Versatile Flex Shop
For Sale
$375,000
14 Culver Place 5, Manhattan, MT 59741
New construction flex condo includes a heated metal shop with high ceilings and a small office with private bathroom.
Property Size1,500 SF
Price / SF$250
Days on Market123
Property Features for 14 Culver Place 5
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Zoning
None/Unknown
Additional Details
Highway Access
Yes
Clear Height
18 ft
Taxes and HOA fees
Annual Taxes
$1,569
Building Details
Building Size
1,500 SF
Year Built
2025
Listing Agency:
ERA Landmark Real Estate
(406) 995-2404
Listed By:
Eli Kretzmann
(208) 507-1613
Source:
Outlaw
Added: May 9
Changed: Sep 7
Last Checked: Sep 7 at 5:08AM
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 ERA Landmark Real Estate
Investment Insights
Based on property information with market context.
Newly built commercial condo offers a versatile layout for a range of business or personal uses. The space includes a heated metal shop with approximately 18-foot high ceilings and epoxy clear-coat-finished floors, along with an office area that features a private bathroom.
The property is located in Manhattan’s Central Business District and is estimated to be completed for closing in summer 2026, subject to final plat approval. It includes a newly paved parking lot with ample parking and is described as being within 1 mile of I-90 for convenient access.
The unit is identified as approximately 1,500 square feet total, combining the shop area and office space into a low-maintenance, functional configuration.
The property is located in Manhattan’s Central Business District and is estimated to be completed for closing in summer 2026, subject to final plat approval. It includes a newly paved parking lot with ample parking and is described as being within 1 mile of I-90 for convenient access.
The unit is identified as approximately 1,500 square feet total, combining the shop area and office space into a low-maintenance, functional configuration.
Key Highlights
- Newly built 1,500 +/- SF versatile commercial condo (Year Built 2025) in Manhattan’s Central Business District, with space for business or personal use
- Includes a 1,375 +/- SF heated metal shop with 18 ft high ceilings and epoxy clear‑coat finished floors
- Includes a 175 +/- SF office space 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
Current Use
Lease Details
18 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
190
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
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Frequently Asked Questions
What type of property is this?
Flex space - New construction flex condo includes a heated metal shop with high ceilings and a small office with private bathroom.
Where is this flex space located?
The property is located at 14 Culver Place 5 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: Newly built 1,500 +/- SF versatile commercial condo (Year Built 2025) in Manhattan’s Central Business District, with space for business or personal use; Includes a 1,375 +/- SF heated metal shop with 18 ft high ceilings and epoxy clear‑coat finished floors; Includes a 175 +/- SF office space with a private bathroom
