Industrial Warehouse Unit with Drive-In
For Sale
$529,000
22 W Haley Springs Road C, Bozeman, MT 59718
Versatile industrial/warehouse unit with office, mezzanine storage, and a large overhead drive-in door.
Property Size1,785 SF
Price / SF$296.36
Days on Market170
Property Features for 22 W Haley Springs Road C
General Information
Standard status
Active
Size
1,785 SF
Property subtype
Commercial
Zoning
M1
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$1,363
Building Details
Building Size
1,785 SF
Year Built
2006
Listing Agency:
Corder & Associates
(406) 686-1020
Listed By:
Graham Miles
(406) 686-1020
Source:
Outlaw
Added: Mar 3
Changed: Aug 20
Last Checked: Aug 20 at 4:39AM
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 Corder & Associates
Investment Insights
Based on property information with market context.
Unit C is a spacious 1,785 ± SF industrial/warehouse space in Bozeman’s Woodlands Park area, offering a versatile setup for light industrial, storage, a creative shop, or a small business. The unit includes a large overhead drive-in door, generous ceiling height, a full bathroom, and functional office space. Additional organization and storage are supported by mezzanine storage within the unit.
Located at 22 W Haley Springs Road in Bozeman, this property provides convenient access to downtown Bozeman and Four Corners. It sits among complementary businesses, helping support a practical mix of uses for tenants and owner-users who need straightforward day-to-day operations.
As an owner-user or investor offering, this unit’s combination of warehouse utility, drive-in access, and internal office and bathroom accommodations can support a range of local operations. The mezzanine storage and flexible layout make it workable for organizations that need both product or equipment storage and a dedicated workspace for administration or client-facing work. Unit C’s configuration is well-suited for parties seeking a flexible industrial option with core improvements already in place.
Located at 22 W Haley Springs Road in Bozeman, this property provides convenient access to downtown Bozeman and Four Corners. It sits among complementary businesses, helping support a practical mix of uses for tenants and owner-users who need straightforward day-to-day operations.
As an owner-user or investor offering, this unit’s combination of warehouse utility, drive-in access, and internal office and bathroom accommodations can support a range of local operations. The mezzanine storage and flexible layout make it workable for organizations that need both product or equipment storage and a dedicated workspace for administration or client-facing work. Unit C’s configuration is well-suited for parties seeking a flexible industrial option with core improvements already in place.
Key Highlights
- 1,785 ± SF industrial/warehouse unit built in 2006 in Bozeman’s Woodlands Park area (Unit C).
- Large overhead drive‑in door for convenient loading and receiving.
- Generous ceiling height designed to support industrial, storage, or workshop uses.
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
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile industrial/warehouse unit with office, mezzanine storage, and a large overhead drive-in door.
Where is this flex space located?
The property is located at 22 W Haley Springs Road C 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 industrial/warehouse unit built in 2006 in Bozeman’s Woodlands Park area (Unit C).; Large overhead drive‑in door for convenient loading and receiving.; Generous ceiling height designed to support industrial, storage, or workshop uses.
