Flex Space with Overhead
New
For Sale
$900,000
190 Skyway Boulevard 3, Belgrade, MT 59714
M1-zoned commercial condominium with adaptable industrial utility and dedicated office, mechanical, and restroom areas.
Property Size3,600 SF
Price / SF$250
Days on Market2
Property Features for 190 Skyway Boulevard 3
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
M1
Warehouse & Industrial
Clear Height
16 ft
Power
220 amps
Three-Phase Power
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,451
Building Details
Building Size
3,600 SF
Year Built
2017
Listing Agency:
Money Matters Real Estate
(406) 995-2404
Listed By:
Eli Kretzmann
(208) 507-1613
Source:
Outlaw
Added: Sep 9
Last Checked: Sep 9 at 3:09PM
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 Money Matters Real Estate
Investment Insights
Based on property information with market context.
This 3,600-square-foot commercial condominium, built in 2017, offers a 60-by-60-foot configuration suited to flexible industrial use. The unit features 16-foot ceilings, two 14-foot overhead doors, three-phase power, and 220-amp electrical service with interior and exterior connections. Radiant heating serves the space, which also includes pre-plumbing for supplemental natural gas heaters and a water softening system.
A mezzanine adds a dedicated office, mechanical room, and private restroom while making practical use of the unit’s vertical area. The property is zoned M1 and located within East Gallatin Commercial Center at 190 Skyway Boulevard 3 in Belgrade. Access to Interstate 90 and Bozeman Yellowstone International Airport is available within minutes, supporting regional movement and business access.
A mezzanine adds a dedicated office, mechanical room, and private restroom while making practical use of the unit’s vertical area. The property is zoned M1 and located within East Gallatin Commercial Center at 190 Skyway Boulevard 3 in Belgrade. Access to Interstate 90 and Bozeman Yellowstone International Airport is available within minutes, supporting regional movement and business access.
Key Highlights
- 3,600 SF commercial condominium with a 60‑by‑60‑foot layout
- 16‑foot ceilings and two 14‑foot overhead doors
- Three‑phase power and 220‑amp electrical service
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
$45,395
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
5.04%
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%
$907,900
$907.9K
Cap Rate 7%
$648,500
$648.5K
Cap Rate 9%
$504,389
$504.4K
Market Conditions
NOI Build-Up for 3,600 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
$54.0K $15.00/SF
− Vacancy
−$594 −$0.17/SF
EGI
$53.4K $14.83/SF
− OpEx
−$8.0K −$2.23/SF
NOI
$45.4K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$907,900
Cap Rate 7%
$648,500
Cap Rate 9%
$504,389
Alternative Uses
Best Use
Warehouse
$648.5K
$567.4K – $756.6K
NOI $45,395 @ 7.0% cap · market cap 5.04%
Second Best
Flex RnD
$625.7K
$547.5K – $730.0K
NOI $43,799 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,802 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - M1-zoned commercial condominium with adaptable industrial utility and dedicated office, mechanical, and restroom areas.
Where is this flex space located?
The property is located at 190 Skyway Boulevard 3 Belgrade, MT.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,600 SF commercial condominium with a 60‑by‑60‑foot layout; 16‑foot ceilings and two 14‑foot overhead doors; Three‑phase power and 220‑amp electrical service
