Side-by-Side Duplex with Off-Street
For Sale
Contact for pricing
Pending
209-211 10th Street N, Great Falls, MT 59401
Turn-key brick duplex with one rented 2-bedroom unit and one vacant 2-bedroom unit for immediate move-in.
Property Size3,250 SF
Days on Market68
Property Features for 209-211 10th Street N
General Information
Standard status
Pending
Size
3,250 SF
Property subtype
Multifamily
Building Details
Year Built
1921
Units
2
Listing Agency:
Fathom Realty
Listed By:
William Fuller · License #RRE-RBS-LIC-71334
Source:
Crexi
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 11 at 10:21AM
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 Fathom Realty
Investment Insights
Based on property information with market context.
This well-maintained side-by-side duplex offers a brick exterior and a practical layout across two units. Unit 211 is a 2-bedroom, 1-bath home that is currently rented, while Unit 209 is a 2-bedroom, 2-bath unit and is vacant and ready for immediate occupancy. The property includes a new roof, ample off-street parking, and laundry hook-ups. Each unit also has a basement area with room for future capitalization.
Located in Great Falls, the property is described as centrally positioned with quick access to Malmstrom Air Force Base, major medical facilities, local colleges, as well as downtown, parks, and shopping.
For tenants, the building provides two separate 2-bedroom residences with laundry hook-ups and off-street parking. For buyers, it can support a traditional rental approach with one unit already producing rental income, while also offering the option for an owner to occupy the vacant unit at the time of purchase.
Located in Great Falls, the property is described as centrally positioned with quick access to Malmstrom Air Force Base, major medical facilities, local colleges, as well as downtown, parks, and shopping.
For tenants, the building provides two separate 2-bedroom residences with laundry hook-ups and off-street parking. For buyers, it can support a traditional rental approach with one unit already producing rental income, while also offering the option for an owner to occupy the vacant unit at the time of purchase.
Key Highlights
- Side‑by‑side brick duplex built in 1921
- Two 2‑bedroom units: Unit 211 is rented; Unit 209 is vacant and ready for immediate occupancy
- New roof and ample off‑street parking
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
$27,461
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
7.06%
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%
$549,220
$549.2K
Cap Rate 7%
$392,300
$392.3K
Cap Rate 9%
$305,122
$305.1K
Market Conditions
NOI Build-Up for 3,250 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
$41.0K $12.60/SF
− Vacancy
−$1.7K −$0.53/SF
EGI
$39.2K $12.07/SF
− OpEx
−$11.8K −$3.62/SF
NOI
$27.5K $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%
$549,220
Cap Rate 7%
$392,300
Cap Rate 9%
$305,122
Alternative Uses
Best Use
Multifamily LT 5
$392.3K
$343.3K – $457.7K
NOI $27,461 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$355.0K
$310.7K – $414.2K
NOI $24,853 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$632.5K
$553.4K – $737.9K
NOI $44,274 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
556
Businesses Nearby
Explore this area
Business Placement
Demographics for 59401, MT
13,030
Population
6,921
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
93%
High-School Grad
3.0 sq mi
ZIP Area
4,343
Density / Sq Mi
$53,750
Median Household Income
$33,209
Median Earnings
$767
Median Rent
$206,100
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?
Duplex - Turn-key brick duplex with one rented 2-bedroom unit and one vacant 2-bedroom unit for immediate move-in.
Where is this duplex located?
The property is located at 209-211 10th Street N Great Falls, MT.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Side‑by‑side brick duplex built in 1921; Two 2‑bedroom units: Unit 211 is rented; Unit 209 is vacant and ready for immediate occupancy; New roof and ample off‑street parking
