Versatile Mixed-Use
New
For Sale
$750,000
494 N Main St, Kalispell, MT 59901
Two buildings provide three potential business spaces with Highway 93/Main Street frontage and flexible occupancy options.
Property Size2,884 SF
Price / SF$260.06
Days on Market5
Property Features for 494 N Main St
General Information
Standard status
Active
Size
2,884 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Building Details
Year Built
2001
Buildings
2
Listing Agency:
Lifetime Montana Real Estate
(406) 253-6533
Listed By:
Tricia Brisendine · License #RRE-BRO-LIC-63245
Source:
Flatheadvalleybrokers
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 28 at 12:52PM
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 Lifetime Montana Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property includes two separate buildings configured for three potential business spaces. The primary building at 494 N Main St contains 672 sf plus a 480 sf crawl space and is arranged with distinct upper- and lower-level areas. A detached building at 18 and 20 California St adds 1,732 sq ft across two separately addressed areas measuring 888 sf and 844 sf.
The property fronts Highway 93/Main Street in Kalispell, between the city’s major medical hub, North Kalispell’s retail corridor, and the downtown district. Its configuration supports separate occupancy, owner use with additional space for tenants, or a live-work arrangement with a business below and living space above. Potential applications identified for the property include professional office, salon, retail storefront, and service-based operations.
The property fronts Highway 93/Main Street in Kalispell, between the city’s major medical hub, North Kalispell’s retail corridor, and the downtown district. Its configuration supports separate occupancy, owner use with additional space for tenants, or a live-work arrangement with a business below and living space above. Potential applications identified for the property include professional office, salon, retail storefront, and service-based operations.
Key Highlights
- Two buildings with three potential business spaces
- Highway 93/Main Street frontage in Kalispell
- 494 Main St building includes 672 sf and a 480 sf crawl 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
$40,911
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
5.45%
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%
$818,220
$818.2K
Cap Rate 7%
$584,443
$584.4K
Cap Rate 9%
$454,567
$454.6K
Market Conditions
NOI Build-Up for 2,884 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
$60.6K $21.00/SF
− Vacancy
−$2.1K −$0.74/SF
EGI
$58.4K $20.27/SF
− OpEx
−$17.5K −$6.08/SF
NOI
$40.9K $14.19/SF
Area
Flathead County, MT
Vacancy
3.50%
Lease Rate
$21.00 /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%
$818,220
Cap Rate 7%
$584,443
Cap Rate 9%
$454,567
Alternative Uses
Best Use
Retail
$584.4K
$511.4K – $681.9K
NOI $40,911 @ 7.0% cap · market cap 5.45%
Second Best
Office B
$488.5K
$427.5K – $570.0K
NOI $34,197 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$643.9K
$563.4K – $751.2K
NOI $45,073 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,643
Businesses Nearby
Explore this area
Business Placement
Demographics for 59901, MT
57,900
Population
25,154
Households
2.3
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
468.8 sq mi
ZIP Area
124
Density / Sq Mi
$70,391
Median Household Income
$38,073
Median Earnings
$1,052
Median Rent
$417,200
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?
Mixed-use property - Two buildings provide three potential business spaces with Highway 93/Main Street frontage and flexible occupancy options.
Where is this mixed-use property located?
The property is located at 494 N Main St Kalispell, MT.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two buildings with three potential business spaces; Highway 93/Main Street frontage in Kalispell; 494 Main St building includes 672 sf and a 480 sf crawl space
