Flex Space with
For Sale
$2,250,000
201 & 207 2nd S, Great Falls, MT 59405
Corner commercial building with offices, warehouse space, and multiple entrances.
Property Size15,000 SF
Days on Market852
Property Features for 201 & 207 2nd S
General Information
Standard status
Active
Size
15,000 SF
Property subtype
Warehouse
Taxes and HOA fees
Annual Taxes
$14,805
Building Details
Building Size
15,000 SF
Year Built
1914
Listing Agency:
Corder and Associates LLC
(406) 622-3224
Listed By:
Trampus Corder · License #BRO-38039
(406) 622-3224
Source:
Rehubbillings
Added: Apr 23, 2024
Changed: Aug 21
Last Checked: Aug 21 at 4:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corder and Associates LLC
Investment Insights
Based on property information with market context.
This flex space combines a substantial showroom with office, storage, and warehouse components in a corner commercial building. The property totals just under 15,000 square feet, including approximately 8,000 square feet of showroom area with large windows, high ceilings, and multiple entrances. The layout includes 5 offices, 4 bathrooms, a break/conference room, front counter space, an IT room, copier and office-supply room, storage rooms, and a heated warehouse with an overhead door and street access.
The 207 portion has its own entrance, bathroom, office area, and kitchenette, allowing it to function separately from the balance of the building. Significant improvements completed in 2008 included plumbing, electrical, roof, HVAC, and windows. The property was originally built in 1914 and is located inside the Downtown Parking District.
The 207 portion has its own entrance, bathroom, office area, and kitchenette, allowing it to function separately from the balance of the building. Significant improvements completed in 2008 included plumbing, electrical, roof, HVAC, and windows. The property was originally built in 1914 and is located inside the Downtown Parking District.
Key Highlights
- Just under 15,000 square feet with approximately 8,000 square feet of showroom space
- 5 offices and 4 bathrooms
- 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
$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
Location Intelligence
Trade Area within ½ mile
301
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
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Frequently Asked Questions
What type of property is this?
Flex space - Corner commercial building with offices, warehouse space, and multiple entrances.
Where is this flex space located?
The property is located at 201 & 207 2nd 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 square feet with approximately 8,000 square feet of showroom space; 5 offices and 4 bathrooms; Heated warehouse with overhead door and street access
