Office Condo with Three
For Sale
$295,000
2123 Durston Road, Bozeman, MT 59718
CommercialSale, Bozeman, MT
Property Size801 SF
Price / SF$368.29
Days on Market275
Property Features for 2123 Durston Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B2M
Directions
Veranda Park lot is the first R driveway after N 20th on W Durston.
Subdivision
1NW - Boz N of Main/W of 19th
Standard status
Active
APN
RGG54520
Size
801 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
VERANDA PARK CONDO, S02, T02 S, R05 E, UNIT 18
Tax Annual Amount
2641
HOA Fee
$179 Monthly
Legal Description
VERANDA PARK CONDO, S02, T02 S, R05 E, UNIT 18
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2005
Listing Agency:
RE/MAX Legacy
(406) 586-3092
Listed By:
Laurita Green · License #BRO-6654
(406) 579-5076
Added: Nov 21, 2025
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 407260
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 office condominium contains 801 square feet with three offices, a reception area, storage room, and bathroom. Built in 2005, the property is served by forced-air heating and natural gas, with public water and public sewer.
A tenant is currently in place under a lease scheduled to expire October 31, 2027. The lease provides for monthly rent of $1,350 in 2026 and $1,400 in 2027; those amounts are not included in this summary. Property management is handled by Platinum Property Managemant Company.
A tenant is currently in place under a lease scheduled to expire October 31, 2027. The lease provides for monthly rent of $1,350 in 2026 and $1,400 in 2027; those amounts are not included in this summary. Property management is handled by Platinum Property Managemant Company.
Key Highlights
- 801‑square‑foot office condo
- Three offices plus reception area
- Dedicated storage room and bathroom
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
$11,783
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
3.99%
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%
$235,660
$235.7K
Cap Rate 7%
$168,329
$168.3K
Cap Rate 9%
$130,922
$130.9K
Market Conditions
NOI Build-Up for 801 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
$16.8K $21.00/SF
− Vacancy
−$1.1K −$1.39/SF
EGI
$15.7K $19.61/SF
− OpEx
−$3.9K −$4.90/SF
NOI
$11.8K $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%
$235,660
Cap Rate 7%
$168,329
Cap Rate 9%
$130,922
Alternative Uses
Best Use
Office B
$168.3K
$147.3K – $196.4K
NOI $11,783 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$209.2K
$183.0K – $244.0K
NOI $14,641 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,221
Businesses Nearby
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Configured with a reception area, storage room, and bathroom for professional office use.
Where is this office units located?
The property is located at 2123 Durston Road Bozeman, MT.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 801‑square‑foot office condo; Three offices plus reception area; Dedicated storage room and bathroom
