Brick Flex Space with
For Sale
$2,250,000
201 & 207 2nd Ave S, Great Falls, MT 59405
Commercial Sale, Great Falls, MT
Property Size15,000 SF
Lot Size0.34 Acres
Price / SF$150
Days on Market896
Property Features for 201 & 207 2nd Ave S
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 4
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
Natural Gas, Forced Air
Water source
Public
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 #RRE-BRO-LIC-38039
(406) 231-8515
Added: Apr 23, 2024
Changed: Sep 15
Last Checked: Oct 5 at 7:06AM
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 brick flex space at 201 & 207 2nd Ave S includes a showroom, multiple offices, four bathrooms, a break and conference room, front counter space, an IT room, supply storage, and additional storage rooms. The layout also includes a heated warehouse with an overhead door and direct street access, which can accommodate private parking. A separate segment at 207 has its own entrance, bathroom, office, kitchenette, and storage area.
Located at the corner of 2nd St. S. and 2nd Ave. South in downtown Great Falls, the property sits within the Downtown Parking District. Large windows provide natural light and street exposure, while high ceilings and multiple entrances support a flexible commercial configuration. Building improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The structure was built in 1914 and uses natural gas forced-air heating.
Located at the corner of 2nd St. S. and 2nd Ave. South in downtown Great Falls, the property sits within the Downtown Parking District. Large windows provide natural light and street exposure, while high ceilings and multiple entrances support a flexible commercial configuration. Building improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The structure was built in 1914 and uses natural gas forced-air heating.
Key Highlights
- 0.34‑acre commercial site at 201 & 207 2nd Ave S
- Heated warehouse with overhead door and street access
- Separate 207 segment with entrance, bathroom, office, kitchenette, and storage
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
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Brick commercial space includes a large showroom, office areas, and a heated warehouse with street access.
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: 0.34‑acre commercial site at 201 & 207 2nd Ave S; Heated warehouse with overhead door and street access; Separate 207 segment with entrance, bathroom, office, kitchenette, and storage
