Historic Building Office
For Sale
$1,395,000
Pending
300 2nd, Whitefish, MT 59937
Blank-slate office condo with tall ceilings, exposed brick, an existing kitchen, and two bathrooms in a downtown historic building.
Property Size3,786 SF
Days on Market38
Property Features for 300 2nd
General Information
Standard status
Pending
Size
3,786 SF
Property subtype
Commercial
Zoning
WB-3
Taxes and HOA fees
Annual Taxes
$8,526
Building Details
Year Built
1915
Listing Agency:
PureWest Real Estate - Whitefish
(406) 862-7200
Listed By:
John Middleton · License #RRE-RBS-LIC-13505
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 8
Last Checked: Aug 10 at 5:47AM
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 PureWest Real Estate - Whitefish
Investment Insights
Based on property information with market context.
Located in a landmark historic building in downtown Whitefish, Montana, this commercial condo offers a largely gutted interior ready for a custom build-out. The space includes tall ceilings and exposed brick walls, along with an existing kitchen and two bathrooms to help jumpstart renovation planning. With a flexible layout and room for personalization, the unit can be adapted to the buyer’s intended use with proper permitting.
The property is situated within the WB-3 zoning district, which is designed to support the vibrancy of the downtown core and allows a wide array of high-value uses. The offering is available for sale.
The property is situated within the WB-3 zoning district, which is designed to support the vibrancy of the downtown core and allows a wide array of high-value uses. The offering is available for sale.
Key Highlights
- 3,700+ SF commercial condo in a landmark historic building in downtown Whitefish, MT
- Year built 1915; largely gutted interior ready for a custom build‑out with proper permitting
- Tall ceilings and exposed brick walls for character‑filled commercial space
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
$44,892
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
3.22%
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%
$897,840
$897.8K
Cap Rate 7%
$641,314
$641.3K
Cap Rate 9%
$498,800
$498.8K
Market Conditions
NOI Build-Up for 3,786 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
$70.4K $18.60/SF
− Vacancy
−$10.6K −$2.79/SF
EGI
$59.9K $15.81/SF
− OpEx
−$15.0K −$3.95/SF
NOI
$44.9K $11.86/SF
Area
Flathead County, MT
Vacancy
15.00%
Lease Rate
$18.60 /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%
$897,840
Cap Rate 7%
$641,314
Cap Rate 9%
$498,800
Alternative Uses
Best Use
Office B
$641.3K
$561.2K – $748.2K
NOI $44,892 @ 7.0% cap · market cap 3.22%
Second Best
Mixed Use
$381.3K
$333.6K – $444.9K
NOI $26,691 @ 7.0% cap · market cap 1.91%
Theoretical Best
Office A
$845.3K
$739.6K – $986.2K
NOI $59,171 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 59937, MT
14,354
Population
8,744
Households
1.6
Avg Household Size
45
Median Age
51%
College-Educated
97%
High-School Grad
310.5 sq mi
ZIP Area
46
Density / Sq Mi
$75,512
Median Household Income
$43,105
Median Earnings
$1,335
Median Rent
$654,800
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 units - Blank-slate office condo with tall ceilings, exposed brick, an existing kitchen, and two bathrooms in a downtown historic building.
Where is this office units located?
The property is located at 300 2nd Whitefish, MT.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 3,700+ SF commercial condo in a landmark historic building in downtown Whitefish, MT; Year built 1915; largely gutted interior ready for a custom build‑out with proper permitting; Tall ceilings and exposed brick walls for character‑filled commercial space
