Eight-Unit Apartment
For Sale
$992,000
208 9th St S, Great Falls, MT 59405
Two rental buildings on one city lot offer a mix of one- and two-bedroom units.
Property Size6,096 SF
Price / SF$162.73
Days on Market23
Property Features for 208 9th St S
General Information
Standard status
Active
Size
6,096 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR, 4 x 1BR
Multifamily Units
8
Building Details
Year Built
1914
Buildings
2
Listing Agency:
Dahlquist Realtors
(406) 788-3430
Listed By:
Paula Brandon Fry · License #RRE-BRO-LIC-25121
Source:
Thresholdmt
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 25 at 5:45AM
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 Dahlquist Realtors
Investment Insights
Based on property information with market context.
This apartment property combines a six-unit building with a duplex on one city lot, totaling eight residential units and 6,096 SF. The unit mix includes four two-bedroom apartments and four one-bedroom apartments. Originally built in 1914, the buildings have a documented rental history and have been periodically updated over the last decade.
Improvements include work to the roof, windows, electrical service entrance panels, portions of the interior electrical and plumbing systems, metal soffit and fascia, and several doors. The property is located at 208 9th St S in Great Falls, Montana, offering a multi-building configuration with varied unit sizes within a single parcel.
Improvements include work to the roof, windows, electrical service entrance panels, portions of the interior electrical and plumbing systems, metal soffit and fascia, and several doors. The property is located at 208 9th St S in Great Falls, Montana, offering a multi-building configuration with varied unit sizes within a single parcel.
Key Highlights
- Eight total units across a six‑unit apartment building and a duplex
- Unit mix includes four two‑bedroom and four one‑bedroom apartments
- 6,096 SF combined property size
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
$51,509
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
5.19%
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%
$1,030,180
$1.0M
Cap Rate 7%
$735,843
$735.8K
Cap Rate 9%
$572,322
$572.3K
Market Conditions
NOI Build-Up for 6,096 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
$76.8K $12.60/SF
− Vacancy
−$3.2K −$0.53/SF
EGI
$73.6K $12.07/SF
− OpEx
−$22.1K −$3.62/SF
NOI
$51.5K $8.45/SF
Area
Cascade County, MT
Vacancy
4.20%
Lease Rate
$12.60 /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%
$1,030,180
Cap Rate 7%
$735,843
Cap Rate 9%
$572,322
Alternative Uses
Best Use
Multifamily LT 5
$735.8K
$643.9K – $858.5K
NOI $51,509 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$666.0K
$582.7K – $777.0K
NOI $46,617 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.38M
NOI $83,044 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,654
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two rental buildings on one city lot offer a mix of one- and two-bedroom units.
Where is this apartment building located?
The property is located at 208 9th St S Great Falls, MT.
What is the asking price?
The asking price for this property is $992,000.
What are key features of this property?
This property features: Eight total units across a six‑unit apartment building and a duplex; Unit mix includes four two‑bedroom and four one‑bedroom apartments; 6,096 SF combined property size
