Flex Space with
New
For Sale
$415,000
211 Jetway Drive D, Belgrade, MT 59714
Belgrade, MT
Property Size1,759 SF
Price / SF$235.93
Days on Market2
Property Features for 211 Jetway Drive D
General Information
Property type
Commercial Sale
Property subtype
Condominium
Bathrooms
1
Full bathrooms
1
Standard status
Active
Size
1,759 SF
Building Details
Year built
2008
Listing Agency:
Engel & Volkers Bozeman · Engel & Völkers
(406) 404-1960
Listed By:
Kari Francisco · License #RRE-RBS-LIC-99175
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 3:06PM
MLS# 413583
Copyright © 2026 Engel & Völkers. 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 1,759-square-foot flex space condominium combines an open shop area with a finished office, private bathroom, separate entry, and upper mezzanine. The main level measures approximately 1,600 square feet and offers a 17-foot ceiling, while the 14-foot-tall overhead door accommodates large vehicles, trailers, equipment, automotive lifts, and vertical storage. The layout also provides room for vehicles and equipment alongside dedicated business workspace.
Built in 2008, the property is located at 211 Jetway Drive D in Belgrade, near the airport and the city’s growing commercial corridor. Its configuration supports a range of contractor, trades, automotive, recreational vehicle, and personal warehouse applications.
Built in 2008, the property is located at 211 Jetway Drive D in Belgrade, near the airport and the city’s growing commercial corridor. Its configuration supports a range of contractor, trades, automotive, recreational vehicle, and personal warehouse applications.
Key Highlights
- 1,759‑square‑foot commercial condominium
- Approximately 1,600‑square‑foot main level with a 17‑foot ceiling
- 14‑foot‑tall overhead door for large vehicles, trailers, and equipment
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
$22,181
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
5.34%
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%
$443,620
$443.6K
Cap Rate 7%
$316,871
$316.9K
Cap Rate 9%
$246,456
$246.5K
Market Conditions
NOI Build-Up for 1,759 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
$26.4K $15.00/SF
− Vacancy
−$290 −$0.17/SF
EGI
$26.1K $14.83/SF
− OpEx
−$3.9K −$2.23/SF
NOI
$22.2K $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%
$443,620
Cap Rate 7%
$316,871
Cap Rate 9%
$246,456
Alternative Uses
Best Use
Warehouse
$316.9K
$277.3K – $369.7K
NOI $22,181 @ 7.0% cap · market cap 5.34%
Second Best
Flex RnD
$305.7K
$267.5K – $356.7K
NOI $21,400 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$459.3K
$401.9K – $535.9K
NOI $32,152 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial condominium with office, bathroom, oversized door, and workspace suited to business or personal storage needs.
Where is this flex space located?
The property is located at 211 Jetway Drive D Belgrade, MT.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 1,759‑square‑foot commercial condominium; Approximately 1,600‑square‑foot main level with a 17‑foot ceiling; 14‑foot‑tall overhead door for large vehicles, trailers, and equipment
