Commercial Condo Upper-Level
For Sale
$249,900
129 Village Drive 303, Belgrade, MT 59714
Upper-level commercial condo with a flexible interior layout and large windows, suited for office, professional services, or showroom use.
Property Size1,587 SF
Price / SF$157.47
Days on Market125
Property Features for 129 Village Drive 303
General Information
Standard status
Active
Size
1,587 SF
Property subtype
Commercial
Zoning
B3
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,526
Building Details
Building Size
1,587 SF
Year Built
2003
Listing Agency:
ERA Landmark Western Land
(406) 995-2404
Listed By:
EJ Daws
(406) 589-6247
Source:
Outlaw
Added: May 4
Changed: Sep 4
Last Checked: Sep 4 at 3:55AM
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 ERA Landmark Western Land
Investment Insights
Based on property information with market context.
This upper-level commercial condo offers a functional, flexible layout that can support a range of commercial uses. The space is designed to work for private offices, collaborative areas, client meeting rooms, and creative workspace needs, with large windows providing natural light throughout.
Located on Village Drive in the established Belgrade commercial corridor, the suite benefits from convenient access and ample nearby parking. It is positioned for easy roadway connectivity, with proximity to Belgrade’s expanding residential neighborhoods and downtown business district, and access to Bozeman Yellowstone International Airport and Interstate travel.
Unit 303 is a versatile option for an owner-user or investor seeking a bright, adaptable commercial space within the Gallatin Valley growth market.
Located on Village Drive in the established Belgrade commercial corridor, the suite benefits from convenient access and ample nearby parking. It is positioned for easy roadway connectivity, with proximity to Belgrade’s expanding residential neighborhoods and downtown business district, and access to Bozeman Yellowstone International Airport and Interstate travel.
Unit 303 is a versatile option for an owner-user or investor seeking a bright, adaptable commercial space within the Gallatin Valley growth market.
Key Highlights
- Commercial condo unit built in 2003 in the Belgrade Village Drive corridor
- Upper‑level Unit 303 with a flexible interior layout for office, professional services, retail showroom, studio, or other approved commercial use
- Large windows throughout for natural light
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
$18,596
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
7.44%
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%
$371,920
$371.9K
Cap Rate 7%
$265,657
$265.7K
Cap Rate 9%
$206,622
$206.6K
Market Conditions
NOI Build-Up for 1,587 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
$28.6K $18.00/SF
− Vacancy
−$2.0K −$1.26/SF
EGI
$26.6K $16.74/SF
− OpEx
−$8.0K −$5.02/SF
NOI
$18.6K $11.72/SF
Area
Gallatin County, MT
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$371,920
Cap Rate 7%
$265,657
Cap Rate 9%
$206,622
Alternative Uses
Best Use
Office B
$333.5K
$291.8K – $389.1K
NOI $23,346 @ 7.0% cap · market cap 9.34%
Second Best
Retail
$265.7K
$232.5K – $309.9K
NOI $18,596 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$414.4K
$362.6K – $483.5K
NOI $29,008 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
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?
Office units - Upper-level commercial condo with a flexible interior layout and large windows, suited for office, professional services, or showroom use.
Where is this office units located?
The property is located at 129 Village Drive 303 Belgrade, MT.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Commercial condo unit built in 2003 in the Belgrade Village Drive corridor; Upper‑level Unit 303 with a flexible interior layout for office, professional services, retail showroom, studio, or other approved commercial use; Large windows throughout for natural light
