Mixed-Use Building with
For Sale
$3,250,000
201 & 215 2nd Avenue S, Great Falls, MT 59405
CommercialSale, Great Falls, MT
Property Size41,000 SF
Lot Size0.67 Acres
Price / SF$79.27
Days on Market850
Property Features for 201 & 215 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
0000193150
Size
41,000 SF
Lot size
0.67 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, 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
Amenities
high ceilings
multiple entrances
5 separate offices
4 bathrooms
break/conference room
front counter space
IT room
copier/office supply room
several storage rooms
heated warehouse with overhead door and street access
large windows
natural light
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 20 at 9:06PM
MLS# 391461
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 mixed-use commercial property at 201 & 215 2nd Avenue S includes approximately 41,000 square feet across two buildings on 0.668 acres. The primary building, constructed in 1914, measures just under 15,000 square feet and contains an approximately 8,000-square-foot showroom with large windows, high ceilings, multiple entrances, five offices, four bathrooms, a break/conference room, front counter, IT room, copier and supply room, and several storage rooms. Its heated warehouse has an overhead door and street access, with private parking use also identified for the space. A separate segment at 207 includes its own entrance, bathroom, office, kitchenette, and storage.
The property is located in downtown Great Falls at the corner of 2nd Street S. and 2nd Avenue South, within the Downtown Parking District. The second building at 215 2nd Ave. So. adds 26,000 square feet for storage or business use. Improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The property has forced-air natural gas heat, central air, public water, and public sewer.
The property is located in downtown Great Falls at the corner of 2nd Street S. and 2nd Avenue South, within the Downtown Parking District. The second building at 215 2nd Ave. So. adds 26,000 square feet for storage or business use. Improvements completed in 2008 included plumbing, electrical, roofing, HVAC, and windows. The property has forced-air natural gas heat, central air, public water, and public sewer.
Key Highlights
- Approximately 41,000 SF across buildings at 201 & 215 2nd Avenue S
- Primary building is just under 15,000 square feet, including an approximately 8,000‑square‑foot showroom
- Heated warehouse with overhead door, street access, and potential private parking use
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
$276,750
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
8.52%
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%
$5,535,000
$5.5M
Cap Rate 7%
$3,953,571
$4.0M
Cap Rate 9%
$3,075,000
$3.1M
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
$492.0K $12.00/SF
− Vacancy
−$49.2K −$1.20/SF
EGI
$442.8K $10.80/SF
− OpEx
−$166.1K −$4.05/SF
NOI
$276.8K $6.75/SF
Area
Cascade County, MT
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$5,535,000
Cap Rate 7%
$3,953,571
Cap Rate 9%
$3,075,000
Alternative Uses
Best Use
Retail
$6.41M
$5.61M – $7.48M
NOI $448,667 @ 7.0% cap · market cap 13.81%
Second Best
Mixed Use
$3.95M
$3.46M – $4.61M
NOI $276,750 @ 7.0% cap · market cap 8.52%
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
1
Drive-in doors
Yes
Paved road access
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial property combines showroom, office, storage, and heated warehouse areas with multiple access points.
Where is this mixed-use property located?
The property is located at 201 & 215 2nd Avenue 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 SF across buildings at 201 & 215 2nd Avenue S; Primary building is just under 15,000 square feet, including an approximately 8,000‑square‑foot showroom; Heated warehouse with overhead door, street access, and potential private parking use
