End-Unit Flex Shop
New
For Sale
$375,000
209 Jetway Drive Unit L, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size1,600 SF
Price / SF$234.38
Days on Market5
Property Features for 209 Jetway Drive Unit L
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
East Gallatin Commercial
Zoning description
C
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Directions
Frontage Rd to Airport Road to Tubb Rd, R on Jetway. Parking out front.
Subdivision
3N - Belgrade Area N of I90
Standard status
Active
APN
RFG61711
Size
1,600 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT L
Tax Annual Amount
1702
HOA Fee
$400 Quarterly
Legal Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT L
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air
Water source
Well
Building Details
Year built
2008
Listing Agency:
Bozeman Brokers
(406) 587-5900
Listed By:
Dianne Click · License #BRO-9327
(406) 580-8881
Added: Oct 1
Changed: Oct 5
Last Checked: Oct 5 at 11:06AM
MLS# 415152
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.
Built in 2008, this end-unit flex condominium provides 1,600 square feet of shop area with an 18-foot ceiling and a 14-foot overhead door. A separate entrance and three-quarter bathroom add functionality to the open shop layout.
The property is next to Yellowstone International Airport and within Belgrade’s commercial corridor. It is zoned East Gallatin Commercial and has natural gas, forced-air heating, well water, and a septic system.
The property is next to Yellowstone International Airport and within Belgrade’s commercial corridor. It is zoned East Gallatin Commercial and has natural gas, forced-air heating, well water, and a septic system.
Key Highlights
- 1,600 square feet of shop space
- 18‑foot ceiling and 14‑foot overhead door
- End‑unit commercial condominium with separate entrance and three‑quarter bathroom
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
$20,176
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
5.38%
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%
$403,520
$403.5K
Cap Rate 7%
$288,229
$288.2K
Cap Rate 9%
$224,178
$224.2K
Market Conditions
NOI Build-Up for 1,600 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
$24.0K $15.00/SF
− Vacancy
−$264 −$0.17/SF
EGI
$23.7K $14.83/SF
− OpEx
−$3.6K −$2.23/SF
NOI
$20.2K $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%
$403,520
Cap Rate 7%
$288,229
Cap Rate 9%
$224,178
Alternative Uses
Best Use
Warehouse
$288.2K
$252.2K – $336.3K
NOI $20,176 @ 7.0% cap · market cap 5.38%
Second Best
Flex RnD
$278.1K
$243.3K – $324.4K
NOI $19,466 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
86
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - An end-unit commercial condominium combines overhead vehicle access with a separate entrance and three-quarter bathroom.
Where is this flex space located?
The property is located at 209 Jetway Drive Unit L Belgrade, MT.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,600 square feet of shop space; 18‑foot ceiling and 14‑foot overhead door; End‑unit commercial condominium with separate entrance and three‑quarter bathroom
