Two-Suite Office
For Sale
$1,750,000
102 W Main Street A & B, Manhattan, MT 59741
CBD-zoned commercial property with restored architectural details and flexible office layouts across two distinct units.
Property Size12,000 SF
Price / SF$145.83
Days on Market534
Property Features for 102 W Main Street A & B
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Commercial
Zoning
B3
Additional Details
Corner Location
Yes
Sprinkler System
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$13,844
Building Details
Building Size
12,000 SF
Year Built
1916
Buildings
1
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
18 Land Company
(406) 589-6247
Listed By:
EJ Daws · License #BRO-38911
(406) 589-6247
Source:
Outlaw
Added: Mar 13, 2025
Changed: Aug 28
Last Checked: Jul 7 at 5:10AM
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 18 Land Company
Investment Insights
Based on property information with market context.
This downtown commercial building contains two separately configured office units with a combined property size of 12,000 square feet. Suite A offers approximately 3,600 square feet across the main and upper levels, with an open work area, five private offices, a conference room, copy and file rooms, and three bathrooms. Suite B provides approximately 2,400 square feet of remodeled open space with two offices, a kitchen, storage, and a bathroom.
Each suite includes basement space totaling approximately 6,000 square feet, supported by a fire suppression system and suited to storage. The building retains original hardwood floors, exposed brick details, large windows, and 20-foot tin ceilings. Positioned at Main & Broadway in downtown Manhattan, the property is within the Central Business District and has street-level exposure. Suite A is owner occupied and subject to a negotiable Seller Leaseback.
Each suite includes basement space totaling approximately 6,000 square feet, supported by a fire suppression system and suited to storage. The building retains original hardwood floors, exposed brick details, large windows, and 20-foot tin ceilings. Positioned at Main & Broadway in downtown Manhattan, the property is within the Central Business District and has street-level exposure. Suite A is owner occupied and subject to a negotiable Seller Leaseback.
Key Highlights
- Two distinct office units within a 12,000‑square‑foot commercial property
- Suite A includes approximately 3,600 square feet, five offices, a conference room, copy room, file room, and three bathrooms
- Suite B offers approximately 2,400 square feet with two offices, kitchen, storage, and bathroom
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
$140,616
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%
$2,812,320
$2.8M
Cap Rate 7%
$2,008,800
$2.0M
Cap Rate 9%
$1,562,400
$1.6M
Market Conditions
NOI Build-Up for 12,000 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
$216.0K $18.00/SF
− Vacancy
−$15.1K −$1.26/SF
EGI
$200.9K $16.74/SF
− OpEx
−$60.3K −$5.02/SF
NOI
$140.6K $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%
$2,812,320
Cap Rate 7%
$2,008,800
Cap Rate 9%
$1,562,400
Alternative Uses
Best Use
Office B
$2.52M
$2.21M – $2.94M
NOI $176,526 @ 7.0% cap · market cap 10.09%
Second Best
Retail
$2.01M
$1.76M – $2.34M
NOI $140,616 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,341 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 59741, MT
5,397
Population
2,330
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
99%
High-School Grad
164.9 sq mi
ZIP Area
33
Density / Sq Mi
$86,382
Median Household Income
$48,460
Median Earnings
$1,676
Median Rent
$562,300
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 - CBD-zoned commercial property with restored architectural details and flexible office layouts across two distinct units.
Where is this office units located?
The property is located at 102 W Main Street A & B Manhattan, MT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Two distinct office units within a 12,000‑square‑foot commercial property; Suite A includes approximately 3,600 square feet, five offices, a conference room, copy room, file room, and three bathrooms; Suite B offers approximately 2,400 square feet with two offices, kitchen, storage, and bathroom
