Building Details

Year built 1982

Floors in Building 1

Listing Agency: Corder and Associates LLC Show Phone

Listed By: Trampus Corder · License #RRE-BRO-LIC-38039 Show Phone

Added: Aug 19 Changed: Oct 2 Last Checked: Oct 6 at 7:06AM

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MLS# 350997

Copyright © 2026 Billings Association of Realtors. 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 5,376-square-foot flex property in Manhattan, Montana, was built in 1982 and includes a shop area with three overhead heaters. Separate offices use radiant heating, providing distinct administrative space within the building. A dust collector and air system support woodworking, metalworking, and comparable trade operations.

The property is located at 412 E Railroad Avenue N and is served by public water and public sewer. Its existing shop configuration and installed equipment provide a practical foundation for industrial, fabrication, or workshop-oriented occupancy.

Key Highlights

• 5,376‑square‑foot flex property built in 1982
• Shop includes three overhead heaters
• Separate offices with radiant heating

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$65,406

Cap Rate

7.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,308,120 $1.3M

Cap Rate 7%

$934,371 $934.4K

Cap Rate 9%

$726,733 $726.7K

Market Conditions

NOI Build-Up for 5,376 SF

Gross rent

$107.7K $20.04/SF

− Vacancy

−$7.1K −$1.32/SF

EGI

$100.6K $18.72/SF

− OpEx

−$35.2K −$6.55/SF

NOI

$65.4K $12.17/SF

Area

Gallatin County, MT

Vacancy

6.60%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,308,120

Cap Rate 7%

$934,371

Cap Rate 9%

$726,733

Alternative Uses

Best Use

Flex RnD

$934.4K

$817.6K – $1.09M (±1% cap)

NOI $65,406 @ 7.0% cap · market cap 7.27%

Second Best

Industrial

$797.5K

$697.8K – $930.5K (±1% cap)

NOI $55,827 @ 7.0% cap · market cap 6.20%

Theoretical Best

Office A

$1.40M

$1.23M – $1.64M (±1% cap)

NOI $98,265 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Bakery Furniture & Home Goods Garden Center (Bike/Boat/Book/etc) Store Grocery & Convenience Store Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

197

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 59741, MT

5,397

Population

2,330

Households

2.3

Avg Household Size

39

Median Age

36%

College-Educated

99%

High-School Grad

164.9 sq mi

ZIP Area

33

Density / Sq Mi

$86,382

Median Household Income

$48,460

Median Earnings

$1,676

Median Rent

$562,300

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Workshop-oriented flex property with heated offices, production equipment, and public water and sewer service.

Where is this flex space located?

The property is located at 412 E Railroad Avenue N Manhattan, MT.

What is the asking price?

The asking price for this property is $900,000.

What are key features of this property?

This property features: 5,376‑square‑foot flex property built in 1982; Shop includes three overhead heaters; Separate offices with radiant heating