Remodeled Ground-Floor Live-Work
For Sale
$295,000
122 E Main Street 103, Manhattan, MT 59741
One-bedroom condo with commercial-use flexibility and updated interior finishes.
Property Size661 SF
Price / SF$446.29
Days on Market209
Property Features for 122 E Main Street 103
General Information
Standard status
Active
Size
661 SF
Property subtype
Commercial
Zoning
CALL - Call Listing Agent for Details
Additional Details
Floor
Ground Floor
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,073
Building Details
Building Size
661 SF
Year Built
1964
Listing Agency:
McLeod Real Estate Group, LLC
(406) 579-1989
Listed By:
Ethan Stokes
(406) 579-1989
Source:
Outlaw
Added: Feb 2
Changed: Aug 30
Last Checked: Aug 30 at 1:16PM
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 McLeod Real Estate Group, LLC
Investment Insights
Based on property information with market context.
This 661-square-foot, ground-floor condo combines a one-bedroom, one-bath layout with commercial-use flexibility. The interior has been remodeled with LVP flooring, soft-closing drawers, and stainless steel refrigerator and dishwasher. Built in 1964, the unit is positioned on historic Main Street in Manhattan, Montana, with highway access and a stated 24-minute drive to downtown Bozeman. The property is also near the East Gallatin River, local shops, and dining.
Key Highlights
- 661‑square‑foot ground‑floor condo
- One‑bedroom, one‑bath configuration
- Commercial‑use flexibility supports live‑work occupancy
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
$9,724
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
3.30%
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%
$194,480
$194.5K
Cap Rate 7%
$138,914
$138.9K
Cap Rate 9%
$108,044
$108.0K
Market Conditions
NOI Build-Up for 661 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
$13.9K $21.00/SF
− Vacancy
−$916 −$1.39/SF
EGI
$13.0K $19.61/SF
− OpEx
−$3.2K −$4.90/SF
NOI
$9.7K $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%
$194,480
Cap Rate 7%
$138,914
Cap Rate 9%
$108,044
Alternative Uses
Best Use
Office B
$138.9K
$121.6K – $162.1K
NOI $9,724 @ 7.0% cap · market cap 3.30%
Second Best
Mixed Use
$129.9K
$113.7K – $151.5K
NOI $9,092 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$172.6K
$151.0K – $201.4K
NOI $12,082 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
203
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - One-bedroom condo with commercial-use flexibility and updated interior finishes.
Where is this live-work space located?
The property is located at 122 E Main Street 103 Manhattan, MT.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 661‑square‑foot ground‑floor condo; One‑bedroom, one‑bath configuration; Commercial‑use flexibility supports live‑work occupancy
