Office Complex with Individual Climate
For Sale
Contact for pricing
701 Gold Ave, Bozeman, MT 59715
Office complex with individually controlled climates, connected buildings, and an on-site 2,500 SF warehouse.
Property Size64,052 SF
Price / SF$390.31
Days on Market421
Property Features for 701 Gold Ave
General Information
Standard status
Active
Size
64,052 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Warehouse Space
2,500 SF
Amenities
individual climate controls
Building Details
Year Built
1990
Year Renovated
2015
Buildings
2
Listing Agency:
Starner Commercial Real Estate
Listed By:
Tom Starner · License #12265
(406) 539-0717
Source:
Moodyscre
Added: Jul 15, 2025
Changed: Aug 23
Last Checked: Sep 7 at 6:48AM
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 Starner Commercial Real Estate
Investment Insights
Based on property information with market context.
This office complex offers flexible configuration options, with a large original building and a later addition connected by an annex at the first and second floors. The original building was built in 1990 and is approximately 26,000 SF, while the addition was built in 2015 and is approximately 38,000 SF. Each office includes individual climate controls, supporting a tenant-ready setup for a variety of office users. An additional 2,500 SF warehouse is also on site.
The property includes an additional pad site to the north of the existing building, supporting further development. The site is tucked in the trees while remaining close to the Cannery District and downtown, with Interstate 90 nearby. Bozeman Creek runs along the west border of the lot, and the property offers views of open space and the Bridger Mountains. Access to Story Mill Community Park/Trail is at the edge of the lot.
With multiple options for single-user or smaller-space configurations, the complex can fit end-user ownership or an investment approach combining leasing income and potential customization.
The property includes an additional pad site to the north of the existing building, supporting further development. The site is tucked in the trees while remaining close to the Cannery District and downtown, with Interstate 90 nearby. Bozeman Creek runs along the west border of the lot, and the property offers views of open space and the Bridger Mountains. Access to Story Mill Community Park/Trail is at the edge of the lot.
With multiple options for single-user or smaller-space configurations, the complex can fit end-user ownership or an investment approach combining leasing income and potential customization.
Key Highlights
- Original office building built in 1990, approximately 26,000 SF
- Addition built in 2015, approximately 38,000 SF
- Buildings connected via annex at first and second floors
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
$942,237
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
3.77%
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%
$18,844,740
$18.8M
Cap Rate 7%
$13,460,529
$13.5M
Cap Rate 9%
$10,469,300
$10.5M
Market Conditions
NOI Build-Up for 64,052 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
$1.35M $21.00/SF
− Vacancy
−$88.8K −$1.39/SF
EGI
$1.26M $19.61/SF
− OpEx
−$314.1K −$4.90/SF
NOI
$942.2K $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%
$18,844,740
Cap Rate 7%
$13,460,529
Cap Rate 9%
$10,469,300
Alternative Uses
Best Use
Office B
$13.46M
$11.78M – $15.70M
NOI $942,237 @ 7.0% cap · market cap 3.77%
Second Best
Warehouse
$11.54M
$10.10M – $13.46M
NOI $807,680 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$16.73M
$14.63M – $19.51M
NOI $1,170,768 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
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 building - Office complex with individually controlled climates, connected buildings, and an on-site 2,500 SF warehouse.
Where is this office building located?
The property is located at 701 Gold Ave Bozeman, MT.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Original office building built in 1990, approximately 26,000 SF; Addition built in 2015, approximately 38,000 SF; Buildings connected via annex at first and second floors
