Mixed-Use Property with
New
For Sale
$2,999,000
157 Progressive Drive, Belgrade, MT 59714
NC-zoned improvements include covered space and an outdoor area for equipment, vehicles, materials, or staging.
Property Size8,912 SF
Lot Size5.50 Acres
Price / SF$336.51
Days on Market2
Property Features for 157 Progressive Drive
General Information
Standard status
Active
Size
8,912 SF
Lot size
5.50 Acres
Property subtype
Commercial
Zoning
NC
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$25,823
Building Details
Building Size
8,912 SF
Year Built
2007
Listing Agency:
Windermere Great Divide-Bozeman
(406) 995-2404
Listed By:
EJ Daws
(406) 589-6247
Source:
Outlaw
Added: Sep 26
Last Checked: Sep 26 at 3:05PM
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 Windermere Great Divide-Bozeman
Investment Insights
Based on property information with market context.
Built in 2007, this mixed-use property contains 8,912 square feet of improvements on 5.5 acres. Covered space is complemented by an expansive outdoor area that can accommodate equipment, fleet vehicles, materials, or staging. The property is zoned NC-Neighborhood Commercial.
Located in unincorporated Gallatin County, the site is two miles east of Bozeman Yellowstone International Airport.
Located in unincorporated Gallatin County, the site is two miles east of Bozeman Yellowstone International Airport.
Key Highlights
- 8,912 square feet of mixed‑use space on 5.5 acres
- Covered space and yard for equipment, fleet vehicles, materials, or staging
- NC‑Neighborhood Commercial zoning
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
$122,585
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
4.09%
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%
$2,451,700
$2.5M
Cap Rate 7%
$1,751,214
$1.8M
Cap Rate 9%
$1,362,056
$1.4M
Market Conditions
NOI Build-Up for 8,912 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
$213.9K $24.00/SF
− Vacancy
−$17.8K −$1.99/SF
EGI
$196.1K $22.01/SF
− OpEx
−$73.6K −$8.25/SF
NOI
$122.6K $13.76/SF
Area
Gallatin County, MT
Vacancy
8.30%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,451,700
Cap Rate 7%
$1,751,214
Cap Rate 9%
$1,362,056
Alternative Uses
Best Use
Mixed Use
$1.75M
$1.53M – $2.04M
NOI $122,585 @ 7.0% cap · market cap 4.09%
Second Best
Warehouse
$1.61M
$1.40M – $1.87M
NOI $112,378 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.33M
$2.04M – $2.71M
NOI $162,897 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - NC-zoned improvements include covered space and an outdoor area for equipment, vehicles, materials, or staging.
Where is this mixed-use property located?
The property is located at 157 Progressive Drive Belgrade, MT.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 8,912 square feet of mixed‑use space on 5.5 acres; Covered space and yard for equipment, fleet vehicles, materials, or staging; NC‑Neighborhood Commercial zoning
