Two-Suite Office
For Sale
$200,000
129 Village Drive Unit 103, Belgrade, MT 59714
B3-zoned commercial condominium with shared parking and an existing martial arts occupant in one separately configured space.
Property Size1,372 SF
Price / SF$145.77
Days on Market101
Property Features for 129 Village Drive Unit 103
General Information
Standard status
Active
Size
1,372 SF
Zoning
B3
Additional Details
HOA Fee
$849.48
Building Details
Building Size
1,372 SF
Year Built
2003
Tenancy
Multi
Listing Agency:
Tamara Williams and Company
Listed By:
Tamara Williams · License #BRO-53659
(406) 223-6823
Source:
Purewestrealestate
Added: May 27
Changed: Sep 1
Last Checked: Sep 4 at 2:05AM
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 commercial condominium is arranged as two separate tenant spaces within the River Rock Business Complex. One interior-access portion is occupied by a martial arts tenant. The second space fronts the parking area and includes a showroom or open work area, private office or treatment room, restroom, and back office or changing areas. Shared parking serves the property, and the unit was built in 2003.
The property carries B3 zoning and is positioned within an established commercial and residential corridor near River Rock Pond, Amsterdam Road, River Rock Road, and Jackrabbit Lane. Association services include water, sewer, electric, garbage service, exterior maintenance, and cleaning of common areas. Recent improvements to the complex include new roofing and siding.
The property carries B3 zoning and is positioned within an established commercial and residential corridor near River Rock Pond, Amsterdam Road, River Rock Road, and Jackrabbit Lane. Association services include water, sewer, electric, garbage service, exterior maintenance, and cleaning of common areas. Recent improvements to the complex include new roofing and siding.
Key Highlights
- Two separately configured tenant spaces within one commercial condominium
- One interior‑access space is occupied by a martial arts tenant
- Second space faces the parking area with direct access and visibility
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
Multi-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 - B3-zoned commercial condominium with shared parking and an existing martial arts occupant in one separately configured space.
Where is this office units located?
The property is located at 129 Village Drive Unit 103 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: Two separately configured tenant spaces within one commercial condominium; One interior‑access space is occupied by a martial arts tenant; Second space faces the parking area with direct access and visibility
