Corner Office Condo with Cathedral
For Sale
$397,000
Pending
115 E Gallatin A-202, Manhattan, MT 59741
CommercialSale, Manhattan, MT
Property Size1,864 SF
Days on Market836
Property Features for 115 E Gallatin A-202
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B3
Directions
On the corner of Gallatin Drive and N 5th Avenue in Manhattan. Second floor in the South corner. #202.
Subdivision
4MC - Manhattan City
Standard status
Pending
APN
REE59640
Size
1,864 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
TOWN CENTER CONDO, S10, T01 N, R03 E, BUILDING A, UNIT 202
Tax Annual Amount
2887
HOA Fee
$524 Monthly
Legal Description
TOWN CENTER CONDO, S10, T01 N, R03 E, BUILDING A, UNIT 202
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
courtyard
Building Details
Year built
2006
Listing Agency:
Bozeman Brokers
(406) 587-5900
Listed By:
Dianne Click · License #BRO-9327
(406) 580-8881
Added: May 13, 2024
Changed: Aug 19
Last Checked: Aug 26 at 4:06AM
MLS# 392081
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.
Office condominium A-202 provides 1,864 square feet in a gray-shell condition, giving an owner the opportunity to shape the interior around its operational needs. The corner configuration creates an open footprint suitable for private offices, collaborative areas, or a combination of both. A distinctive corner room includes a cathedral-height ceiling and views, adding a prominent setting for a conference room or executive office.
The property is within Manhattan’s Central Business District at Manhattan Town Center, a complex comprising three buildings. The development includes elevator access and a courtyard for owners and clients. Built in 2006, the property has forced-air and natural-gas heating, central air, public water, and public sewer. Manhattan Town Center was designed by Bechtel-Slade Architecture and built by Langlas Construction.
The property is within Manhattan’s Central Business District at Manhattan Town Center, a complex comprising three buildings. The development includes elevator access and a courtyard for owners and clients. Built in 2006, the property has forced-air and natural-gas heating, central air, public water, and public sewer. Manhattan Town Center was designed by Bechtel-Slade Architecture and built by Langlas Construction.
Key Highlights
- 1,864‑square‑foot gray‑shell office condominium
- Corner unit with an open footprint for customized interior planning
- Corner room with cathedral‑height ceiling and views
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
$27,420
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
6.91%
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%
$548,400
$548.4K
Cap Rate 7%
$391,714
$391.7K
Cap Rate 9%
$304,667
$304.7K
Market Conditions
NOI Build-Up for 1,864 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
$39.1K $21.00/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$36.6K $19.61/SF
− OpEx
−$9.1K −$4.90/SF
NOI
$27.4K $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%
$548,400
Cap Rate 7%
$391,714
Cap Rate 9%
$304,667
Alternative Uses
Best Use
Office B
$391.7K
$342.8K – $457.0K
NOI $27,420 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$486.7K
$425.9K – $567.9K
NOI $34,071 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Gray-shell office unit offers an open layout for customized buildout in Manhattan’s Central Business District.
Where is this office units located?
The property is located at 115 E Gallatin A-202 Manhattan, MT.
What is the asking price?
The asking price for this property is $397,000.
What are key features of this property?
This property features: 1,864‑square‑foot gray‑shell office condominium; Corner unit with an open footprint for customized interior planning; Corner room with cathedral‑height ceiling and views
