Multi-Tenant NNN Office
For Sale
$1,200,000
23 W Main Street, Belgrade, MT 59714
Historic downtown building with leased office suites and annual CPI-based lease increases.
Property Size4,000 SF
Price / SF$300
Days on Market299
Property Features for 23 W Main Street
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Net Operating Income
$77,500
Additional Details
Cap Rate
6.4%
Office Units
7
Taxes and HOA fees
Annual Taxes
$6,878
Building Details
Building Size
4,000 SF
Year Built
1904
Buildings
1
Tenancy
Multi
Listing Agency:
Realty Executives
(406) 570-0297
Listed By:
Don Lint · License #BRO-2447
(406) 570-0297
Source:
Avatarrealtymt
Added: Oct 27, 2025
Changed: Aug 17
Last Checked: Aug 20 at 1:15PM
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 Realty Executives
Investment Insights
Based on property information with market context.
This 4,000-square-foot office building, constructed in 1904, is configured for multiple occupants. The main-floor tenancy represents more than 70% of leasable area and is governed by a 10-year absolute NNN lease with annual CPI adjustments and a 3% minimum increase. Upstairs, five of six smaller offices are leased under one-year NNN agreements; one upstairs suite operates under a gross lease. The layout could accommodate two additional offices, and the property also offers room for expansion.
The building is located in downtown Belgrade at 23 W Main Street, across from a large public parking lot. The property carries a 6.4%+ cap rate and combines a long-term main-floor lease with additional upstairs occupancy.
The building is located in downtown Belgrade at 23 W Main Street, across from a large public parking lot. The property carries a 6.4%+ cap rate and combines a long-term main-floor lease with additional upstairs occupancy.
Key Highlights
- 4000sf building constructed in 1904
- 10‑year absolute NNN lease on main‑floor tenancy
- Main‑floor tenant occupies over 70% of current leasable 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
$58,842
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
4.90%
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%
$1,176,840
$1.2M
Cap Rate 7%
$840,600
$840.6K
Cap Rate 9%
$653,800
$653.8K
Market Conditions
NOI Build-Up for 4,000 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
$84.0K $21.00/SF
− Vacancy
−$5.5K −$1.39/SF
EGI
$78.5K $19.61/SF
− OpEx
−$19.6K −$4.90/SF
NOI
$58.8K $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%
$1,176,840
Cap Rate 7%
$840,600
Cap Rate 9%
$653,800
Alternative Uses
Best Use
Office B
$840.6K
$735.5K – $980.7K
NOI $58,842 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,114 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Historic downtown building with leased office suites and annual CPI-based lease increases.
Where is this nnn property located?
The property is located at 23 W Main Street Belgrade, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4000sf building constructed in 1904; 10‑year absolute NNN lease on main‑floor tenancy; Main‑floor tenant occupies over 70% of current leasable space
