Flex Space with
For Sale
$1,100,000
2020 N Last Chance Gulch, Helena, MT 59601
Recently built commercial space with substantial ceiling height, multiple garage doors, HVAC, and shop heating.
Property Size4,800 SF
Price / SF$229.17
Days on Market51
Property Features for 2020 N Last Chance Gulch
General Information
Standard status
Active
Size
4,800 SF
Property subtype
CommercialSale
Additional Details
Mezzanine
1,200 SF
Building Details
Year Built
2021
Buildings
1
Building Size
4,800 SF
Listing Agency:
TransAct Real Estate
(406) 202-8041
Listed By:
Vince . Agtarap
(406) 202-8041
Source:
Hrrealtymt
Added: Jul 13
Changed: Aug 31
Last Checked: Aug 31 at 4:54PM
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 TransAct Real Estate
Investment Insights
Based on property information with market context.
This 2021-built flex property offers 3,600 square feet on the main level plus an estimated 1,200-square-foot mezzanine, creating approximately 4,800 square feet of usable floor area. The building has 22-foot ceilings before the roof pitch, allowing the mezzanine to be expanded and potentially add another floor of space. Three garage doors serve the building: a 10-by-10-foot small rear door, a 16-by-16-foot large rear door, and an 18-by-10-foot glass-front door.
The property includes air conditioning, a large shop heater, and separate baseboard heat in the rear garage bay. Floor drains and a sand/gravel separator system support shop operations. Vehicle counts have averaged 18,000 vehicles per day over the last 10 years, and parking is available on Aspen Street behind the building.
The property includes air conditioning, a large shop heater, and separate baseboard heat in the rear garage bay. Floor drains and a sand/gravel separator system support shop operations. Vehicle counts have averaged 18,000 vehicles per day over the last 10 years, and parking is available on Aspen Street behind the building.
Key Highlights
- 2021‑built flex space with 3,600 SF on the main floor
- Estimated 1,200‑square‑foot mezzanine brings total area to approximately 4,800 square feet
- 22‑foot ceilings before roof pitch allow potential mezzanine expansion
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
$43,056
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
3.91%
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%
$861,120
$861.1K
Cap Rate 7%
$615,086
$615.1K
Cap Rate 9%
$478,400
$478.4K
Market Conditions
NOI Build-Up for 4,800 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
$72.0K $15.00/SF
− Vacancy
−$5.8K −$1.20/SF
EGI
$66.2K $13.80/SF
− OpEx
−$23.2K −$4.83/SF
NOI
$43.1K $8.97/SF
Area
Lewis and Clark County, MT
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$861,120
Cap Rate 7%
$615,086
Cap Rate 9%
$478,400
Alternative Uses
Best Use
Flex RnD
$615.1K
$538.2K – $717.6K
NOI $43,056 @ 7.0% cap · market cap 3.91%
Second Best
Warehouse
$487.9K
$426.9K – $569.2K
NOI $34,150 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.04M
$912.4K – $1.22M
NOI $72,991 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59601, MT
30,848
Population
15,937
Households
1.9
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
130.2 sq mi
ZIP Area
237
Density / Sq Mi
$70,502
Median Household Income
$44,000
Median Earnings
$1,023
Median Rent
$355,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Bad Betty's Barbecue and Catering Company — 812 Front St, Helena, MT 59601
- Marci's Catering — 1710 national ave, helena, mt 59601
- Rockstarr BBQ — 2125 N Last Chance Gulch Suite 2, Helena, MT 59601
- Chili O'Briens Catering — 2605 N Roberts St, Helena, MT 59601
Frequently Asked Questions
What type of property is this?
Flex space - Recently built commercial space with substantial ceiling height, multiple garage doors, HVAC, and shop heating.
Where is this flex space located?
The property is located at 2020 N Last Chance Gulch Helena, MT.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2021‑built flex space with 3,600 SF on the main floor; Estimated 1,200‑square‑foot mezzanine brings total area to approximately 4,800 square feet; 22‑foot ceilings before roof pitch allow potential mezzanine expansion
