Industrial Flex Space with Loading
For Sale
Contact for pricing
Pending
2134 Industrial Dr, Bozeman, MT 59715
Two-level office space accompanies warehouse operations, with room for parking, deliveries, and storage on the lot.
Property Size9,728 SF
Days on Market11
Property Features for 2134 Industrial Dr
General Information
Standard status
Pending
Size
9,728 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Warehouse Space
6,000 SF
Office Build-Out
4,000 SF
Listing Agency:
Starner Commercial Real Estate
(406) 539-0717
Listed By:
Tom Starner · License #BRO-12265
(406) 539-0717
Source:
Moodyscre
Added: Aug 11
Changed: Aug 17
Last Checked: Aug 17 at 12:23PM
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.
Located at 2134 Industrial Dr in Bozeman, Montana, this flex property combines approximately 6,000 square feet of warehouse space with a loading dock and approximately 4,000 square feet of office area. The offices are arranged across two levels, creating a distinct administrative component within the industrial-use building.
The property also includes a large lot that accommodates parking, deliveries, and storage. With warehouse, office, and exterior-use areas in one setting, the layout supports businesses requiring both operational and administrative space.
The property also includes a large lot that accommodates parking, deliveries, and storage. With warehouse, office, and exterior-use areas in one setting, the layout supports businesses requiring both operational and administrative space.
Key Highlights
- Approximately 6,000 SF of warehouse space
- Loading dock supports warehouse access
- Approximately 4,000 SF of office space across two levels
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
$143,104
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
5.78%
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%
$2,862,080
$2.9M
Cap Rate 7%
$2,044,343
$2.0M
Cap Rate 9%
$1,590,044
$1.6M
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
$204.3K $21.00/SF
− Vacancy
−$13.5K −$1.39/SF
EGI
$190.8K $19.61/SF
− OpEx
−$47.7K −$4.90/SF
NOI
$143.1K $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%
$2,862,080
Cap Rate 7%
$2,044,343
Cap Rate 9%
$1,590,044
Alternative Uses
Best Use
Office B
$2.04M
$1.79M – $2.39M
NOI $143,104 @ 7.0% cap · market cap 5.78%
Second Best
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,668 @ 7.0% cap · market cap 4.96%
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
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level office space accompanies warehouse operations, with room for parking, deliveries, and storage on the lot.
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: Approximately 6,000 SF of warehouse space; Loading dock supports warehouse access; Approximately 4,000 SF of office space across two levels
