Three-Unit Mixed-Use
For Sale
$1,954,000
205 Fletching Way, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size7,249 SF
Lot Size0.30 Acres
Price / SF$269.55
Days on Market430
Property Features for 205 Fletching Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Commercial Corridor
Zoning description
CC
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1
Subdivision
Jackrabbit Reserve
Directions
On the west side of Jackrabbit Lane, behind Fiesta Mexicana
Standard status
Active
APN
RFF87456
Size
7,249 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 13, ACRES 0.3, PLAT J-728
Tax Annual Amount
9573
HOA Fee
$150 Monthly
Legal Description
JACKRABBIT RESERVE MAJOR SUB, S11, T01 S, R04 E, Lot 13, ACRES 0.3, PLAT J-728
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Space Heater, Baseboard, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Lauren John · License #RBS-52525
(406) 600-2927
Added: Jun 19, 2025
Changed: Aug 21
Last Checked: Aug 22 at 6:06AM
MLS# 409866
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 2025 mixed-use property comprises three live-work units, each pairing a ground-level commercial area with an upper-level residence. The commercial portion measures approximately 1,242 square feet per unit and includes a shop or warehouse area, private office, bathroom, and 12' x 12' overhead door. Upstairs, each residence provides approximately 1,169 square feet with two bedrooms, two full bathrooms, living and dining areas, a kitchen with walk-in pantry, in-unit laundry, and a private balcony.
The property occupies 0.3 acres at 205 Fletching Way in Belgrade, Montana. It is positioned just south of I-90 and west of Jackrabbit Lane, with Commercial Corridor zoning. Public water and sewer serve the property, while heating includes electric, space heater, baseboard, and natural gas systems; central air provides cooling.
The property occupies 0.3 acres at 205 Fletching Way in Belgrade, Montana. It is positioned just south of I-90 and west of Jackrabbit Lane, with Commercial Corridor zoning. Public water and sewer serve the property, while heating includes electric, space heater, baseboard, and natural gas systems; central air provides cooling.
Key Highlights
- Three mixed‑use live‑work units
- Each unit includes approximately 1,242 square feet of ground‑floor commercial space
- Each residence offers approximately 1,169 square feet with two bedrooms and two full bathrooms
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
$106,636
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
5.46%
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%
$2,132,720
$2.1M
Cap Rate 7%
$1,523,371
$1.5M
Cap Rate 9%
$1,184,844
$1.2M
Market Conditions
NOI Build-Up for 7,249 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
$152.2K $21.00/SF
− Vacancy
−$10.0K −$1.39/SF
EGI
$142.2K $19.61/SF
− OpEx
−$35.5K −$4.90/SF
NOI
$106.6K $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%
$2,132,720
Cap Rate 7%
$1,523,371
Cap Rate 9%
$1,184,844
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.78M
NOI $106,636 @ 7.0% cap · market cap 5.46%
Second Best
Mixed Use
$1.42M
$1.25M – $1.66M
NOI $99,710 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,500 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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?
Mixed-use property - Live-work configuration combines commercial shop space with private residential quarters, offices, bathrooms, kitchens, and balconies.
Where is this mixed-use property located?
The property is located at 205 Fletching Way Belgrade, MT.
What is the asking price?
The asking price for this property is $1,954,000.
What are key features of this property?
This property features: Three mixed‑use live‑work units; Each unit includes approximately 1,242 square feet of ground‑floor commercial space; Each residence offers approximately 1,169 square feet with two bedrooms and two full bathrooms
