Pond-Front Office
For Sale
$200,000
129 Village Drive Unit 101, Belgrade, MT 59714
Office condominium with an existing tenant, flexible rooms, shared services, and access to Belgrade’s established mixed-use corridor.
Property Size1,372 SF
Price / SF$145.77
Days on Market96
Property Features for 129 Village Drive Unit 101
General Information
Standard status
Active
Size
1,372 SF
Zoning
B3
Additional Details
HOA Fee
$843.65
Amenities
gas fireplace
pond frontage
Building Details
Building Size
1,372 SF
Year Built
2003
Tenancy
Single
Listing Agency:
Tamara Williams and Company
(406) 223-6823
Listed By:
Tamara Williams · License #BRO-53659
Source:
Purewestrealestate
Added: May 27
Changed: Aug 29
Last Checked: Aug 30 at 12:56PM
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 Tamara Williams and Company
Investment Insights
Based on property information with market context.
This 1,372-square-foot office condominium is configured for flexible commercial use, subject to B3 zoning, applicable covenants, and association requirements. The interior includes a reception or retail-oriented entry area, several private rooms, an open work area, kitchenette, restroom, large windows, and a gas fireplace. An existing long-term tenant is in place, and the unit overlooks River Rock Pond with pond frontage.
The property is located at 129 Village Drive, Unit 101, within the River Rock Business Complex in Belgrade. Access is available near Amsterdam Road, River Rock Road, and Jackrabbit Lane, placing the unit within an established residential and commercial corridor. The complex was built in 2003 and has received new roofing and siding. Association services cover water, sewer, electric, garbage service, exterior maintenance, and cleaning of common areas. Interior repairs serving only the individual unit remain the owner’s responsibility.
The property is located at 129 Village Drive, Unit 101, within the River Rock Business Complex in Belgrade. Access is available near Amsterdam Road, River Rock Road, and Jackrabbit Lane, placing the unit within an established residential and commercial corridor. The complex was built in 2003 and has received new roofing and siding. Association services cover water, sewer, electric, garbage service, exterior maintenance, and cleaning of common areas. Interior repairs serving only the individual unit remain the owner’s responsibility.
Key Highlights
- 1,372‑square‑foot office condominium
- Existing long‑term tenant in place
- Pond frontage overlooking River Rock Pond
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
$16,077
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
8.04%
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%
$321,540
$321.5K
Cap Rate 7%
$229,671
$229.7K
Cap Rate 9%
$178,633
$178.6K
Market Conditions
NOI Build-Up for 1,372 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
$24.7K $18.00/SF
− Vacancy
−$1.7K −$1.26/SF
EGI
$23.0K $16.74/SF
− OpEx
−$6.9K −$5.02/SF
NOI
$16.1K $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%
$321,540
Cap Rate 7%
$229,671
Cap Rate 9%
$178,633
Alternative Uses
Best Use
Office B
$288.3K
$252.3K – $336.4K
NOI $20,183 @ 7.0% cap · market cap 10.09%
Second Best
Retail
$229.7K
$201.0K – $268.0K
NOI $16,077 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$358.3K
$313.5K – $418.0K
NOI $25,078 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
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 - Office condominium with an existing tenant, flexible rooms, shared services, and access to Belgrade’s established mixed-use corridor.
Where is this office units located?
The property is located at 129 Village Drive Unit 101 Belgrade, MT.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 1,372‑square‑foot office condominium; Existing long‑term tenant in place; Pond frontage overlooking River Rock Pond
