New-Construction Office
For Sale
$916,740
104 Wandering Way, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size1,852 SF
Price / SF$495
Days on Market170
Property Features for 104 Wandering Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
CC
Subdivision
West Post Subdivision
Directions
From Airport Interchange, turn south on Airway Blvd; then right on Frank Road; then right on Wandering Way.
Standard status
Active
APN
RFF87317
Size
1,852 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Building B Unit 1 of WEST POST SUB PH 2, S12, T01 S, R04 E, BLOCK 4, Lot 1, ACRES 4.15, PLAT J-726
Tax Annual Amount
3704
Legal Description
Building B Unit 1 of WEST POST SUB PH 2, S12, T01 S, R04 E, BLOCK 4, Lot 1, ACRES 4.15, PLAT J-726
Amenities
conference room
kitchenette
waiting area
private restroom
storage closet
Building Details
Year built
2026
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Tom Starner · License #BRO-12265
(406) 539-0717
Added: Mar 6
Changed: Aug 22
Last Checked: Aug 23 at 4:06PM
MLS# 409149
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 1,852-square-foot office suite is under construction within a new office park in the West Post Subdivision. The planned layout includes six offices with windows, additional open workspace, a conference room, kitchenette, waiting area, private restroom, and a small storage closet. Completion is scheduled for mid-June 2026, with new-build finishes planned throughout.
The office park is planned as a nine-building development, with central common parking serving the buildings. The property is located minutes from the airport and the I-90 interchange. Larger options for an entire building are also available, and the suite is offered for lease as well as for sale.
The office park is planned as a nine-building development, with central common parking serving the buildings. The property is located minutes from the airport and the I-90 interchange. Larger options for an entire building are also available, and the suite is offered for lease as well as for sale.
Key Highlights
- 1,852 SF office suite under construction
- Six windowed offices plus open workspace
- Conference room, kitchenette, waiting area, restroom, and storage closet
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
$27,244
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
2.97%
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%
$544,880
$544.9K
Cap Rate 7%
$389,200
$389.2K
Cap Rate 9%
$302,711
$302.7K
Market Conditions
NOI Build-Up for 1,852 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
$38.9K $21.00/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$36.3K $19.61/SF
− OpEx
−$9.1K −$4.90/SF
NOI
$27.2K $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%
$544,880
Cap Rate 7%
$389,200
Cap Rate 9%
$302,711
Alternative Uses
Best Use
Office B
$389.2K
$340.6K – $454.1K
NOI $27,244 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.6K
$423.2K – $564.2K
NOI $33,852 @ 7.0% cap · market cap 3.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
166
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?
Office units - Six private offices, conference room, kitchenette, waiting area, restroom, and storage support a functional workplace layout.
Where is this office units located?
The property is located at 104 Wandering Way Belgrade, MT.
What is the asking price?
The asking price for this property is $916,740.
What are key features of this property?
This property features: 1,852 SF office suite under construction; Six windowed offices plus open workspace; Conference room, kitchenette, waiting area, restroom, and storage closet
