Buying In Great Falls, MT
Sell Your Commercial Property In Great Falls, MT
Skyline Capital Investments buys commercial apartment buildings of 5+ units in Great Falls and across Cascade County — listed or off-market, stabilized or value-add. Get clear feedback on your deal, typically within 48 hours.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Neighborhoods & Nearby Towns: Downtown Great Falls · Black Eagle · East Great Falls · Southwest Great Falls — Cascade County, MT
Why Great Falls
Why We Buy Multifamily In Great Falls
Great Falls is the rental center of Cascade County, with 60,329 residents and 8,940 renter households in the Census Bureau's ACS 2020-2024. Renters occupy 33.9% of homes. Rental vacancy was 3.1%, and 4,986 homes sit in buildings of five or more units.
Owners who want to sell commercial property in Great Falls, MT meet buyers who start with rents and taxes. HUD's FY2027 two-bedroom fair market rent is $1,308, against a $900 median gross rent. Montana taxes qualifying long-term rental apartment buildings at 1.10% of market value in 2026.
The sections below cover renters, rents against HUD benchmarks, the apartment stock, Cascade County property taxes with a worked example, Montana landlord statutes and what the figures mean for a sale. Malmstrom Air Force Base and Benefis Health System anchor local demand, and each is sourced to its own page. Every figure links to the Census Bureau, HUD, the Montana Legislature, the Department of Revenue, Cascade County or the employer that published it.
Malmstrom Air Force Base
Malmstrom, east of Great Falls, reports about 3,268 active-duty members and 532 Air Force civilians. The base puts its fiscal 2024 local economic impact at about $435.8 million.Benefis Health System
Benefis reports 332 beds in Great Falls and more than 400 employed providers. The system serves about 230,000 residents across a 14-county, 42,000-square-mile region of Montana.Lower entry prices
Median home value in Great Falls was $257,000 in ACS 2020-2024, 31.6% below Montana's $375,800. Median gross rent of $900 ran 16.7% under the state's $1,081.Our Buy Box
What We Buy In Great Falls
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Great Falls Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Great Falls
Great Falls had 8,940 renter households in ACS 2020-2024, or 33.9% of its 26,379 occupied homes, per Census table B25003. Cascade County's renter share was 31.5%, and Montana's was 30.8%. Great Falls holds 79.8% of Cascade County's 11,207 renter households.
Malmstrom Air Force Base lies east of Great Falls, according to the base's About Us page. Malmstrom reports about 3,268 active-duty members and 532 Department of the Air Force civilians. The same page puts its fiscal 2024 local economic impact at about $435.8 million.
The Malmstrom AFB census area is almost entirely rented: 1,233 of its 1,244 occupied homes in ACS 2020-2024, per table B25003. Those households sit outside Great Falls city limits but inside Cascade County.
Health care is the second anchor. Benefis Health System reports 332 beds in Great Falls and more than 400 employed providers. Benefis says it serves about 230,000 residents across a 14-county region.
Rents and affordability
Median gross rent in Great Falls was $900 in ACS 2020-2024, against $939 in Cascade County and $1,081 statewide. Median household income in Great Falls was $63,373 in the same survey. A year of median rent, $10,800, equals 17.0% of that income.
Rent burden is still common. In Great Falls, 43.7% of renter households spend 30% or more of income on housing, per table B25070. Some 20.0% spend half or more, against 18.8% across Montana.
HUD's FY2027 fair market rents for the Great Falls, MT MSA took effect October 1, 2026. The table lists HUD's monthly benchmark for each unit size.
| Unit size | HUD FY2027 FMR |
|---|---|
| Efficiency | $993 |
| 1 bedroom | $1,000 |
| 2 bedroom | $1,308 |
| 3 bedroom | $1,811 |
| 4 bedroom | $1,988 |
Source: HUD FMR documentation. HUD's two-bedroom benchmark of $1,308 sits $408 above the Great Falls median gross rent, which blends every unit size and building age.
The apartment stock
Great Falls has 4,986 homes in buildings of five or more units, 17.5% of its 28,418 housing units, per table B25024. Cascade County's share is 13.1%. Great Falls therefore holds 96.5% of the county's 5,168 homes in such buildings.
Mid-size buildings lead the mix. Great Falls counts 1,640 homes in 10-19 unit buildings and 1,436 in 20-49 unit buildings. Buildings of 5-9 units hold 948 homes, and 962 sit in buildings of 50 or more.
Great Falls housing is old. Its median year built is 1965, against 1981 statewide, per table B25034. Some 72.3% of Great Falls homes predate 1980, and only 6.5% date from 2010 or later. An owner getting ready to sell commercial real estate in Great Falls, MT should expect early questions about roofs, boilers and plumbing.
Rental vacancy in Great Falls was 3.1% in ACS 2020-2024. Cascade County's rate was 3.9%, and Montana's was 5.3%. Little new construction and low vacancy describe a tight, aging rental base.
Property taxes in Cascade County
Montana taxes a qualifying long-term rental apartment building at a flat 1.10% of market value in tax year 2026, per the Department of Revenue's 2026 guidance. Montana Code 15-6-134 places rental multifamily dwelling units in class four residential property. Units qualify when rented 28 days or longer for at least 7 months a year.
The lower rate is not automatic. Montana Code 15-6-411 sets a December 1 to March 1 application window, and late filings roll to the next tax year. Without approval, a multifamily building pays the flat 1.90% rate.
Great Falls property in school district 1C carried a total levy of 761.92 mills for 2025-2026, per the Cascade County mill levy sheet. That total combines 211.58 school district mills, 248.74 city mills, 169.21 countywide mills and 132.39 state mills. The sheet lists the Great Falls Transit District's 25.35 mills separately.
Here is the $2,000,000 worked example. At 1.10%, taxable value is $22,000, and 761.92 mills produce a $16,762.24 bill, about 0.84% of value. At 1.90%, taxable value is $38,000 and the bill is $28,952.96. Where the 25.35 transit mills also apply, the 1.10% bill rises by $557.70.
Value objections go to the Department of Revenue. Under Montana Code 15-7-102, an owner has 30 days from the classification and appraisal notice to seek a reduction covering both years of the two-year cycle. Montana's Constitution, Article VIII, Section 17, forbids any state or local tax on a real property sale. An owner who decides to sell commercial property in Great Falls, MT owes no transfer tax as a result.
Landlord rules
Montana writes landlord rules in Helena, not at city hall. Montana Code 7-1-111 denies self-governing local governments any power to control the amount of rent on private residential or commercial property. It also bars them from licensing landlords beyond the state landlord-tenant and deposit chapters.
Deposit refunds run on two clocks under Montana Code 70-25-202. A landlord who claims rent, damage or cleaning charges has 30 days to deliver the itemized list with any balance. With no charges, the full deposit is due within 10 days.
A landlord may end a lease when a tenant fails to pay within 3 days of written notice, per Montana Code 70-24-422. Most other lease breaches carry a 14-day notice. Either side may end a month-to-month tenancy with 30 days' written notice under Montana Code 70-24-441.
When selling commercial property in Great Falls, expect buyers to request deposit ledgers and dated notices early in due diligence. Complete files shorten that review.
What this means for an owner
Great Falls offers buyers steady demand at a modest entry price. Median home value was $257,000 in ACS 2020-2024, 31.6% below Montana's $375,800. Buyers weigh that against 3.1% rental vacancy and a base with 3,800 assigned military and civilian members.
Taxes are the second lever. Under Montana Code 15-6-411, the 1.10% rate lasts only through the tax year in which ownership changes. Show buyers the current approval and the $16,762.24 benchmark bill so they can model the change.
If you plan to sell your apartment building in Great Falls, test the numbers in our cap rate calculator first. The $12,190.72 gap between the two tax rates on a $2,000,000 building flows straight into net operating income.
To sell commercial property in Great Falls, MT, start with our seller page, which explains how we underwrite and close. Skyline Capital Investments buys 5+ unit apartment buildings in Downtown Great Falls, East Great Falls, Southwest Great Falls and nearby Black Eagle.
Seller Notes
What Shapes A Great Falls Offer
More about selling in Montana →Investing in Great Falls? See apartment syndications in Great Falls →
- ACS figures are 2020-2024 five-year estimates for Great Falls, Malmstrom AFB CDP, Cascade County and Montana, from tables B25003, B25024, B25034, B25064, B25070, B25077 and DP04.
- The $16,762.24 example applies the 1.10% long-term rental rate to school district 1C's 2025-2026 total of 761.92 mills, before any transit district mills.
- HUD's FY2027 fair market rents for the Great Falls, MT MSA apply from October 1, 2026. They are program benchmarks, not asking rents.
- Owners who sell commercial real estate in Great Falls, MT pay no transfer tax, because Montana's Constitution bans taxes on the sale of real property.
Seller Guides
Selling In Great Falls? Common Situations We Handle
Learn More
Taxes & Rules For Great Falls Property
The Montana rules that shape any deal in Great Falls: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Great Falls Seller FAQ
How do I sell commercial property in Great Falls, MT?
Most owners either list with a broker or sell directly to a buyer of 5+ unit buildings. Buyers in Great Falls compare rents with HUD's FY2027 two-bedroom fair market rent of $1,308 and with 3.1% rental vacancy. They also ask whether the 1.10% long-term rental tax rate is approved. Skyline Capital Investments buys 5+ unit apartment buildings across Great Falls, from downtown to Black Eagle.
What are property taxes on an apartment building in Great Falls?
A qualifying long-term rental is taxed on 1.10% of market value in 2026 under Montana Code 15-6-134. On $2,000,000, taxable value is $22,000. Great Falls school district 1C carried 761.92 total mills for 2025-2026, which gives a $16,762.24 bill. At the 1.90% default rate the bill is $28,952.96, a gap worth documenting when selling commercial property in Great Falls.
Is there a transfer tax if I sell commercial real estate in Great Falls, MT?
No. Article VIII, Section 17 of the Montana Constitution says the state or any local government unit may not impose any tax, including a sales tax, on the sale or transfer of real property. Montana voters approved the ban by initiative in 2010. A Great Falls seller therefore pays no state, county or city transfer tax at closing.
What should I know before I sell multifamily property in Great Falls?
Expect questions about building age. Great Falls has a median year built of 1965, and 72.3% of its homes predate 1980 in ACS 2020-2024. Buyers also study taxes: under Montana Code 15-6-411, the 1.10% rate ends with the tax year in which ownership changes. Clean deposit ledgers help too, since Montana Code 70-25-202 sets 10-day and 30-day refund deadlines.
Can Great Falls cap rents or license landlords?
No. Montana Code 7-1-111 denies local governments with self-government powers any power to control the amount of rent charged for private residential or commercial property. It also bars them from licensing landlords or regulating landlord activity beyond the state landlord-tenant and deposit chapters. HUD's fair market rents for the Great Falls MSA are program payment benchmarks, not limits on what an owner can charge.
Will you buy a Great Falls property that needs work or has high vacancy?
Yes. We regularly evaluate value-add, mismanaged, and distressed multifamily properties and underwrite them as they are today — no repairs or lease-up required before selling.
Can I sell my Great Falls apartment building off-market?
Yes. We work directly with owners and through listing agents. Off-market conversations are confidential, and we coordinate tours so tenants and staff are not disrupted.
Can I sell rental property in Great Falls with tenants in place?
Yes. We buy apartment buildings with tenants in place and keep existing leases intact. As a commercial real estate buyer focused on 5+ unit properties, we underwrite the current rent roll as it stands.
How fast can I sell my apartment building in Great Falls?
Most owners get clear feedback within 48 hours of sending the address, unit count, and a rent roll. Closing is typically set around your timeline, including extra time for a 1031 exchange.
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Have A Property In Great Falls?
Send the address, unit count, and asking price if you have one. We keep every conversation confidential.
