Live-Work Space with Private
For Sale
$299,000
129 Village Drive 301B, Belgrade, MT 59714
The third-floor unit combines a private room, full bath, in-unit laundry, and open living area.
Property Size760 SF
Price / SF$393.42
Days on Market116
Property Features for 129 Village Drive 301B
General Information
Standard status
Active
Size
760 SF
Property subtype
Commercial
Zoning
B3
Taxes and HOA fees
Annual Taxes
$935
Building Details
Building Size
760 SF
Year Built
2003
Listing Agency:
Century 21 Heritage Realty
(406) 995-2404
Listed By:
Michael Pitcairn
(406) 539-6060
Source:
Outlaw
Added: Jun 9
Changed: Sep 30
Last Checked: Oct 1 at 10:10AM
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 Century 21 Heritage Realty
Investment Insights
Based on property information with market context.
This 760-square-foot live-work condominium was built in 2003 and occupies the top floor. Its open layout includes one separate room with a large alcove, a full bathroom, in-unit laundry, forced-air heat, and central air conditioning. Recent interior work includes new flooring, fresh paint, and added cabinetry. A private balcony looks toward River Rock Pond and the Bridger Mountain Range.
A commercial-sized elevator serves the third floor, and open parking is available. The building has received exterior siding and roof improvements. The property is zoned B3. Potential professional applications mentioned for the space include office, consulting, bookkeeping, counseling, massage therapy, wellness services, or studio use, subject to approvals.
A commercial-sized elevator serves the third floor, and open parking is available. The building has received exterior siding and roof improvements. The property is zoned B3. Potential professional applications mentioned for the space include office, consulting, bookkeeping, counseling, massage therapy, wellness services, or studio use, subject to approvals.
Key Highlights
- 760‑square‑foot top‑floor live‑work condominium
- B3 zoning
- Private balcony overlooking River Rock Pond and the Bridger Mountain Range
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
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Open Analytics
Current Use
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Live-work space - The third-floor unit combines a private room, full bath, in-unit laundry, and open living area.
Where is this live-work space located?
The property is located at 129 Village Drive 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: 760‑square‑foot top‑floor live‑work condominium; B3 zoning; Private balcony overlooking River Rock Pond and the Bridger Mountain Range
