Live-Work Warehouse
For Sale
$575,000
36 Pipkin Way, Belgrade, MT 59714
Work/warehouse unit includes a shop with overhead door plus an upper-level 1BD/1BA with kitchen and loft.
Property Size3,000 SF
Price / SF$191.67
Days on Market54
Property Features for 36 Pipkin Way
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Residential
Zoning
/Unknown
Building Details
Building Size
3,000 SF
Year Built
2015
Stories
2
Listing Agency:
Realty One Group Peak
(406) 209-0981
Listed By:
Blake Maxwell · License #RBS-52217
Source:
Purewestrealestate
Added: Jun 28
Changed: Aug 10
Last Checked: Aug 20 at 5:11AM
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 Realty One Group Peak
Investment Insights
Based on property information with market context.
This work-live unit combines warehouse/shop space with finished upper-level living. The entry level features an office and a partial bathroom, along with an approximately 30 x 60 warehouse area. There is also an approximate 400 SF loft and an upper level of approximately 800 SF with a 1BD/1BA and a kitchen. Operational features include a 12W x 14H overhead door, a floor drain on the entry level, and a fire sprinkler system. Utilities include a 120/240 electrical service. Heating is gas heat in the shop space and electric baseboard elsewhere.
The property is located in the Gallatin Valley adjacent to I-90 at 36 Pipkin Way, Belgrade, MT 59714.
Designed for a combination of work and living, the layout supports shop operations below and private quarters above, with office space on the entry level and a loft component in between.
The property is located in the Gallatin Valley adjacent to I-90 at 36 Pipkin Way, Belgrade, MT 59714.
Designed for a combination of work and living, the layout supports shop operations below and private quarters above, with office space on the entry level and a loft component in between.
Key Highlights
- Work/warehouse unit built in 2015 with shop plus upper‑level 1BD/1BA and loft
- Approx. 30x60 shop space with entry‑level office area and partial bathroom
- Upper level includes approx. 800 SF with 1BD/1BA and kitchen
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
$44,132
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
7.68%
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%
$882,640
$882.6K
Cap Rate 7%
$630,457
$630.5K
Cap Rate 9%
$490,356
$490.4K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$58.8K $19.61/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$44.1K $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%
$882,640
Cap Rate 7%
$630,457
Cap Rate 9%
$490,356
Alternative Uses
Best Use
Office B
$630.5K
$551.7K – $735.5K
NOI $44,132 @ 7.0% cap · market cap 7.68%
Second Best
Mixed Use
$589.5K
$515.8K – $687.8K
NOI $41,265 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Work/warehouse unit includes a shop with overhead door plus an upper-level 1BD/1BA with kitchen and loft.
Where is this live-work space located?
The property is located at 36 Pipkin Way Belgrade, MT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Work/warehouse unit built in 2015 with shop plus upper‑level 1BD/1BA and loft; Approx. 30x60 shop space with entry‑level office area and partial bathroom; Upper level includes approx. 800 SF with 1BD/1BA and kitchen
