Flex Space with Heated
For Sale
$699,000
211 Jetway, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size4,800 SF
Price / SF$145.63
Days on Market67
Property Features for 211 Jetway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Belgrade
Zoning description
C
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
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
RFG56165, RFG69790, RFG69792
Size
4,800 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A1, A2, A4, A5
Tax Annual Amount
4805
HOA Fee
$660 Semi-Annually
Legal Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A1, A2, A4, A5
Utilities
Heating system
Natural Gas, Heat Pump (Heating), Forced Air
Amenities
deck
heated shop
office space upstairs
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 10:06PM
MLS# 412396
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 4,800-square-foot commercial condo property, built in 2008, includes three units with a flexible combination of shop, office, and storage space. Each unit includes a 39' x 14' heated shop, while upstairs office areas provide natural light and views. A 12' x 10' garage door supports convenient movement of equipment and belongings, and heating is provided by natural gas, heat pumps, and forced air.
One unit includes a deck oriented toward the Bridger Mountains. The other two units face west and offer paved parking, while garage parking is also available. The property is located near the airport in Belgrade, providing access to air travel and nearby amenities.
One unit includes a deck oriented toward the Bridger Mountains. The other two units face west and offer paved parking, while garage parking is also available. The property is located near the airport in Belgrade, providing access to air travel and nearby amenities.
Key Highlights
- 4,800 square feet across three commercial condo units
- Each unit includes a 39' x 14' heated shop
- Upstairs office areas with natural light and 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
$60,527
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
8.66%
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%
$1,210,540
$1.2M
Cap Rate 7%
$864,671
$864.7K
Cap Rate 9%
$672,522
$672.5K
Market Conditions
NOI Build-Up for 4,800 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
$72.0K $15.00/SF
− Vacancy
−$792 −$0.17/SF
EGI
$71.2K $14.83/SF
− OpEx
−$10.7K −$2.23/SF
NOI
$60.5K $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%
$1,210,540
Cap Rate 7%
$864,671
Cap Rate 9%
$672,522
Alternative Uses
Best Use
Office B
$1.01M
$882.6K – $1.18M
NOI $70,610 @ 7.0% cap · market cap 10.10%
Second Best
Warehouse
$864.7K
$756.6K – $1.01M
NOI $60,527 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,736 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 space combines heated shop areas, upstairs offices, and garage access for varied business uses.
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 $699,000.
What are key features of this property?
This property features: 4,800 square feet across three commercial condo units; Each unit includes a 39' x 14' heated shop; Upstairs office areas with natural light and views
