Industrial Warehouse Condo with
For Sale
$850,000
190 Skyway Boulevard 5, Belgrade, MT 59714
Concrete heavy-truck warehouse space with a mezzanine, high ceilings, and direct loading via two overhead doors.
Property Size4,143 SF
Price / SF$205.17
Days on Market110
Property Features for 190 Skyway Boulevard 5
General Information
Standard status
Active
Size
4,143 SF
Property subtype
Commercial
Zoning
M1
Warehouse & Industrial
Clear Height
17 ft
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$4,414
Building Details
Building Size
4,143 SF
Year Built
2024
Stories
1
Listing Agency:
Berkshire Hathaway - Bozeman
(406) 570-6336
Listed By:
Carrie Bryan
(406) 570-6336
Source:
Outlaw
Added: Apr 30
Changed: Aug 16
Last Checked: Aug 16 at 3:27AM
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 Berkshire Hathaway - Bozeman
Investment Insights
Based on property information with market context.
This for-sale commercial condo offers approximately 3,855 square feet of warehouse/shop space with an approximately 288-square-foot mezzanine, for a total of about 4,143 square feet. The concrete floors are 5 inches thick with reinforced rebar for heavy truck use, and the slab is sloped into drain boxes. Interior walls are SIP panels with 6-inch thickness, supporting a functional, utilitarian shop environment.
The property includes a 17-foot floor-to-ceiling height, creating an approximately 8-foot-high mezzanine. An approximately 12-by-12 office is heated and cooled with a mini-split system. A separate 12-by-12 mechanical room includes a toilet and sink, plus a shower stall, and is served by electric baseboard heat. The shop includes hot and cold water connections and washer and dryer hookups.
For operations, the shop is heated with a 300,000 BTU Modine natural gas unit, and the interior features a painted white finish with a white metal ceiling. A 200-amp electrical panel and high bay LED lighting are in place, and three-phase power is available. The lot is designed to allow big trucks to loop around the building, with access for backing large trailers to the front 12-by-14 overhead doors.
The property includes a 17-foot floor-to-ceiling height, creating an approximately 8-foot-high mezzanine. An approximately 12-by-12 office is heated and cooled with a mini-split system. A separate 12-by-12 mechanical room includes a toilet and sink, plus a shower stall, and is served by electric baseboard heat. The shop includes hot and cold water connections and washer and dryer hookups.
For operations, the shop is heated with a 300,000 BTU Modine natural gas unit, and the interior features a painted white finish with a white metal ceiling. A 200-amp electrical panel and high bay LED lighting are in place, and three-phase power is available. The lot is designed to allow big trucks to loop around the building, with access for backing large trailers to the front 12-by-14 overhead doors.
Key Highlights
- Commercial condo built in 2024 with approx. 3,855 SF plus approx. 288 SF mezzanine (approx. 4,143 SF total)
- Concrete floors 5 in. thick with reinforced rebar for heavy trucks, sloped into drain boxes
- 17‑ft floor‑to‑ceiling height with approx. 8‑ft‑high mezzanine
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
$52,242
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
6.15%
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%
$1,044,840
$1.0M
Cap Rate 7%
$746,314
$746.3K
Cap Rate 9%
$580,467
$580.5K
Market Conditions
NOI Build-Up for 4,143 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
$62.1K $15.00/SF
− Vacancy
−$684 −$0.17/SF
EGI
$61.5K $14.83/SF
− OpEx
−$9.2K −$2.23/SF
NOI
$52.2K $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%
$1,044,840
Cap Rate 7%
$746,314
Cap Rate 9%
$580,467
Alternative Uses
Best Use
Warehouse
$746.3K
$653.0K – $870.7K
NOI $52,242 @ 7.0% cap · market cap 6.15%
Second Best
Flex RnD
$720.1K
$630.1K – $840.1K
NOI $50,405 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$1.08M
$946.6K – $1.26M
NOI $75,727 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
Yes
Heavy power
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete heavy-truck warehouse space with a mezzanine, high ceilings, and direct loading via two overhead doors.
Where is this flex space located?
The property is located at 190 Skyway Boulevard 5 Belgrade, MT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Commercial condo built in 2024 with approx. 3,855 SF plus approx. 288 SF mezzanine (approx. 4,143 SF total); Concrete floors 5 in. thick with reinforced rebar for heavy trucks, sloped into drain boxes; 17‑ft floor‑to‑ceiling height with approx. 8‑ft‑high mezzanine
