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    Downtown Bozeman Class A Office Title is generated by Realmo AI

    104 E Main Street unit 3B, Bozeman, MT 59715

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    For Lease
    $35 SF/Yr $5,973/Mo (calc)

    COMMERCIAL - Bozeman, MT

    Type:Office
    Property size:
    2,048 SF
    Added:
    Mar 23, 2023
    Days on Market:
    1148
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 104 E Main Street unit 3B

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking features
    On Street, Garage, Offsite
    Standard status
    Active
    APN
    RGH2645
    Size
    2,048 SF

    Taxes and HOA fees

    Tax Description
    BOZEMAN ORIGINAL PLAT, S07, T02 S, R06 E, BLOCK B, ACRES 0.38, LOTS 1, 2 & 3 & W 28 1/2' LOT 4 PER P

    We can help!

    Listing Contact
    Tom Starner
    Tom Starner

    Listing agent Tom Starner License #BRO-12265

    Listing office Starner Commercial Real Estate 1276 N 15th Ave, Suite 103, Bozeman, MT

    Listing date Mar 23, 2023

    MLS# 381040

    Copyright © 2026 Big Sky Country MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Premier Class A office space in Downtown Bozeman.
    • Prime location at the corner of East Main and Black Street.
    • Historic landmark building with major restoration completed in 2024.
    • Variety of office layouts and sizes available.
    • On‑site amenities include a common conference room and tenant fitness center in the basement.
    • Suite 3B features four private offices, reception area, and open workspace.

    Overview

    Located on the corner of East Main and Black Street in Downtown Bozeman, The National Building is a historic landmark that was originally built in 1920 for Commercial National Bank. A major restoration was completed in 2024 to bring the exterior to its original look, and the interior has been completely renovated. The National is the premier class A office building in Downtown Bozeman. The four additional floors of offices feature a variety of layouts and sizes to fit the needs of many different users with great access to all of the amenities Downtown Bozeman has to offer. The basement features a common conference room and tenant fitness center. Suite 3B, located on the third floor, offers 2,048 square feet of space, including four private offices, a reception area, bullpen and open space for a conference room or additional workspace. Shared kitchenette and restrooms are located just down the hall. The intended use of the property is for office space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    People and Carnivores (previously ... Association Or Organization Montana Meat Co. Butcher U.S. Bank Branch Bank Bockholt Landscape Architecture Landscaping Dr. Jeffrey Ellens Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bozeman
    County
    Gallatin
    State
    Montana
    Longitude
    -111.035376
    Latitude
    45.678987

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    FAQs

    What type of property is this?
    Office units - Premier office space in historic downtown Bozeman landmark building.
    Where is this office units located?
    The property is located at 104 E Main Street unit 3B Bozeman, MT.
    What is the lease rate?
    The lease rate is $35 SF/Yr.
    What are key features of this property?
    This property features: Premier Class A office space in Downtown Bozeman.; Prime location at the corner of East Main and Black Street.; Historic landmark building with major restoration completed in 2024.
    (406) 539-0717
    We can help!
    Listing Contact
    Tom Starner
    Tom Starner
    Real Estate License ID: BRO-12265
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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