Twilite Center Office and
For Sale
Contact for pricing
215 Smelter Avenue NE, Great Falls, MT 59404
Large building with office, storage, and rental income potential.
Property Size26,000 SF
Lot Size1.19 Acres
Price / SF$75
Days on Market1064
Property Features for 215 Smelter Avenue NE
General Information
Standard status
Active
Size
26,000 SF
Class
B
Total Parking Spaces
60
Lot size
1.19 Acres
Property subtype
Retail, Office, Industrial
Occupancy
100%
Building Details
Year Built
2003
Tenancy
Multi
Listing Agency:
Montana Realty
(406) 453-2454
Listed By:
Rose Gehl · License #RRE-BRO-LIC-3260
Source:
Crexi
Added: Sep 23, 2023
Changed: Aug 13
Last Checked: Aug 20 at 5:28PM
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 Montana Realty
Investment Insights
Based on property information with market context.
Located in the Twilite Center, this large building is currently utilized as office, workrooms, and storage by Quality Life Concepts. The property offers multiple potential uses and features four separate entrances to the main level. The layout includes approximately 23 office spaces and 24 cubicle spaces, ranging in size from approximately 12' x 12' to 12' x 12' 8''. There are also 3 large conference rooms, 5 bathrooms, a full kitchen, a library, and a large reception area. The lower level has 2 entrances, 24 small and 12 large storage rentals, plus a large storage area for personal use. A dental office currently rents space for $2500 per month. The property sits on 1.189 acres and includes approximately 60 parking spots. The building's total size is 26000 square feet.
Key Highlights
- Large building with multiple potential uses.
- Four separate entrances on the main level.
- Existing rental income from dental office ($2500/month).
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
$132,733
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
6.81%
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%
$2,654,660
$2.7M
Cap Rate 7%
$1,896,186
$1.9M
Cap Rate 9%
$1,474,811
$1.5M
Market Conditions
NOI Build-Up for 26,000 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
$202.8K $7.80/SF
− Vacancy
−$13.2K −$0.51/SF
EGI
$189.6K $7.29/SF
− OpEx
−$56.9K −$2.19/SF
NOI
$132.7K $5.11/SF
Area
Cascade County, MT
Vacancy
6.50%
Lease Rate
$7.80 /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%
$2,654,660
Cap Rate 7%
$1,896,186
Cap Rate 9%
$1,474,811
Alternative Uses
Best Use
Self Storage
$3.44M
$3.01M – $4.02M
NOI $241,114 @ 7.0% cap · market cap 12.36%
Second Best
Office B
$3.00M
$2.62M – $3.50M
NOI $209,898 @ 7.0% cap · market cap 10.76%
Theoretical Best
Specialty Retail
$5.06M
$4.43M – $5.90M
NOI $354,192 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 59404, MT
28,131
Population
11,828
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
94%
High-School Grad
331.4 sq mi
ZIP Area
85
Density / Sq Mi
$79,327
Median Household Income
$44,545
Median Earnings
$1,034
Median Rent
$272,300
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?
Office building - Large building with office, storage, and rental income potential.
Where is this office building located?
The property is located at 215 Smelter Avenue NE Great Falls, MT.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Large building with multiple potential uses.; Four separate entrances on the main level.; Existing rental income from dental office ($2500/month).
