115 Central Avenue

Description

Bring Your Vision this building presents a significant redevelopment opportunity for a mixed-use storefront and residential space. Built in 1885, & situated within the historic Original Townsite approximately 9,070 square feet of space across two stories and a basement. The building does require work to be done it is Full of character and ready for renovation, this property is ideal for an investor, entrepreneur, or creative buyer looking to restore and reimagine a truly versatile space.The main floor storefront offers excellent street exposure perfect for retail, studio, or professional use while the upper level holds strong potential for residential living, such as an apartment, loft, or live-work space. Yes, it needs work—but that’s where the value is. With the right vision, this building could be transformed into a standout mixed-use property that blends charm, functionality, and income potential. 1. City of Great Falls TIF Programs offers Tax Increment Financing (TIF) reimbursements for properties within the downtown district. You can potentially combine these for a total benefit of up to $130,000 per project: Façade Improvement Program: Provides up to $50,000 in reimbursement for repairing public-facing exteriors. Life Safety Code Compliance: Offers up to $75,000 to help bring historic buildings up to current safety and building codes. Environmental Safety Program: Up to $5,000 for design principles that improve building security. 2. Business Improvement District (BID) Grants The Great Falls BID provides specialized grants for property owners: Interior Grants: Aimed at permanent renovations to the interior business space. Business Incentive Grants: Can assist with finding or supporting new commercial tenants for your storefront. 3. Historic Tax Credits & Abatements Federal & State Tax Credits: Since this is an income-producing historic property, it may qualify for a 20% Federal Historic Tax Credit plus a 25% Montana State Tax Credit on qualified rehabilitation expenses. Property Tax Abatement: The city offers a phased property tax exemption for up to 5 years for commercial buildings that undergo remodeling or expansion that increases their value. 4. State-Level Grants Montana Historic Preservation Grant (MHPG): This program provides competitive grants for historic site preservation. For-profit entities typically require a 1-to-1 match. Foundation for Montana History: Offers smaller grants (up to $15,000) specifically for historic building structure