Live-Work Condo With Heated
For Sale
$625,000
202 Fletching Unit B, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size2,415 SF
Price / SF$258.80
Days on Market88
Property Features for 202 Fletching Unit B
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
MU
Subdivision
Jackrabbit Reserve
Directions
Jackrabbit to Fletching (behind Fiesta Mexicana)
Standard status
Active
APN
00RFF87444
Size
2,415 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 1, ACRES 0.35, PLAT J-728
Legal Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 1, ACRES 0.35, PLAT J-728
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
2025
Listing Agency:
Realty Executives · Realty Executives International
(406) 570-0297
Listed By:
Jason Zalac · License #BRO-14799
(406) 570-0297
Added: May 28
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 411666
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 2,415-square-foot live-work condominium at 202 Fletching Unit B combines an upper-level residential area with a 1,173-square-foot main-level shop. The living space includes an open kitchen with island, granite countertops, central air and heating, a master suite, and balcony access. The shop has 14-foot ceilings, a 12-foot-high garage door, heated space, epoxy flooring, and a 40-foot-deep work area. An office/studio with heating and cooling, kitchenette, bathroom, upper mezzanine storage, and separate entrance add functional support space. Hot and cold hose bibs are also provided.
The property was built in 2025 and is served by public water and public sewer. Heating includes natural gas and forced air, with central air and window-unit cooling. Located in Belgrade, Montana, the live-work configuration supports combined residential and commercial use within one property.
The property was built in 2025 and is served by public water and public sewer. Heating includes natural gas and forced air, with central air and window-unit cooling. Located in Belgrade, Montana, the live-work configuration supports combined residential and commercial use within one property.
Key Highlights
- 2,415 SF live‑work condominium at 202 Fletching Unit B
- 1,173 SF heated main‑level shop with 40' deep work area
- 14' ceilings and 12' high garage door
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
$35,526
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
5.68%
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%
$710,520
$710.5K
Cap Rate 7%
$507,514
$507.5K
Cap Rate 9%
$394,733
$394.7K
Market Conditions
NOI Build-Up for 2,415 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
$50.7K $21.00/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$47.4K $19.61/SF
− OpEx
−$11.8K −$4.90/SF
NOI
$35.5K $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%
$710,520
Cap Rate 7%
$507,514
Cap Rate 9%
$394,733
Alternative Uses
Best Use
Office B
$507.5K
$444.1K – $592.1K
NOI $35,526 @ 7.0% cap · market cap 5.68%
Second Best
Mixed Use
$474.5K
$415.2K – $553.6K
NOI $33,218 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$630.6K
$551.8K – $735.7K
NOI $44,142 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
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 Office 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?
Live-work space - Upper-level living space pairs with a heated shop, office/studio, kitchenette, and separate entrance.
Where is this live-work space located?
The property is located at 202 Fletching Unit B Belgrade, MT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,415 SF live‑work condominium at 202 Fletching Unit B; 1,173 SF heated main‑level shop with 40' deep work area; 14' ceilings and 12' high garage door
