Office Unit with Open
For Sale
$645,000
2011 N 22nd Avenue Suite 3, Bozeman, MT 59718
RO-zoned office condominium with a flexible layout, conference room, reception area, and building-service coverage through condo dues.
Property Size1,713 SF
Price / SF$376.53
Days on Market122
Property Features for 2011 N 22nd Avenue Suite 3
General Information
Standard status
Active
Size
1,713 SF
Property subtype
Commercial
Zoning
RO
Taxes and HOA fees
Annual Taxes
$5,353
Building Details
Building Size
1,713 SF
Year Built
2002
Listing Agency:
Sage Land Company LLC.
(406) 570-6336
Listed By:
Carrie Bryan
(406) 570-6336
Source:
Outlaw
Added: May 1
Changed: Aug 30
Last Checked: Aug 30 at 2:17PM
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 Sage Land Company LLC.
Investment Insights
Based on property information with market context.
This 1,713-square-foot office condominium is configured with two private offices, a broad open work area, a conference room, reception space, and two restrooms. Built in 2002, the property is maintained as an office setting with a practical mix of enclosed and shared areas.
Suite 3 is located at 2011 N 22nd Avenue, just off N 19th. The RO zoning designation supports its office-oriented profile. Condominium dues cover garbage, lawn care, sewer, snow removal, and water. The property carries an approximately 5% cap rate.
Suite 3 is located at 2011 N 22nd Avenue, just off N 19th. The RO zoning designation supports its office-oriented profile. Condominium dues cover garbage, lawn care, sewer, snow removal, and water. The property carries an approximately 5% cap rate.
Key Highlights
- 1,713 SF office condominium in Suite 3
- Two offices plus open workspace, conference room, reception area, and 2 restrooms
- Built in 2002
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
$25,199
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
3.91%
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%
$503,980
$504.0K
Cap Rate 7%
$359,986
$360.0K
Cap Rate 9%
$279,989
$280.0K
Market Conditions
NOI Build-Up for 1,713 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
$36.0K $21.00/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$33.6K $19.61/SF
− OpEx
−$8.4K −$4.90/SF
NOI
$25.2K $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%
$503,980
Cap Rate 7%
$359,986
Cap Rate 9%
$279,989
Alternative Uses
Best Use
Office B
$360.0K
$315.0K – $420.0K
NOI $25,199 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$447.3K
$391.4K – $521.9K
NOI $31,311 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
922
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 - RO-zoned office condominium with a flexible layout, conference room, reception area, and building-service coverage through condo dues.
Where is this office units located?
The property is located at 2011 N 22nd Avenue Suite 3 Bozeman, MT.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 1,713 SF office condominium in Suite 3; Two offices plus open workspace, conference room, reception area, and 2 restrooms; Built in 2002
