Modern Office-Warehouse Flex
For Sale
Contact for pricing
1408 N Jackrabbit Lane, Belgrade, MT 59714
The property combines finished office areas with clear-span warehouse space in a climate-controlled commercial building.
Property Size12,224 SF
Lot Size1.77 Acres
Price / SF$258.51
Days on Market171
Property Features for 1408 N Jackrabbit Lane
General Information
Standard status
Active
Size
12,224 SF
Class
A
Lot size
1.77 Acres
Property subtype
Industrial, Office, Retail
Zoning
MU - Mixed Use
Investment Type
Stabilized
Site & Location
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Clear Span
Yes
Warehouse Space
9,300 SF
Office Build-Out
2,940 SF
Dock-High Doors
2
Drive-In Doors
2
Sprinkler System
Yes
Amenities
kitchenette/breakroom
shower
monitored alarm system
Building Details
Year Built
2022
Buildings
1
Stories
2
Building Size
12,224 SF
Construction
stick-built
Owner Occupied
No
Abandoned
No
Listing Agency:
Starner Commercial Real Estate
(406) 451-8283
Listed By:
Michael Reams · License #MT RRE-BRO-LIC-79158
Source:
Crexi
Added: Mar 13
Changed: Aug 29
Last Checked: Aug 29 at 10:23PM
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 12,224 SF flex property on 1.77 acres combines approximately 9,300 SF of warehouse area with 2,940 SF of office space. Built in 2022, the clear-span warehouse has 16-foot ceilings, two dock-high doors with a truck well, and two grade-level roll-up doors. Polished concrete, LED lighting, gas-fired unit heaters, and a dedicated restroom support warehouse operations. The office component is fully climate-controlled and has not been occupied, with open work areas, four private offices, two restrooms, a shower, storage, and a kitchenette/breakroom with washer and dryer. Fire suppression and a monitored alarm system serve the building, which also includes an asphalt-paved parking lot and yard.
Key Highlights
- 12,224 SF office/warehouse building on 1.77 acres
- Approximately 9,300 SF warehouse and 2,940 SF office area
- 16‑foot clear‑span warehouse with two dock‑high and two grade‑level doors
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
$179,821
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
5.69%
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%
$3,596,420
$3.6M
Cap Rate 7%
$2,568,871
$2.6M
Cap Rate 9%
$1,998,011
$2.0M
Market Conditions
NOI Build-Up for 12,224 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
$256.7K $21.00/SF
− Vacancy
−$16.9K −$1.39/SF
EGI
$239.8K $19.61/SF
− OpEx
−$59.9K −$4.90/SF
NOI
$179.8K $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%
$3,596,420
Cap Rate 7%
$2,568,871
Cap Rate 9%
$1,998,011
Alternative Uses
Best Use
Office B
$2.57M
$2.25M – $3.00M
NOI $179,821 @ 7.0% cap · market cap 5.69%
Second Best
Warehouse
$2.20M
$1.93M – $2.57M
NOI $154,142 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $223,435 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Dock-high doors
2
Drive-in doors
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines finished office areas with clear-span warehouse space in a climate-controlled commercial building.
Where is this flex space located?
The property is located at 1408 N Jackrabbit Lane Belgrade, MT.
What is the asking price?
The asking price for this property is $3,160,000.
What are key features of this property?
This property features: 12,224 SF office/warehouse building on 1.77 acres; Approximately 9,300 SF warehouse and 2,940 SF office area; 16‑foot clear‑span warehouse with two dock‑high and two grade‑level doors
