Flex Space with
For Sale
$975,000
162 & 164 Zoot Way, Bozeman, MT 59718
Combined commercial condos offer a finished office-apartment above a substantial shop area with shared access.
Property Size4,032 SF
Price / SF$241.82
Days on Market234
Property Features for 162 & 164 Zoot Way
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Commercial
Zoning
C
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
3,360 SF
Office Build-Out
672 SF
Drive-In Doors
4
Power
400 amps
Three-Phase Power
Yes
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,848
Building Details
Building Size
4,032 SF
Year Built
2005
Construction
metal siding
Listing Agency:
Engel & Volkers - Bozeman
(406) 570-6336
Listed By:
Carrie Bryan
(406) 570-6336
Source:
Outlaw
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 2:31PM
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 Engel & Volkers - Bozeman
Investment Insights
Based on property information with market context.
This combined flex-space property contains approximately 4032 SF, including a 3360 SF shop area with two bathrooms and a finished 672 SF office/apartment above. The shop provides four 12-foot-wide by 14-foot-high garage doors arranged at the front and rear, an additional front entry, and 18-foot ceilings. Building systems include 400 AMPs of 3-Phase power, radiant heat, R-43 ceiling insulation, R-21 wall insulation, 2x8 stud construction, and metal siding.
The office/apartment features modern finishes, while the shop and upper space use the same address and front door. Two utility meters serve the property. Built in 2005, the building received a new roof in summer 2024 and carries C zoning. The property is located at 162 & 164 Zoot Way in Bozeman, Montana, within Four Corners.
The office/apartment features modern finishes, while the shop and upper space use the same address and front door. Two utility meters serve the property. Built in 2005, the building received a new roof in summer 2024 and carries C zoning. The property is located at 162 & 164 Zoot Way in Bozeman, Montana, within Four Corners.
Key Highlights
- Approximately 4032 SF across two combined commercial condos
- 3360 SF shop area with two bathrooms and four 12' wide, 14' high garage doors
- 18' shop ceilings with 400 AMPs of 3‑Phase power
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
$59,313
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
6.08%
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%
$1,186,260
$1.2M
Cap Rate 7%
$847,329
$847.3K
Cap Rate 9%
$659,033
$659.0K
Market Conditions
NOI Build-Up for 4,032 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
$84.7K $21.00/SF
− Vacancy
−$5.6K −$1.39/SF
EGI
$79.1K $19.61/SF
− OpEx
−$19.8K −$4.90/SF
NOI
$59.3K $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%
$1,186,260
Cap Rate 7%
$847,329
Cap Rate 9%
$659,033
Alternative Uses
Best Use
Office B
$847.3K
$741.4K – $988.6K
NOI $59,313 @ 7.0% cap · market cap 6.08%
Second Best
Mixed Use
$792.3K
$693.3K – $924.3K
NOI $55,460 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.05M
$921.2K – $1.23M
NOI $73,699 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
4
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
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 - Combined commercial condos offer a finished office-apartment above a substantial shop area with shared access.
Where is this flex space located?
The property is located at 162 & 164 Zoot Way Bozeman, MT.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Approximately 4032 SF across two combined commercial condos; 3360 SF shop area with two bathrooms and four 12' wide, 14' high garage doors; 18' shop ceilings with 400 AMPs of 3‑Phase power
