Flex Space With
For Sale
$249,000
211 Jetway, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size1,600 SF
Price / SF$155.63
Days on Market67
Property Features for 211 Jetway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
East Gallatin
Zoning description
C
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Garage
Directions
N on Airport Rd, W on Tubbs, E on Jetway.
Subdivision
3N - Belgrade Area N of I90
Standard status
Active
APN
RFG69792
Size
1,600 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A4
Tax Annual Amount
1602
HOA Fee
$661 Semi-Annually
Legal Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A4
Utilities
Heating system
Forced Air, Heat Pump (Heating), Natural Gas
Amenities
shop
mountain views
east-facing deck
ample storage
12' x 10" garage door
Building Details
Year built
2008
Listing Agency:
Bozeman Real Estate Group
(406) 587-1717
Listed By:
Nancy Stevenson · License #RBS-14486
(406) 580-1450
Added: Jun 19
Changed: Aug 24
Last Checked: Aug 24 at 9:06PM
MLS# 412394
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 1,600-square-foot commercial condo combines a 39' x 14' shop with an upper-level office area. The configuration supports storage for vehicles, trailers, campers, and work-related items, while the garage door provides direct access to the shop. A bathroom is also included.
The office benefits from natural light and views toward the Bridger Mountains. An east-facing deck extends the upper-level workspace with outdoor space. The property is located near the airport in Belgrade and includes garage parking. Built in 2008, the condo is heated by forced air, a heat pump, and natural gas.
The office benefits from natural light and views toward the Bridger Mountains. An east-facing deck extends the upper-level workspace with outdoor space. The property is located near the airport in Belgrade and includes garage parking. Built in 2008, the condo is heated by forced air, a heat pump, and natural gas.
Key Highlights
- 1,600‑square‑foot commercial condo in Belgrade
- 39' x 14' shop with 12' x 10" garage door
- Upper‑level office with natural light and Bridger Mountain views
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
8.10%
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
Office B
$336.2K
$294.2K – $392.3K
NOI $23,537 @ 7.0% cap · market cap 9.45%
Second Best
Warehouse
$288.2K
$252.2K – $336.3K
NOI $20,176 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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
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?
Flex space - Commercial condo combining a dedicated work area, upper-level office, storage capacity, and airport access.
Where is this flex space located?
The property is located at 211 Jetway Belgrade, MT.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,600‑square‑foot commercial condo in Belgrade; 39' x 14' shop with 12' x 10" garage door; Upper‑level office with natural light and Bridger Mountain views
