Warehouse/Office Building with Flexible
For Sale
Contact for pricing
Pending
2134 Industrial Dr, Bozeman, MT 59715
Versatile warehouse and office space with ample parking.
Property Size9,728 SF
Lot Size0.70 Acres
Days on Market162
Property Features for 2134 Industrial Dr
General Information
Standard status
Pending
Size
9,728 SF
Lot size
0.70 Acres
Property subtype
Office, Industrial
Building Details
Stories
2
Listing Agency:
Starner Commercial Real Estate
(406) 539-0717
Listed By:
Tom Starner · License #RRE-BRO-LIC-12265
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Jul 24 at 6:44PM
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 Starner Commercial Real Estate
Investment Insights
Based on property information with market context.
This large warehouse and office building is situated in a convenient location just off Griffin Drive. The main level features approximately 6,000 square feet of primarily open warehouse space with high ceilings, a grade-level overhead door, a loading dock, and several man doors. Additionally, the main level includes around 2,000 square feet of office space, comprising a showroom area, three offices, a conference room, and a kitchenette. The second floor offers an additional 2,000 square feet of office space, featuring six offices, a conference room, and a kitchenette. The building's layout, entrances, and restrooms allow for easy division into multiple configurations beyond a single end-user. Located in the Bozeman Industrial Park, this industrial and office building provides flexible warehouse space, offices, dock access, and ample truck and yard parking on a 0.7-acre lot. The lot size allows for extra space for truck parking and yard space.
Key Highlights
- ~6,000 SF of warehouse space with high ceilings, grade‑level overhead door, and loading dock.
- ~4,000 SF of total office space with showrooms, multiple offices, conference rooms, and kitchenettes.
- Located just off Griffin Drive in the Bozeman Industrial Park.
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
$122,668
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
4.96%
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%
$2,453,360
$2.5M
Cap Rate 7%
$1,752,400
$1.8M
Cap Rate 9%
$1,362,978
$1.4M
Market Conditions
NOI Build-Up for 9,728 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
$145.9K $15.00/SF
− Vacancy
−$1.6K −$0.17/SF
EGI
$144.3K $14.83/SF
− OpEx
−$21.6K −$2.23/SF
NOI
$122.7K $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%
$2,453,360
Cap Rate 7%
$1,752,400
Cap Rate 9%
$1,362,978
Alternative Uses
Best Use
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,668 @ 7.0% cap · market cap 4.96%
Second Best
Flex RnD
$1.69M
$1.48M – $1.97M
NOI $118,354 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,812 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
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.
Similar Off Market Nearby
- Ryan La Foley-Private Chef Inc — 505 Bond St, Bozeman, MT 59715
- J Lake Chef — 614 W Griffin Dr Suite B, Bozeman, MT 59715
Frequently Asked Questions
What type of property is this?
Flex space - Versatile warehouse and office space with ample parking.
Where is this flex space located?
The property is located at 2134 Industrial Dr Bozeman, MT.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: ~6,000 SF of warehouse space with **high ceilings, grade‑level overhead door, and loading dock.**; ~4,000 SF of total office space with showrooms, multiple offices, conference rooms, and kitchenettes.; Located just off Griffin Drive in the Bozeman Industrial Park.
