Flex Space with Office and
For Sale
$269,000
211 Jetway, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size1,600 SF
Price / SF$168.13
Days on Market217
Property Features for 211 Jetway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Belgrade
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
RFG56165
Size
1,600 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A1
Tax Annual Amount
1611
HOA Fee
$661 Semi-Annually
Legal Description
AIRPORT PLAZA 1 CONDO, S05, T01 S, R05 E, UNIT A1
Utilities
Heating system
Forced Air, Heat Pump (Heating), Natural Gas
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: Jan 22
Changed: Aug 24
Last Checked: Aug 27 at 12:06AM
MLS# 408112
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 flex space, built in 2008, combines office areas with substantial storage capacity for business use. The property includes a bathroom, garage parking, and heating listed as forced air, heat pump, and natural gas. Its layout also accommodates vehicle, camper, boat, and outdoor-equipment storage.
Located at 211 Jetway in Belgrade, Montana, the property is approximately 15 minutes from the airport and offers access to Jackrabbit and I-90. The combination of workspace, enclosed parking, and storage provides a functional setting for an owner-user or operator needing both office and work areas.
Located at 211 Jetway in Belgrade, Montana, the property is approximately 15 minutes from the airport and offers access to Jackrabbit and I-90. The combination of workspace, enclosed parking, and storage provides a functional setting for an owner-user or operator needing both office and work areas.
Key Highlights
- 1,600 square feet of flex space
- Office areas paired with substantial storage
- Garage parking included
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
7.50%
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 7.50%
Second Best
Flex RnD
$278.1K
$243.3K – $324.4K
NOI $19,466 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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 Industrial 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 - Office, storage, garage parking, and travel access support practical commercial operations.
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 $269,000.
What are key features of this property?
This property features: 1,600 square feet of flex space; Office areas paired with substantial storage; Garage parking included
