Industrial Warehouse
For Sale
$3,407,500
112 Stone River Road, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size29,000 SF
Price / SF$235
Days on Market122
Property Features for 112 Stone River Road
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
CC
Subdivision
West Post Subdivision
Directions
West on Alaska Rd, south on Stone River
Standard status
Active
Size
14,500 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST POST SUB PH 2, S12, T01 S, R04 E, BLOCK 2, Lot 3, ACRES 4.7, PLAT J-726
Tax Annual Amount
16400
HOA Fee
$115 Quarterly
Legal Description
WEST POST SUB PH 2, S12, T01 S, R04 E, BLOCK 2, Lot 3, ACRES 4.7, PLAT J-726
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2026
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Kevin Black · License #RBS-17285
(406) 579-0560
Added: Apr 28
Changed: Aug 19
Last Checked: Aug 27 at 1:06AM
MLS# 410411
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 under-construction industrial property comprises two warehouse condominium units at 112 Stone River Road. Each unit includes a small office, two bathrooms, four man-door entrances, one loading dock, and a 14-foot overhead door. An ESFR sprinkler system is designed for 20-foot-high storage of Class IV commodities and Group A plastics on racks or in piles. Heating is provided by natural gas and forced air, with public water and public sewer serving the property. Construction is scheduled for 2026.
The property is located within West Post Commercial Subdivision, with access to I-90, Highway 191, and Bozeman Yellowstone International Airport. The subdivision includes Hyatt Place Bozeman Yellowstone Airport, Maverick C-Store, Rivian, Rocky Mountain Car Wash, Freedom Express Truck and Tractor Supply office buildings, and small warehouse facilities. Residential development to the south includes 159 single-family home lots, 77 townhouse lots, and multifamily lots.
The property is located within West Post Commercial Subdivision, with access to I-90, Highway 191, and Bozeman Yellowstone International Airport. The subdivision includes Hyatt Place Bozeman Yellowstone Airport, Maverick C-Store, Rivian, Rocky Mountain Car Wash, Freedom Express Truck and Tractor Supply office buildings, and small warehouse facilities. Residential development to the south includes 159 single-family home lots, 77 townhouse lots, and multifamily lots.
Key Highlights
- Two warehouse condominium units in West Post Commercial Subdivision
- Each unit has a small office, two bathrooms, four man‑door entrances, one loading dock, and a 14' overhead door
- ESFR sprinkler system designed for 20' high storage of Class IV commodities and Group A plastics
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
$182,841
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
5.37%
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%
$3,656,820
$3.7M
Cap Rate 7%
$2,612,014
$2.6M
Cap Rate 9%
$2,031,567
$2.0M
Market Conditions
NOI Build-Up for 14,500 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
$217.5K $15.00/SF
− Vacancy
−$2.4K −$0.17/SF
EGI
$215.1K $14.83/SF
− OpEx
−$32.3K −$2.23/SF
NOI
$182.8K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$3,656,820
Cap Rate 7%
$2,612,014
Cap Rate 9%
$2,031,567
Alternative Uses
Best Use
Warehouse
$2.61M
$2.29M – $3.05M
NOI $182,841 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$2.15M
$1.88M – $2.51M
NOI $150,575 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$3.79M
$3.31M – $4.42M
NOI $265,037 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction units include office areas, two bathrooms, loading docks, and overhead doors.
Where is this warehouse located?
The property is located at 112 Stone River Road Belgrade, MT.
What is the asking price?
The asking price for this property is $3,407,500.
What are key features of this property?
This property features: Two warehouse condominium units in West Post Commercial Subdivision; Each unit has a small office, two bathrooms, four man‑door entrances, one loading dock, and a 14' overhead door; ESFR sprinkler system designed for 20' high storage of Class IV commodities and Group A plastics
