Commercial Condo with
For Sale
$315,000
Pending
108-2352 Vaquero Pkwy, Bozeman, MT 59718
Efficient condo with kitchenette, shower bathroom, large storefront windows, vaulted ceilings, and loft space for flexible use.
Property Size635 SF
Days on Market82
Property Features for 108-2352 Vaquero Pkwy
General Information
Standard status
Pending
Size
635 SF
Taxes and HOA fees
Annual Taxes
$2,216
Listing Agency:
McKenna Adams Commercial
(406) 581-7562
Listed By:
Katie Adams · License #RRE-BRO-LIC-56423
(406) 581-7562
Source:
Exprealty
Added: Jun 2
Changed: Aug 20
Last Checked: Aug 21 at 12:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McKenna Adams Commercial
Investment Insights
Based on property information with market context.
This for-sale commercial condo is designed for efficiency and flexibility, with a kitchenette and a bathroom featuring a shower. The unit includes zero common load, which can be a practical advantage for users who want straightforward access and utilization of their space. Large storefront windows and vaulted ceilings add an open feel to the main area, while the loft space provides additional room for storage or secondary work space.
Located in the Baxter Meadows Commercial Subdivision at 108-2352 Vaquero Pkwy, the property offers easy access to Baxter Lane. The surrounding setting includes residential areas and schools, creating a built-in customer and service base for a variety of day-to-day needs.
The layout supports multiple small business concepts, including office use, a small retail shop, or service-oriented operations. With plenty of parking and the storefront-style look created by the windows and ceilings, the space can work well for users who benefit from customer-facing visibility while maintaining an interior that supports day-to-day work. The unit has only seen one previous user, reflecting a limited use history for the improvements included in the condo.
Located in the Baxter Meadows Commercial Subdivision at 108-2352 Vaquero Pkwy, the property offers easy access to Baxter Lane. The surrounding setting includes residential areas and schools, creating a built-in customer and service base for a variety of day-to-day needs.
The layout supports multiple small business concepts, including office use, a small retail shop, or service-oriented operations. With plenty of parking and the storefront-style look created by the windows and ceilings, the space can work well for users who benefit from customer-facing visibility while maintaining an interior that supports day-to-day work. The unit has only seen one previous user, reflecting a limited use history for the improvements included in the condo.
Key Highlights
- Commercial condo with kitchenette and bathroom with shower
- Large storefront windows for visibility into the space
- Zero common load
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
$9,341
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%
$186,820
$186.8K
Cap Rate 7%
$133,443
$133.4K
Cap Rate 9%
$103,789
$103.8K
Market Conditions
NOI Build-Up for 635 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
$13.3K $21.00/SF
− Vacancy
−$880 −$1.39/SF
EGI
$12.5K $19.61/SF
− OpEx
−$3.1K −$4.90/SF
NOI
$9.3K $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%
$186,820
Cap Rate 7%
$133,443
Cap Rate 9%
$103,789
Alternative Uses
Best Use
Office B
$133.4K
$116.8K – $155.7K
NOI $9,341 @ 7.0% cap · market cap 2.97%
Second Best
Retail
$106.3K
$93.0K – $124.0K
NOI $7,441 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$165.8K
$145.1K – $193.5K
NOI $11,607 @ 7.0% cap · market cap 3.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
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 - Efficient condo with kitchenette, shower bathroom, large storefront windows, vaulted ceilings, and loft space for flexible use.
Where is this office units located?
The property is located at 108-2352 Vaquero Pkwy Bozeman, MT.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Commercial condo with kitchenette and bathroom with shower; Large storefront windows for visibility into the space; Zero common load
