Flex Space with Heated
New
For Sale
$989,000
700 Keogh Court, Great Falls, MT 59404
Light industrial property combining heated work areas with a third-floor residential condo.
Property Size16,690 SF
Days on Market4
Property Features for 700 Keogh Court
General Information
Standard status
Active
Size
16,690 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,519
Building Details
Building Size
16,690 SF
Year Built
1930
Listing Agency:
Catalyst Commercial
(406) 899-6651
Listed By:
Ryan Pachek · License #79075
(406) 899-6651
Source:
Avatarrealtymt
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 11:34AM
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 Catalyst Commercial
Investment Insights
Based on property information with market context.
Built in 1930, this flex space at 700 Keogh Court occupies over an acre within Great Falls’ light industrial zone. The building contains multiple heated shop and warehouse bays that support a range of work, storage, and operational needs.
A third-floor condominium adds a residential component, with 2 bedrooms and 2 bathrooms. The combination of commercial bays and an integrated condo creates a multi-use configuration for an owner-user, workspace operator, or buyer seeking both business and residential functionality at one property.
A third-floor condominium adds a residential component, with 2 bedrooms and 2 bathrooms. The combination of commercial bays and an integrated condo creates a multi-use configuration for an owner-user, workspace operator, or buyer seeking both business and residential functionality at one property.
Key Highlights
- Over an acre in Great Falls’ light industrial zone
- Multiple heated shop and warehouse bays
- Third‑floor condo with 2 bedrooms and 2 bathrooms
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
$85,204
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
8.62%
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%
$1,704,080
$1.7M
Cap Rate 7%
$1,217,200
$1.2M
Cap Rate 9%
$946,711
$946.7K
Market Conditions
NOI Build-Up for 16,690 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
$130.2K $7.80/SF
− Vacancy
−$8.5K −$0.51/SF
EGI
$121.7K $7.29/SF
− OpEx
−$36.5K −$2.19/SF
NOI
$85.2K $5.11/SF
Area
Cascade County, MT
Vacancy
6.50%
Lease Rate
$7.80 /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%
$1,704,080
Cap Rate 7%
$1,217,200
Cap Rate 9%
$946,711
Alternative Uses
Best Use
Flex RnD
$2.09M
$1.83M – $2.44M
NOI $146,455 @ 7.0% cap · market cap 14.81%
Second Best
Office B
$1.92M
$1.68M – $2.25M
NOI $134,738 @ 7.0% cap · market cap 13.62%
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,364 @ 7.0% cap · market cap 22.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Balanced
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial property combining heated work areas with a third-floor residential condo.
Where is this flex space located?
The property is located at 700 Keogh Court Great Falls, MT.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Over an acre in Great Falls’ light industrial zone; Multiple heated shop and warehouse bays; Third‑floor condo with 2 bedrooms and 2 bathrooms
