New Live-Work Space with
For Sale
$695,000
205 Fletching Way, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size2,419 SF
Price / SF$287.31
Days on Market109
Property Features for 205 Fletching Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Commercial Corridor
Zoning description
CC
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Subdivision
Jackrabbit Reserve
Directions
On the west side of Jackrabbit Lane, behind Fiesta Mexicana
Standard status
Active
APN
RFF87456
Size
2,419 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 13, ACRES 0.3, PLAT J-728
Tax Annual Amount
3191
HOA Fee
$50 Monthly
Legal Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 13, ACRES 0.3, PLAT J-728
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Space Heater, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
private balcony
in-unit laundry
walk-in pantry
Building Details
Year built
2025
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Lauren John · License #RBS-52525
(406) 600-2927
Added: May 6
Changed: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 411272
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.
Investment Insights
Based on property information with market context.
This 2,419-square-foot live-work property combines commercial and residential functions within a two-level layout. The ground floor provides approximately 1,240 square feet of commercial or shop area, including a 12' x 12' overhead door, private office, and bathroom. The approximately 1,170-square-foot upper unit includes two bedrooms, two full bathrooms, open-concept living space, a walk-in pantry, in-unit laundry, and a private balcony.
Built in 2025, the property is located at 205 Fletching Way in Belgrade’s Jackrabbit corridor and is zoned Commercial Corridor. The unit is leased through April 2027, providing an existing income component while retaining future owner-user flexibility. Public water and sewer serve the property, with central air and electric, baseboard, space heater, and natural gas heating systems.
Built in 2025, the property is located at 205 Fletching Way in Belgrade’s Jackrabbit corridor and is zoned Commercial Corridor. The unit is leased through April 2027, providing an existing income component while retaining future owner-user flexibility. Public water and sewer serve the property, with central air and electric, baseboard, space heater, and natural gas heating systems.
Key Highlights
- 2,419 SF live‑work property with commercial and residential components
- Approximately 1,240 SF commercial/shop area on the ground floor
- 12' x 12' overhead door, private office, and bathroom
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
$35,585
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
5.12%
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%
$711,700
$711.7K
Cap Rate 7%
$508,357
$508.4K
Cap Rate 9%
$395,389
$395.4K
Market Conditions
NOI Build-Up for 2,419 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
$50.8K $21.00/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$47.4K $19.61/SF
− OpEx
−$11.9K −$4.90/SF
NOI
$35.6K $14.71/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$711,700
Cap Rate 7%
$508,357
Cap Rate 9%
$395,389
Alternative Uses
Best Use
Office B
$508.4K
$444.8K – $593.1K
NOI $35,585 @ 7.0% cap · market cap 5.12%
Second Best
Mixed Use
$475.3K
$415.9K – $554.6K
NOI $33,273 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$631.6K
$552.7K – $736.9K
NOI $44,215 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-level configuration combines a commercial work area with an upstairs residential unit.
Where is this live-work space located?
The property is located at 205 Fletching Way Belgrade, MT.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,419 SF live‑work property with commercial and residential components; Approximately 1,240 SF commercial/shop area on the ground floor; 12' x 12' overhead door, private office, and bathroom
