Catalyzes the oxidation of methanol to yield formaldehyde. It possesses a NADH-dependent formaldehyde reductase activity and cannot use NADP. methanol + NAD(+) = formaldehyde + H(+) + NADH Stimulated by the activator protein Act wich requires the presence of magnesium ions. Inhibited by 1,10-phenanthroline. One-carbon metabolism; methanol degradation; formaldehyde from methanol: step 1/1. Homodecamer. Belongs to the iron-containing alcohol dehydrogenase family.