New Flex Commercial
For Sale
$375,000
14 Culver Place, Manhattan, MT 59741
CommercialSale, Manhattan, MT
Property Size1,500 SF
Lot Size0.65 Acres
Price / SF$250
Days on Market104
Property Features for 14 Culver Place
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Manhattan
Zoning description
None/Unknown
Parking features
Garage
Subdivision
Ferris Addition
Directions
Take I-90 W to Manhattan, take Exit 288 to Churchhill Rd, turn right on Wooden Shoe Ln, left on Culver Pl.
Standard status
Active
APN
REE46365
Size
1,500 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FARMSTEAD SUB, S10, T01 N, R03 E, LOT 26, ACRES 0.0647, PLAT J-330
Tax Annual Amount
1569
Legal Description
FARMSTEAD SUB, S10, T01 N, R03 E, LOT 26, ACRES 0.0647, PLAT J-330
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Listing Agency:
Montana Life Real Estate
(406) 570-7837
Listed By:
Trista Bailey · License #RRE-136165
(623) 290-3586
Added: May 9
Changed: Aug 19
Last Checked: Aug 20 at 6:06PM
MLS# 410819
Copyright © 2026 Big Sky Country MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex commercial condo is under construction with estimated completion for closing in summer 2026. The planned 1,500 +/- sq ft unit includes a 1,375 +/- sq ft heated metal shop with 18 ft ceilings and epoxy clear-coat floors, plus a 175 +/- sq ft office with a private bathroom. Natural gas forced-air heat and central air are specified for the space.
The property is situated in Manhattan’s Central Business District, within 1 mile of I-90. A newly paved parking lot and garage parking support convenient daily access. Public water and public sewer serve the property, which is identified as a 2025 construction project on a 0.647-acre site.
The property is situated in Manhattan’s Central Business District, within 1 mile of I-90. A newly paved parking lot and garage parking support convenient daily access. Public water and public sewer serve the property, which is identified as a 2025 construction project on a 0.647-acre site.
Key Highlights
- 1,500 +/- sq ft commercial condo with a flexible shop‑and‑office configuration
- 1,375 +/- sq ft heated metal shop with 18 ft high ceilings
- 175 +/- sq ft office with a private 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
$18,915
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
5.04%
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%
$378,300
$378.3K
Cap Rate 7%
$270,214
$270.2K
Cap Rate 9%
$210,167
$210.2K
Market Conditions
NOI Build-Up for 1,500 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
$22.5K $15.00/SF
− Vacancy
−$248 −$0.17/SF
EGI
$22.3K $14.83/SF
− OpEx
−$3.3K −$2.23/SF
NOI
$18.9K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$378,300
Cap Rate 7%
$270,214
Cap Rate 9%
$210,167
Alternative Uses
Best Use
Warehouse
$270.2K
$236.4K – $315.3K
NOI $18,915 @ 7.0% cap · market cap 5.04%
Second Best
Flex RnD
$260.7K
$228.1K – $304.2K
NOI $18,249 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$391.7K
$342.7K – $457.0K
NOI $27,418 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction flex space combines a heated shop, private office, and bathroom in a low-maintenance commercial setting.
Where is this flex space located?
The property is located at 14 Culver Place Manhattan, MT.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,500 +/- sq ft commercial condo with a flexible shop‑and‑office configuration; 1,375 +/- sq ft heated metal shop with 18 ft high ceilings; 175 +/- sq ft office with a private bathroom
