Flex Space Commercial
For Sale
$265,000
211 Jetway Unit A4, Belgrade, MT 59714
Commercial condominium combining shop, office, storage, and mountain views near the airport.
Property Size1,600 SF
Price / SF$165.63
Days on Market97
Property Features for 211 Jetway Unit A4
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Additional Details
Floor
Upper Level
Drive-In Doors
1
Amenities
deck
Building Details
Year Built
2008
Listing Agency:
Bozeman Real Estate Group
(406) 580-1450
Listed By:
Nancy Stevenson · License #RBS-14486
Source:
Bozemanbigskyproperties
Added: May 26
Changed: Aug 28
Last Checked: Aug 29 at 10:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bozeman Real Estate Group
Investment Insights
Based on property information with market context.
This 1,600-square-foot commercial condominium, built in 2008, combines a work area with office space in a two-level configuration. The shop measures 39' x 14' and is complemented by upper-level office space with natural light and views toward the Bridger Mountains. An east-facing deck adds outdoor space to the office component, while the garage provides access for vehicles, trailers, campers, and stored equipment through a 12' x 10" door.
Located near the airport in Belgrade, the property offers access to air travel and nearby amenities. The combination of shop, office, storage capacity, and outdoor space supports a range of flex-space requirements within a commercial condominium format.
Located near the airport in Belgrade, the property offers access to air travel and nearby amenities. The combination of shop, office, storage capacity, and outdoor space supports a range of flex-space requirements within a commercial condominium format.
Key Highlights
- 1,600‑square‑foot commercial condominium built in 2008
- 39' x 14' shop with upper‑level office space
- 12' x 10" garage door for vehicle and equipment access
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
$23,537
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
8.88%
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%
$470,740
$470.7K
Cap Rate 7%
$336,243
$336.2K
Cap Rate 9%
$261,522
$261.5K
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
$33.6K $21.00/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$31.4K $19.61/SF
− OpEx
−$7.8K −$4.90/SF
NOI
$23.5K $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%
$470,740
Cap Rate 7%
$336,243
Cap Rate 9%
$261,522
Alternative Uses
Best Use
Office B
$336.2K
$294.2K – $392.3K
NOI $23,537 @ 7.0% cap · market cap 8.88%
Second Best
Warehouse
$288.2K
$252.2K – $336.3K
NOI $20,176 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 11.04%
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 condominium combining shop, office, storage, and mountain views near the airport.
Where is this flex space located?
The property is located at 211 Jetway Unit A4 Belgrade, MT.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,600‑square‑foot commercial condominium built in 2008; 39' x 14' shop with upper‑level office space; 12' x 10" garage door for vehicle and equipment access
