Standalone Professional Office
For Sale
$425,000
2415 13th, Great Falls, MT 59405
Well-maintained standalone office building with dedicated onsite parking and a modified gross lease in place.
Property Size1,894 SF
Price / SF$224.39
Days on Market49
Property Features for 2415 13th
General Information
Standard status
Active
Size
1,894 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,728
Building Details
Year Built
1950
Listing Agency:
Eagen Real Estate
(406) 542-1811
Listed By:
Jessie M Eagen · License #8043
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 21
Last Checked: Aug 21 at 5:22AM
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 Eagen Real Estate
Investment Insights
Based on property information with market context.
Well-maintained professional office building designed for a functional office layout, with attractive architectural curb appeal. The property includes dedicated onsite parking, professional landscaping, and exterior maintenance responsibilities allocated between landlord and tenant under a modified gross lease.
The building is located at 2415 13th Ave S in Great Falls, Montana, within an established commercial corridor on the south side of the city, offering convenient access to major thoroughfares and nearby business services, retail amenities, and medical/professional offices.
A long-term tenant has been leasing the property since 2018. The current lease is modified gross with 2 years remaining and a 5-year renewal option. Under the lease, the tenant is responsible for gas, electric, garbage, water, and sewer, and contributes $200 per month toward snow removal and lawn care, while the landlord pays taxes and property insurance and is responsible for the roof, foundation, exterior walls, parking lot, and exterior lighting.
The building is located at 2415 13th Ave S in Great Falls, Montana, within an established commercial corridor on the south side of the city, offering convenient access to major thoroughfares and nearby business services, retail amenities, and medical/professional offices.
A long-term tenant has been leasing the property since 2018. The current lease is modified gross with 2 years remaining and a 5-year renewal option. Under the lease, the tenant is responsible for gas, electric, garbage, water, and sewer, and contributes $200 per month toward snow removal and lawn care, while the landlord pays taxes and property insurance and is responsible for the roof, foundation, exterior walls, parking lot, and exterior lighting.
Key Highlights
- 1950‑built standalone professional office building at 2415 13th Ave S in Great Falls, MT.
- Current income of $2,400 per month from a long‑term tenant leasing since 2018.
- Modified gross lease: tenant pays gas, electric, garbage, water, and sewer; plus $200/month toward snow removal and lawn care.
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
$15,290
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
3.60%
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%
$305,800
$305.8K
Cap Rate 7%
$218,429
$218.4K
Cap Rate 9%
$169,889
$169.9K
Market Conditions
NOI Build-Up for 1,894 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
$26.1K $13.80/SF
− Vacancy
−$5.8K −$3.04/SF
EGI
$20.4K $10.76/SF
− OpEx
−$5.1K −$2.69/SF
NOI
$15.3K $8.07/SF
Area
Cascade County, MT
Vacancy
22.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$305,800
Cap Rate 7%
$218,429
Cap Rate 9%
$169,889
Alternative Uses
Best Use
Office B
$218.4K
$191.1K – $254.8K
NOI $15,290 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$368.6K
$322.5K – $430.0K
NOI $25,802 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
91
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Well-maintained standalone office building with dedicated onsite parking and a modified gross lease in place.
Where is this office building located?
The property is located at 2415 13th Great Falls, MT.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1950‑built standalone professional office building at 2415 13th Ave S in Great Falls, MT.; Current income of $2,400 per month from a long‑term tenant leasing since 2018.; Modified gross lease: tenant pays gas, electric, garbage, water, and sewer; plus $200/month toward snow removal and lawn care.
