Office Unit with Laboratory
New
For Sale
$1,350,000
1805 S 22nd Ave Unit F1, Bozeman, MT 59718
Configured for professional, medical, or laboratory operations with private offices, specialized lab infrastructure, and individual climate control.
Property Size5,692 SF
Price / SF$237.17
Days on Market5
Property Features for 1805 S 22nd Ave Unit F1
General Information
Standard status
Active
Size
5,692 SF
Property subtype
Commercial
Building Details
Year Built
2007
Listing Agency:
NAI Landmark
Listed By:
Kasey Harte · License #RRE-RBS-LIC-11508
(406) 570-9031
Source:
Westmontanahomes
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 5 at 3:00PM
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 NAI Landmark
Investment Insights
Based on property information with market context.
This 5,692-square-foot office unit, built in 2007, combines conventional office facilities with dedicated laboratory space. The office portion includes six private offices, a conference room, a breakroom, and two restrooms. Flooring includes carpet, composite tile, and ceramic tile, with acoustic tile ceilings and finished drywall walls.
The laboratory area contains 12 rooms of varying sizes, built-in cabinetry, countertops, and a separate breakroom with washer/dryer hookups and a three-basin steel sink. Eight lab rooms have steel sinks, while eyewash stations and emergency shower stations are distributed throughout the lab area. Individual climate control serves the lab rooms, supporting laboratory, professional office, or medical office use.
The laboratory area contains 12 rooms of varying sizes, built-in cabinetry, countertops, and a separate breakroom with washer/dryer hookups and a three-basin steel sink. Eight lab rooms have steel sinks, while eyewash stations and emergency shower stations are distributed throughout the lab area. Individual climate control serves the lab rooms, supporting laboratory, professional office, or medical office use.
Key Highlights
- 5,692‑square‑foot office and laboratory unit
- Office area includes 6 private offices, conference room, breakroom, and 2 restrooms
- 12 lab rooms with built‑in cabinetry and countertops
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
$83,732
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
6.20%
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%
$1,674,640
$1.7M
Cap Rate 7%
$1,196,171
$1.2M
Cap Rate 9%
$930,356
$930.4K
Market Conditions
NOI Build-Up for 5,692 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
$119.5K $21.00/SF
− Vacancy
−$7.9K −$1.39/SF
EGI
$111.6K $19.61/SF
− OpEx
−$27.9K −$4.90/SF
NOI
$83.7K $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%
$1,674,640
Cap Rate 7%
$1,196,171
Cap Rate 9%
$930,356
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,732 @ 7.0% cap · market cap 6.20%
Second Best
Healthcare Medical
$913.2K
$799.1K – $1.07M
NOI $63,924 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,041 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
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?
Office units - Configured for professional, medical, or laboratory operations with private offices, specialized lab infrastructure, and individual climate control.
Where is this office units located?
The property is located at 1805 S 22nd Ave Unit F1 Bozeman, MT.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5,692‑square‑foot office and laboratory unit; Office area includes 6 private offices, conference room, breakroom, and 2 restrooms; 12 lab rooms with built‑in cabinetry and countertops
