Two-Suite Lab and Office
New
For Sale
$1,865,000
1805 S 22ND Avenue, Bozeman, MT 59718
Flexible office and laboratory property with private offices, open work areas, and specialized lab infrastructure.
Property Size7,853 SF
Price / SF$237.49
Days on Market4
Property Features for 1805 S 22ND Avenue
General Information
Standard status
Active
Size
7,853 SF
Property subtype
Commercial
Zoning
BP
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$20,940
Building Details
Building Size
7,853 SF
Year Built
2007
Buildings
1
Listing Agency:
Triple Creek Realty of Big Sky
(406) 407-2520
Listed By:
Ashley Keller
(406) 407-2520
Source:
Outlaw
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 2:15PM
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 Triple Creek Realty of Big Sky
Investment Insights
Based on property information with market context.
This 7,853-square-foot office property combines two condominium suites within a single building. The 5,692-square-foot first suite includes six private offices, a conference room, breakroom, two large restrooms, and laboratory space. Eight lab rooms feature steel sinks, while eyewash stations and emergency showers support the specialized layout. The lab breakroom includes washer/dryer hookups and a three-basin steel sink, and each lab area has individual climate control.
The 2,161-square-foot second suite provides two open bullpen areas, three private offices, and two restrooms. The building was constructed in 2007 and is zoned BP. With no load-bearing walls and a crawl space, the existing configuration offers flexibility for remodeling. The property is suited to laboratory, professional office, or medical office use as supported by its existing improvements.
The 2,161-square-foot second suite provides two open bullpen areas, three private offices, and two restrooms. The building was constructed in 2007 and is zoned BP. With no load-bearing walls and a crawl space, the existing configuration offers flexibility for remodeling. The property is suited to laboratory, professional office, or medical office use as supported by its existing improvements.
Key Highlights
- 7,853 SF building comprising two condominium suites
- 5,692 SF suite with six private offices, conference room, breakroom, and lab space
- Eight lab rooms equipped with steel sinks, eyewash stations, and emergency showers
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
$115,522
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
6.19%
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%
$2,310,440
$2.3M
Cap Rate 7%
$1,650,314
$1.7M
Cap Rate 9%
$1,283,578
$1.3M
Market Conditions
NOI Build-Up for 7,853 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
$164.9K $21.00/SF
− Vacancy
−$10.9K −$1.39/SF
EGI
$154.0K $19.61/SF
− OpEx
−$38.5K −$4.90/SF
NOI
$115.5K $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%
$2,310,440
Cap Rate 7%
$1,650,314
Cap Rate 9%
$1,283,578
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.93M
NOI $115,522 @ 7.0% cap · market cap 6.19%
Second Best
Healthcare Medical
$1.26M
$1.10M – $1.47M
NOI $88,192 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,540 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
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 - Flexible office and laboratory property with private offices, open work areas, and specialized lab infrastructure.
Where is this office units located?
The property is located at 1805 S 22ND Avenue Bozeman, MT.
What is the asking price?
The asking price for this property is $1,865,000.
What are key features of this property?
This property features: 7,853 SF building comprising two condominium suites; 5,692 SF suite with six private offices, conference room, breakroom, and lab space; Eight lab rooms equipped with steel sinks, eyewash stations, and emergency showers
