Medical Office Condo with
For Sale
$912,800
1648 Ellis Street 302, Bozeman, MT 59715
Top-floor office condo includes four private offices, reception and waiting area, kitchenette, and an attic bonus area.
Property Size2,608 SF
Price / SF$350
Days on Market138
Property Features for 1648 Ellis Street 302
General Information
Standard status
Active
Size
2,608 SF
Property subtype
Commercial
Zoning
B2
Taxes and HOA fees
Annual Taxes
$3,233
Building Details
Building Size
2,608 SF
Year Built
2004
Listing Agency:
Platinum Real Estate
(406) 995-2404
Listed By:
Graham Miles · License #108402
(406) 686-1020
Source:
Outlaw
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 7 at 5:44AM
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 Platinum Real Estate
Investment Insights
Based on property information with market context.
Located in the Northern Rockies Professional Center, this top-floor office condo offers a professional layout with four large private offices featuring window views. The suite includes a waiting room, reception area, kitchenette, and ample storage. Additional space is provided by a bonus area in the attic.
Common areas in the building are well maintained and include bathrooms and an elevator, with parking available on site. The property provides convenient access to Downtown Bozeman, Main Street, I-90, Bozeman Health, and MSU.
The space is well suited for office and professional/medical use, supported by its reception and waiting configuration and multiple private offices.
Common areas in the building are well maintained and include bathrooms and an elevator, with parking available on site. The property provides convenient access to Downtown Bozeman, Main Street, I-90, Bozeman Health, and MSU.
The space is well suited for office and professional/medical use, supported by its reception and waiting configuration and multiple private offices.
Key Highlights
- Top‑floor office condo in the Northern Rockies Professional Center
- Includes four private offices with windows and views of the Gallatin Range and Foothills
- Reception and waiting room plus kitchenette
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
$38,365
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
4.20%
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%
$767,300
$767.3K
Cap Rate 7%
$548,071
$548.1K
Cap Rate 9%
$426,278
$426.3K
Market Conditions
NOI Build-Up for 2,608 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
$54.8K $21.00/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$51.2K $19.61/SF
− OpEx
−$12.8K −$4.90/SF
NOI
$38.4K $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%
$767,300
Cap Rate 7%
$548,071
Cap Rate 9%
$426,278
Alternative Uses
Best Use
Office B
$548.1K
$479.6K – $639.4K
NOI $38,365 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$681.0K
$595.9K – $794.5K
NOI $47,670 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
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?
Office units - Top-floor office condo includes four private offices, reception and waiting area, kitchenette, and an attic bonus area.
Where is this office units located?
The property is located at 1648 Ellis Street 302 Bozeman, MT.
What is the asking price?
The asking price for this property is $912,800.
What are key features of this property?
This property features: Top‑floor office condo in the Northern Rockies Professional Center; Includes four private offices with windows and views of the Gallatin Range and Foothills; Reception and waiting room plus kitchenette
