Duplex with Remodeled Upper
For Sale
$399,000
312 314 5th Street Nw 312-314, Great Falls, MT 59404
Two-level duplex with a remodeled upper residence, outdoor additions, and a lower unit offering residential or retail flexibility.
Property Size3,904 SF
Price / SF$102.20
Days on Market52
Property Features for 312 314 5th Street Nw 312-314
General Information
Standard status
Active
Size
3,904 SF
Property subtype
Multi-Family
Building Details
Year Built
1895
Listing Agency:
Montana's Best Realty
(406) 468-9911
Listed By:
Gym Anderson · License #RRE-BRO-LIC-12207
Source:
Mtranchsales
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 11:40AM
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's Best Realty
Investment Insights
Based on property information with market context.
Constructed in 1895, this 3,904-square-foot up-and-down duplex combines a remodeled upper residence with a lower unit that has a varied commercial history. The upper level is currently rented and includes access to a deck with a greenhouse. The lower unit has a dedicated hot tub area and can continue as residential space or be converted back to retail use.
The property is located at 312-314 5th Street NW in Great Falls, Montana. Its prior lower-level uses included a bakery, cigar store, neighborhood grocery stores, and a vending machine outlet, providing a documented commercial background alongside the current duplex configuration.
The two-unit layout, upper-level renovation, and additional outdoor features create a flexible property profile for residential income or a combined residential and retail concept.
The property is located at 312-314 5th Street NW in Great Falls, Montana. Its prior lower-level uses included a bakery, cigar store, neighborhood grocery stores, and a vending machine outlet, providing a documented commercial background alongside the current duplex configuration.
The two-unit layout, upper-level renovation, and additional outdoor features create a flexible property profile for residential income or a combined residential and retail concept.
Key Highlights
- 3,904‑square‑foot up‑and‑down duplex constructed in 1895
- Upper unit has been totally remodeled and is currently rented
- Upper‑level deck includes a greenhouse
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
$32,987
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
8.27%
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%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 3,904 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
$49.2K $12.60/SF
− Vacancy
−$2.1K −$0.53/SF
EGI
$47.1K $12.07/SF
− OpEx
−$14.1K −$3.62/SF
NOI
$33.0K $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%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$426.5K
$373.2K – $497.6K
NOI $29,854 @ 7.0% cap · market cap 7.48%
Theoretical Best
Specialty Retail
$759.8K
$664.8K – $886.4K
NOI $53,183 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
380
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 Multifamily 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?
Duplex - Two-level duplex with a remodeled upper residence, outdoor additions, and a lower unit offering residential or retail flexibility.
Where is this duplex located?
The property is located at 312 314 5th Street Nw 312-314 Great Falls, MT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3,904‑square‑foot up‑and‑down duplex constructed in 1895; Upper unit has been totally remodeled and is currently rented; Upper‑level deck includes a greenhouse
