Flex Building with Heated
For Sale
$2,250,000
201 & 207 2nd Ave S, Great Falls, MT 59405
COMMERCIAL - Great Falls, MT
Property Size15,000 SF
Lot Size0.34 Acres
Price / SF$150
Days on Market850
Property Features for 201 & 207 2nd Ave S
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bathroom 3, Bathroom 2
Security features
Security System
Standard status
Active
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
14805
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
large windows
high ceilings
multiple entrances
offices
bathrooms
break/conference room
front counter space
IT room
copier/office supply room
storage rooms
heated warehouse
overhead door
street access
kitchenette
Building Details
Year built
1914
Flooring type
Carpet
Building materials
Brick
Roof type
Rubber
Listing Agency:
Corder and Associates, LLC
(406) 622-3224
Listed By:
Trampus Corder · License #BRO-38039
(406) 622-3224
Added: Apr 23, 2024
Changed: Aug 4
Last Checked: Aug 20 at 9:06PM
MLS# 11272347
Copyright © 2026 My State 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 historic flex building was built in 1914 and includes both showroom and warehouse functions. The building is just under 15,000 square feet, with approximately 8,000 sq. ft. dedicated to the showroom. Large windows provide natural light and street visibility. Interior layout includes front counter space, high ceilings, multiple entrances, and a floorplan with five separate offices. There are four bathrooms plus a break or conference room, an IT room, a copier or office supply room, and several storage rooms.
The heated warehouse includes an overhead door and street access, and it can also serve as private parking. The property is located on a corner of 2nd St. S. and 2nd Ave. South, inside the Downtown Parking District, supporting convenient parking access for customers and visitors.
Significant upgrades were completed in 2008, including new plumbing, electrical, roof, HVAC, and windows. The building also includes public water service. A portion of the property (207) could operate as a separate business with its own entrance, bathroom, office space, kitchenette, and storage. An adjacent warehouse is listed for sale separately at 215 2nd Ave. So., approximately 26,000 square feet.
The heated warehouse includes an overhead door and street access, and it can also serve as private parking. The property is located on a corner of 2nd St. S. and 2nd Ave. South, inside the Downtown Parking District, supporting convenient parking access for customers and visitors.
Significant upgrades were completed in 2008, including new plumbing, electrical, roof, HVAC, and windows. The building also includes public water service. A portion of the property (207) could operate as a separate business with its own entrance, bathroom, office space, kitchenette, and storage. An adjacent warehouse is listed for sale separately at 215 2nd Ave. So., approximately 26,000 square feet.
Key Highlights
- Just under 15,000 sq. ft. flex building with approximately 8,000 sq. ft. showroom area
- Heated warehouse with an overhead door and street access
- Corner location on 2nd St. S. and 2nd Ave. South within the Downtown Parking District
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
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Historic flex building with showroom and a heated warehouse with overhead door and street access in downtown Great Falls.
Where is this flex space located?
The property is located at 201 & 207 2nd Ave 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: Just under 15,000 sq. ft. flex building with approximately 8,000 sq. ft. showroom area; Heated warehouse with an overhead door and street access; Corner location on 2nd St. S. and 2nd Ave. South within the Downtown Parking District
