B-2 Zoned Quadplex
For Sale
$779,000
654 E Washington Street #1, Kalispell, MT 59901
Four-unit residential income property with two houses, full occupancy, and convenient proximity to shopping.
Property Size6,129 SF
Lot Size0.26 Acres
Days on Market59
Property Features for 654 E Washington Street #1
General Information
Standard status
Active
Size
6,129 SF
Lot size
0.26 Acres
Property subtype
Multi-Family
Zoning
B-2
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Building Size
6,129 SF
Year Built
1968
Buildings
2
Listing Agency:
Brist Realty
(406) 471-2000
Listed By:
Dean Brist · License #88710
Source:
Your406dream.kw
Added: Jul 3
Changed: Aug 28
Last Checked: Aug 29 at 5:48AM
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 Brist Realty
Investment Insights
Based on property information with market context.
This residential income property includes two houses configured with two rental units per house, creating a four-unit arrangement. The improvements date to 1968 and are offered in as-is condition. The property sits on a 0.26-acre B-2 zoned lot and is currently fully occupied.
Located near Taco Bell and shopping, the asset combines an established residential configuration with nearby retail access. The property address is 654 E Washington Street #1 in Kalispell, Montana.
Located near Taco Bell and shopping, the asset combines an established residential configuration with nearby retail access. The property address is 654 E Washington Street #1 in Kalispell, Montana.
Key Highlights
- Four rental units across two houses
- 0.26‑acre B‑2 zoned lot
- Full occupancy
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
$61,459
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
7.89%
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%
$1,229,180
$1.2M
Cap Rate 7%
$877,986
$878.0K
Cap Rate 9%
$682,878
$682.9K
Market Conditions
NOI Build-Up for 6,129 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
$91.9K $15.00/SF
− Vacancy
−$4.1K −$0.68/SF
EGI
$87.8K $14.33/SF
− OpEx
−$26.3K −$4.30/SF
NOI
$61.5K $10.03/SF
Area
Flathead County, MT
Vacancy
4.50%
Lease Rate
$15.00 /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%
$1,229,180
Cap Rate 7%
$877,986
Cap Rate 9%
$682,878
Alternative Uses
Best Use
Multifamily LT 5
$878.0K
$768.2K – $1.02M
NOI $61,459 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$817.2K
$715.1K – $953.4K
NOI $57,204 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,789 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,211
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with two houses, full occupancy, and convenient proximity to shopping.
Where is this quadplex located?
The property is located at 654 E Washington Street #1 Kalispell, MT.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Four rental units across two houses; 0.26‑acre B‑2 zoned lot; Full occupancy
