Top-Floor Live-Work
For Sale
$299,000
129 Village Dr Unit 301b, Belgrade, MT 59714
Updated commercial condominium with flexible interiors, private outdoor space, and waterfront mountain views.
Property Size760 SF
Price / SF$393.42
Days on Market121
Property Features for 129 Village Dr Unit 301b
General Information
Standard status
Active
Size
760 SF
Elevators
Yes
Property subtype
Commercial
Additional Details
Floor
3
Amenities
private balcony
in-unit laundry
forced air heat
central air
Building Details
Year Built
2003
Tenancy
Multi
Listing Agency:
Keller Williams Montana Realty
(406) 581-5672
Listed By:
Joyce Thompson · License #BRO-12839
Source:
Bozemanbigskyproperties
Added: May 2
Changed: Aug 29
Last Checked: Aug 30 at 6:09PM
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 Keller Williams Montana Realty
Investment Insights
Based on property information with market context.
This approximately 760-square-foot, top-floor live-work condominium offers an open interior with one private room, a large alcove, and a full bathroom. Recent improvements include new flooring, fresh paint, and additional cabinetry. In-unit laundry, forced-air heating, central air, and a private balcony overlooking River Rock Pond and the Bridger Mountain Range add practical functionality and appeal. The unit is served by a commercial-sized elevator on the third floor.
The property is located at 129 Village Dr Unit 301B in Belgrade, within River Rock Community. Open parking is available for clients, guests, and occupants. Exterior upgrades include new siding and a new roof. Professionally managed HOA dues cover water, sewer, utilities, garbage, lawn care, snow removal, and master insurance.
The property is located at 129 Village Dr Unit 301B in Belgrade, within River Rock Community. Open parking is available for clients, guests, and occupants. Exterior upgrades include new siding and a new roof. Professionally managed HOA dues cover water, sewer, utilities, garbage, lawn care, snow removal, and master insurance.
Key Highlights
- Approximately 760 square feet with an efficient open layout
- Top‑floor unit with private balcony views of River Rock Pond and the Bridger Mountain Range
- One private room, large alcove, full bath, and in‑unit laundry
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
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?
Live-work space - Updated commercial condominium with flexible interiors, private outdoor space, and waterfront mountain views.
Where is this live-work space located?
The property is located at 129 Village Dr Unit 301b 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 with an efficient open layout; Top‑floor unit with private balcony views of River Rock Pond and the Bridger Mountain Range; One private room, large alcove, full bath, and in‑unit laundry
