Flex Space with Overhead
New
For Sale
$900,000
190 Skyway Boulevard, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size3,600 SF
Price / SF$250
Days on Market1
Property Features for 190 Skyway Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Belgrade
Zoning description
M1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Assigned
Directions
Take East Frontage Rd to Airport Rd, Turn North on Tubb Rd, Turn East on Skyway Blvd, Go East about 800 yards and turn right and the property is the end unit on the right.
Subdivision
3N - Belgrade Area N of I90
Standard status
Active
APN
RFG70832
Size
3,600 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BROWN HORSE CONDO, S05, T01 S, R05 E, UNIT 3
Tax Annual Amount
4451
HOA Fee
$2,457 Annually
Legal Description
BROWN HORSE CONDO, S05, T01 S, R05 E, UNIT 3
Utilities
Heating system
Radiant, Radiant Floor
Water source
Well
Building Details
Year built
2017
Listing Agency:
Money Matters Real Estate
(406) 587-7000
Listed By:
Kyle Miller · License #RBS-71067
(406) 580-0137
Added: Sep 8
Last Checked: Sep 8 at 6:06PM
MLS# 414592
Copyright © 2026 Big Sky Country MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,600-square-foot commercial condominium at 190 Skyway Boulevard provides a flexible industrial layout within the East Gallatin Commercial Center. Built in 2017, the 60-by-60-foot unit features 16-foot ceilings, two 14-foot overhead doors, radiant heating, and a mezzanine with office space, a mechanical room, and a private restroom.
Infrastructure includes three-phase power, 220-amp electrical service with interior and exterior connections, pre-plumbing for supplemental natural gas heaters, and a water softening system. The property also includes assigned parking and a well water source. Its Belgrade setting provides access to Bozeman Yellowstone International Airport and Interstate 90, supporting logistics and regional business operations.
Infrastructure includes three-phase power, 220-amp electrical service with interior and exterior connections, pre-plumbing for supplemental natural gas heaters, and a water softening system. The property also includes assigned parking and a well water source. Its Belgrade setting provides access to Bozeman Yellowstone International Airport and Interstate 90, supporting logistics and regional business operations.
Key Highlights
- 3,600‑square‑foot commercial condominium in East Gallatin Commercial Center
- 60‑by‑60‑foot unit with 16‑foot ceilings
- Two 14‑foot overhead doors
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
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
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
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 - Commercial condominium with industrial utility, radiant heating, and a mezzanine office component.
Where is this flex space located?
The property is located at 190 Skyway Boulevard 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‑square‑foot commercial condominium in East Gallatin Commercial Center; 60‑by‑60‑foot unit with 16‑foot ceilings; Two 14‑foot overhead doors
