Updated Top-Floor Live-Work
For Sale
$299,000
129 Village Drive, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size760 SF
Price / SF$393.42
Days on Market77
Property Features for 129 Village Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B3
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Subdivision
River Rock and Royal Village
Directions
Amsterdam Road * R on West Shore Drive * 1st R on to Village Drive * Linto Parking Lot * Entrance on W Side of 301 Building
Standard status
Active
APN
RFF69717
Size
760 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WATERSIDE COMMERCIAL CONDO, S03, T01 S, R04 E, UNIT 301B
Tax Annual Amount
935
HOA Fee
$455 Monthly
Legal Description
WATERSIDE COMMERCIAL CONDO, S03, T01 S, R04 E, UNIT 301B
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Amenities
private balcony
in-unit laundry
central air conditioning
Building Details
Year built
2003
Listing Agency:
Keller Williams Montana Realty · Keller Williams Realty
(406) 522-7000
Listed By:
Joyce Thompson · License #BRO-12839
(406) 581-5672
Added: Jun 9
Changed: Aug 19
Last Checked: Aug 24 at 10:06PM
MLS# 412089
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 approximately 760-square-foot, top-floor live-work condo at 129 Village Drive combines an open workspace with one private room and a large alcove. The unit includes a full bathroom, in-unit laundry, forced-air heat, central air, new flooring, fresh interior paint, added cabinetry, and a private balcony. Abundant natural light and views across River Rock Pond toward the Bridger Mountain Range add to the setting.
A commercial-sized elevator serves the third floor, and open parking is available for clients, guests, and occupants. Exterior improvements include new siding and a new roof. The professionally managed HOA covers water, sewer, utilities, garbage, lawn care, snow removal, and master insurance. The property is located in Belgrade, Montana, within Gallatin County.
A commercial-sized elevator serves the third floor, and open parking is available for clients, guests, and occupants. Exterior improvements include new siding and a new roof. The professionally managed HOA covers water, sewer, utilities, garbage, lawn care, snow removal, and master insurance. The property is located in Belgrade, Montana, within Gallatin County.
Key Highlights
- Approximately 760 Square Feet in a top‑floor live‑work condo
- Private balcony overlooking River Rock Pond and the Bridger Mountain Range
- Open layout with one private room and a large alcove
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
$11,180
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
3.74%
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%
$223,600
$223.6K
Cap Rate 7%
$159,714
$159.7K
Cap Rate 9%
$124,222
$124.2K
Market Conditions
NOI Build-Up for 760 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
$16.0K $21.00/SF
− Vacancy
−$1.1K −$1.39/SF
EGI
$14.9K $19.61/SF
− OpEx
−$3.7K −$4.90/SF
NOI
$11.2K $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%
$223,600
Cap Rate 7%
$159,714
Cap Rate 9%
$124,222
Alternative Uses
Best Use
Office B
$159.7K
$139.8K – $186.3K
NOI $11,180 @ 7.0% cap · market cap 3.74%
Second Best
Mixed Use
$149.3K
$130.7K – $174.2K
NOI $10,454 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$198.5K
$173.7K – $231.5K
NOI $13,892 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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?
Live-work space - Commercial condo with a private room, full bath, in-unit laundry, and balcony overlooking a pond and mountain range.
Where is this live-work space located?
The property is located at 129 Village Drive Belgrade, MT.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Approximately 760 Square Feet in a top‑floor live‑work condo; Private balcony overlooking River Rock Pond and the Bridger Mountain Range; Open layout with one private room and a large alcove
