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    477 Reese Creek Road Belgrade, MT 59714

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    For Sale
    $3,250,000

    MULTI_FAMILY - Other - Belgrade, MT

    Lot size:
    29.87 Acres
    Added:
    Jan 29, 2026
    Days on Market:
    99
    Last Refresh:
    May 8 at 5:06 am

    Property Features for 477 Reese Creek Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Interior features
    WoodBurningStove
    Exterior features
    GravelDriveway, SprinklerIrrigation, Landscaping
    Fencing
    Perimeter, Fenced
    Fireplace
    1
    Appliances
    Dryer, Dishwasher, Microwave, Range, Refrigerator, WaterSoftener, Washer
    Standard status
    Active
    APN
    REG15387
    Lot size
    29.87 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    S07, T01 N, R05 E, C.O.S. 2435A, PARCEL 2, ACRES 29.8783
    Tax Annual Amount
    1818

    Utilities

    Utilities
    Propane
    Sewer type
    Septic Tank
    Heating system
    Forced Air, Propane (Heating), Wood
    Cooling system
    Central Air
    Water source
    Well
    Water front features
    Creek
    Water front
    1

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2
    Building materials
    Hardboard, WoodSiding
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Barn(s)

    We can help!

    Listing Contact
    Erica Heinrich
    Erica Heinrich

    Listing agent Erica Heinrich License #RBS-13897

    Listing office Keller Williams Montana Realty 515 W Aspen St. Suite 200 E, Bozeman, MT

    Listing date Jan 29, 2026

    MLS# 408301 Listing URL

    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

    • Two Residences: Renovated farmhouse and updated manufactured home offer living options or rental income.
    • Horse‑Ready Pastures & Metal Barns: Fully fenced pastures and two large metal barns are ideal for livestock or equestrian use.
    • Live Water & Open Space: Enjoy the creek and expansive mountain/valley views, offering privacy and recreational opportunities.
    • Historic Charm: Includes original farmhouse (extensively updated) and historic outbuildings (bunkhouse, schoolhouse, milkhouse).
    • Oversized Insulated Metal Garage: Provides ample space for vehicles, equipment, and storage.
    • Convenient Location: Near Belgrade with easy access to Bozeman, combining privacy with accessibility to amenities.

    Overview

    Belgrade Property with Two Residences

    This property presents a unique opportunity with open space, live water, two residences, and historic charm. The land offers expansive mountain and valley views. Fully fenced, horse-ready pastures and two large metal barns create an ideal setup for livestock or equestrian use. The extensively updated original farmhouse includes 2 bedrooms, 1 bathroom, and a large fenced yard. A 2003 manufactured home on a permanent foundation, updated in 2017 with new siding and landscaping, serves as the primary residence. This home features 3 bedrooms, an office, 2 full bathrooms, two living areas, a dining area, and a large kitchen. An oversized insulated metal garage provides ample space for vehicles, equipment, and storage. Both homes have underground sprinklers and are on separate wells and septic systems. Additional historic outbuildings include a bunkhouse, schoolhouse, and milkhouse, adding unique character and versatility to the property. Conveniently located near Belgrade with easy access to Bozeman, this property offers a combination of privacy, functionality, and Montana heritage. The property spans 29.87 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Belgrade
    County
    Gallatin
    State
    Montana
    Longitude
    -111.1492836
    Latitude
    45.8509649

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    FAQs

    What type of property is this?
    Horse & equestrian property - 29.87-acre property featuring two residences and equestrian facilities.
    Where is this horse & equestrian property located?
    The property is located at 477 Reese Creek Road Belgrade, MT.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Two Residences: Renovated farmhouse and updated manufactured home offer living options or rental income.; Horse‑Ready Pastures & Metal Barns: Fully fenced pastures and two large metal barns are ideal for livestock or equestrian use.; Live Water & Open Space: Enjoy the creek and expansive mountain/valley views, offering privacy and recreational opportunities.
    (406) 539-2997
    We can help!
    Listing Contact
    Erica Heinrich
    Erica Heinrich
    Real Estate License ID: RBS-13897
    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.

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