Flex Space with Drive-In
For Sale
$529,000
22 W Haley Springs Road, Bozeman, MT 59718
CommercialSale, Bozeman, MT
Property Size1,785 SF
Price / SF$296.36
Days on Market174
Property Features for 22 W Haley Springs Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Gallatin County/Bozeman A
Zoning description
M1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Directions
From Main & 19th in Bozeman, head west on Main, turn south on Red Mountain Drive/Rowland Road, then west on W Haley Springs Rd to reach 22 W Haley Springs on the north side.
Subdivision
2FC - Boz Area Four Corners
Standard status
Active
APN
00RGG55991
Size
1,785 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
HALEY SPRINGS CONDO, S17, T02 S, R05 E, BUILDING 2, UNIT C
Tax Annual Amount
1363
Legal Description
HALEY SPRINGS CONDO, S17, T02 S, R05 E, BUILDING 2, UNIT C
Utilities
Heating system
Radiant, Radiant Floor
Building Details
Year built
2006
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Sunny Odegard · License #BRO-63608
(406) 570-4931
Added: Mar 3
Changed: Aug 19
Last Checked: Aug 24 at 1:06AM
MLS# 409031
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.
Unit C is a 1,785 +/- SF flex space completed in 2006, configured for adaptable commercial use. The layout includes a large overhead drive-in door, generous ceiling height, one full bathroom, dedicated office space, and mezzanine storage. Radiant and radiant floor heating are also included.
The property is located at 22 W Haley Springs Road in Bozeman’s Woodlands Park area, with access to downtown Bozeman and Four Corners. The surrounding setting includes complementary businesses, supporting a practical environment for light industrial, storage, creative shop, or small business operations. Zoning is Gallatin County/Bozeman A.
The property is located at 22 W Haley Springs Road in Bozeman’s Woodlands Park area, with access to downtown Bozeman and Four Corners. The surrounding setting includes complementary businesses, supporting a practical environment for light industrial, storage, creative shop, or small business operations. Zoning is Gallatin County/Bozeman A.
Key Highlights
- 1,785 +/- SF flex space in Unit C
- Large overhead drive‑in door with generous ceiling height
- Office space, mezzanine storage, and one full 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
$22,508
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
4.25%
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%
$450,160
$450.2K
Cap Rate 7%
$321,543
$321.5K
Cap Rate 9%
$250,089
$250.1K
Market Conditions
NOI Build-Up for 1,785 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
$26.8K $15.00/SF
− Vacancy
−$295 −$0.17/SF
EGI
$26.5K $14.83/SF
− OpEx
−$4.0K −$2.23/SF
NOI
$22.5K $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%
$450,160
Cap Rate 7%
$321,543
Cap Rate 9%
$250,089
Alternative Uses
Best Use
Warehouse
$321.5K
$281.4K – $375.1K
NOI $22,508 @ 7.0% cap · market cap 4.25%
Second Best
Flex RnD
$310.2K
$271.5K – $362.0K
NOI $21,717 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$466.1K
$407.8K – $543.8K
NOI $32,627 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
145
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial unit with office space, mezzanine storage, and radiant floor heating.
Where is this flex space located?
The property is located at 22 W Haley Springs Road Bozeman, MT.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 1,785 +/- SF flex space in Unit C; Large overhead drive‑in door with generous ceiling height; Office space, mezzanine storage, and one full bathroom
