New Flex Space with
For Sale
$585,000
122 DonJo Avenue, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size2,203 SF
Price / SF$265.55
Days on Market474
Property Features for 122 DonJo Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
FE
Directions
From Jackrabbit, turn West on DonJo Avenue (in between Wendy's and Goodwill). Building 122 will be on the lefthand side, Unit 2 is second unit from DonJo Avenue.
Subdivision
3B - Belgrade City Limits
Standard status
Active
APN
RFF81283
Size
2,203 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Building 1, Unit 2 of MINOR SUB 497, S11, T01 S, R04 E, Lot 3, ACRES 1.034
Tax Annual Amount
2742
HOA Fee
$405 Monthly
Legal Description
Building 1, Unit 2 of MINOR SUB 497, S11, T01 S, R04 E, Lot 3, ACRES 1.034
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Tom Starner · License #BRO-12265
(406) 539-0717
Added: May 5, 2025
Changed: Aug 19
Last Checked: Aug 21 at 2:06PM
MLS# 401774
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.
Unit 2 is a newly built flex space offering 1,948 SF of primarily open warehouse area on the main level. The layout includes a windowed office, restroom, large overhead warehouse door, and separate man door serving the office or showroom area. A 255 SF mezzanine provides additional interior space.
The property is within Belgrade city limits at 122 DonJo Avenue, approximately one block from Jackrabbit Lane and behind Wendy's and Goodwill. Its configuration supports warehouse and workspace functions, customer-facing operations, or a combined shop and office arrangement.
The property is within Belgrade city limits at 122 DonJo Avenue, approximately one block from Jackrabbit Lane and behind Wendy's and Goodwill. Its configuration supports warehouse and workspace functions, customer-facing operations, or a combined shop and office arrangement.
Key Highlights
- Newly built Unit 2 flex space
- 1,948 SF main‑level warehouse area
- 255 SF mezzanine
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
$27,779
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
4.75%
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%
$555,580
$555.6K
Cap Rate 7%
$396,843
$396.8K
Cap Rate 9%
$308,656
$308.7K
Market Conditions
NOI Build-Up for 2,203 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
$33.0K $15.00/SF
− Vacancy
−$363 −$0.17/SF
EGI
$32.7K $14.83/SF
− OpEx
−$4.9K −$2.23/SF
NOI
$27.8K $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%
$555,580
Cap Rate 7%
$396,843
Cap Rate 9%
$308,656
Alternative Uses
Best Use
Warehouse
$396.8K
$347.2K – $463.0K
NOI $27,779 @ 7.0% cap · market cap 4.75%
Second Best
Flex RnD
$382.9K
$335.0K – $446.7K
NOI $26,802 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$575.2K
$503.3K – $671.1K
NOI $40,267 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Balanced
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Open warehouse configuration includes a private office, restroom, and separate customer-entry door.
Where is this flex space located?
The property is located at 122 DonJo Avenue Belgrade, MT.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Newly built Unit 2 flex space; 1,948 SF main‑level warehouse area; 255 SF mezzanine
