Flex Space with Heated
For Sale
$3,250,000
201 & 215 2nd S, Great Falls, MT 59405
COMMERCIAL - Great Falls, MT
Property Size41,000 SF
Lot Size0.67 Acres
Price / SF$79.27
Days on Market72
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) 622-3224
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 20 at 6:06PM
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 flex-space property at 201 & 215 2nd S in Great Falls contains approximately 41,000 square feet across connected commercial improvements. The primary building includes an approximately 8,000-square-foot showroom, high ceilings, five offices, four bathrooms, a break and conference room, front counter space, an IT room, copier and supply room, and multiple storage areas. A heated warehouse provides an overhead door and street access. The 207 portion has a separate entrance, bathroom, office, kitchenette, and storage, allowing it to function independently.
The property occupies 0.668 acres within the Downtown Parking District and offers on-street parking. Major improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The buildings date to 1914 and feature brick construction, membrane roofing, forced-air natural-gas heating, central air, public water, and public sewer.
The property occupies 0.668 acres within the Downtown Parking District and offers on-street parking. Major improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The buildings date to 1914 and feature brick construction, membrane roofing, forced-air natural-gas heating, central air, public water, and public sewer.
Key Highlights
- Approximately 41,000 square feet across the property
- Approximately 8,000‑square‑foot showroom with high ceilings
- 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
$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
Flex RnD
$5.14M
$4.50M – $6.00M
NOI $359,775 @ 7.0% cap · market cap 11.07%
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
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 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 - Commercial property combines showroom, office, storage, and warehouse areas with multiple access points and on-street parking.
Where is this flex space 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: Approximately 41,000 square feet across the property; Approximately 8,000‑square‑foot showroom with high ceilings; Heated warehouse with overhead door and street access
