Two-Building Warehouse
For Sale
$2,500,000
Pending
2150 Industrial Drive, Bozeman, MT 59715
CommercialSale, Bozeman, MT
Property Size11,400 SF
Lot Size0.66 Acres
Days on Market174
Property Features for 2150 Industrial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M1
Directions
From Griffin Drive, turn north on Industrial Drive. Will be at the end of the road on the right.
Subdivision
1NE - Boz N of Main/E of 19th
Standard status
Pending
APN
RFH2512
Size
11,400 SF
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BOZEMAN INDUSTRIAL PARK, S31, T01 S, R06 E, ACRES 0.657, TRACT 5A, PLAT I-49-A PLUS PRIVATE ROAD
Tax Annual Amount
12354
Legal Description
BOZEMAN INDUSTRIAL PARK, S31, T01 S, R06 E, ACRES 0.657, TRACT 5A, PLAT I-49-A PLUS PRIVATE ROAD
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Tom Starner · License #BRO-12265
(406) 539-0717
Added: Mar 3
Changed: Aug 19
Last Checked: Aug 24 at 5:06AM
MLS# 409008
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 industrial property includes two warehouse buildings at 2150 Industrial Drive. The south building offers approximately 6,900 SF of open warehouse area, 1,100 feet of office space, and approximately 1,000 SF of mezzanine storage that is excluded from the stated building area. Three overhead doors and high ceilings support warehouse and distribution functions. The north building adds 3,400 SF of open warehouse space with one large overhead door.
The buildings sit along the edges of a 0.657-acre lot, leaving space between them for truck movement, parking, and yard use. The property is in Bozeman, Montana, just off Griffin Drive, with a combined stated building area of 11,400 square feet, excluding the mezzanine.
The buildings sit along the edges of a 0.657-acre lot, leaving space between them for truck movement, parking, and yard use. The property is in Bozeman, Montana, just off Griffin Drive, with a combined stated building area of 11,400 square feet, excluding the mezzanine.
Key Highlights
- Two warehouse buildings on one 0.657‑acre lot
- South building includes approximately 6,900 SF of warehouse space
- South building adds 1,100 feet of office space
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
$143,751
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
5.75%
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%
$2,875,020
$2.9M
Cap Rate 7%
$2,053,586
$2.1M
Cap Rate 9%
$1,597,233
$1.6M
Market Conditions
NOI Build-Up for 11,400 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
$171.0K $15.00/SF
− Vacancy
−$1.9K −$0.17/SF
EGI
$169.1K $14.83/SF
− OpEx
−$25.4K −$2.23/SF
NOI
$143.8K $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%
$2,875,020
Cap Rate 7%
$2,053,586
Cap Rate 9%
$1,597,233
Alternative Uses
Best Use
Warehouse
$2.05M
$1.80M – $2.40M
NOI $143,751 @ 7.0% cap · market cap 5.75%
Second Best
Industrial
$1.69M
$1.48M – $1.97M
NOI $118,383 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,374 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
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
- A-1 Security Storage — 1623 N Rouse Ave, Bozeman, MT 59715
- Osterman's Mini Warehouses — 1800 N Rouse Ave, Bozeman, MT 59715
- The Ice House — 997 Story Mill Rd, Bozeman, MT 59715
- Mr. T's Towing & Repair — 411 Bond St, Bozeman, MT 59715
Frequently Asked Questions
What type of property is this?
Warehouse - Separate warehouse buildings provide open storage, office space, overhead access, and room for truck circulation on one lot.
Where is this warehouse located?
The property is located at 2150 Industrial Drive Bozeman, MT.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two warehouse buildings on one 0.657‑acre lot; South building includes approximately 6,900 SF of warehouse space; South building adds 1,100 feet of office space
