Remodeled Ground-Floor Live-Work
For Sale
$295,000
122 E Main Street, Manhattan, MT 59741
CommercialSale, Manhattan, MT
Property Size661 SF
Price / SF$446.29
Days on Market46
Property Features for 122 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Call Listing Agent for Details
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Subdivision
Manhattan Original Plat
Directions
Building located on corner of 5th and Main. Entrance is on ground level on SE corner of building
Standard status
Active
APN
REE59424
Size
661 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
MANHATTAN GRILLE CONDO, S10, T01 N, R03 E, UNIT 103
Tax Annual Amount
1073
HOA Fee
$2,769 Annually
Legal Description
MANHATTAN GRILLE CONDO, S10, T01 N, R03 E, UNIT 103
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1964
Listing Agency:
Realty One Group Peak
(406) 219-3075
Listed By:
Patrick Callaghan · License #RBS-45432
(406) 595-1304
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 412896
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 661-square-foot, one-bedroom, one-bath condominium was built in 1964 and remodeled with practical interior updates. Improvements include LVP flooring, soft-closing drawers, and stainless steel refrigerator and dishwasher. The ground-floor configuration supports residential occupancy while also allowing commercial use, creating a flexible live-work setup. Baseboard and electric heating are in place, with public water and public sewer serving the property.
Located at 122 E Main Street in Manhattan, the condo offers quick highway access and is 24 minutes from downtown Bozeman. The property is also near the East Gallatin River, local shops, and dining. Its Main Street setting and adaptable layout provide a compact option for combined living and work needs.
Located at 122 E Main Street in Manhattan, the condo offers quick highway access and is 24 minutes from downtown Bozeman. The property is also near the East Gallatin River, local shops, and dining. Its Main Street setting and adaptable layout provide a compact option for combined living and work needs.
Key Highlights
- 661 SF ground‑floor condominium
- One bedroom and one bathroom
- Remodeled with LVP flooring and soft‑closing drawers
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
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?
Live-work space - Ground-floor condo with updated finishes and flexibility for residential or commercial use.
Where is this live-work space located?
The property is located at 122 E Main Street 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 SF ground‑floor condominium; One bedroom and one bathroom; Remodeled with LVP flooring and soft‑closing drawers
