately 15,000‑square‑foot primary building with an approximately 8,000‑square‑foot showroom
- Second building at 215 2nd Ave. So. adds 26,000 square 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
$233,356
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
7.18%
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%
$4,667,120
$4.7M
Cap Rate 7%
$3,333,657
$3.3M
Cap Rate 9%
$2,592,844
$2.6M
Market Conditions
NOI Build-Up for 41,000 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
$295.2K $7.20/SF
− Vacancy
−$20.7K −$0.50/SF
EGI
$274.5K $6.70/SF
− OpEx
−$41.2K −$1.00/SF
NOI
$233.4K $5.69/SF
Area
Cascade County, MT
Vacancy
7.00%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$4,667,120
Cap Rate 7%
$3,333,657
Cap Rate 9%
$2,592,844
Alternative Uses
Best Use
Retail
$6.41M
$5.61M – $7.48M
NOI $448,667 @ 7.0% cap · market cap 13.81%
Second Best
Office B
$4.73M
$4.14M – $5.52M
NOI $330,993 @ 7.0% cap · market cap 10.18%
Theoretical Best
Specialty Retail
$7.98M
$6.98M – $9.31M
NOI $558,533 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
1,734
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with showroom, warehouse, dedicated offices, and on-street parking near downtown.
Where is this office building located?
The property is located at 201 & 215 2nd S Great Falls, MT.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 41,000 square feet across two buildings on 0.668 acres; Approximately 15,000‑square‑foot primary building with an approximately 8,000‑square‑foot showroom; Second building at 215 2nd Ave. So. adds 26,000 square feet
