Multi-Tenant NNN Investment
For Sale
$1,200,000
23 W Main Street, Belgrade, MT 59714
DD zoning and a mix of absolute NNN, NNN, and gross leases shape the property’s operating profile.
Property Size4,000 SF
Price / SF$300
Days on Market344
Property Features for 23 W Main Street
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Zoning
DD
Taxes and HOA fees
Annual Taxes
$6,878
Building Details
Building Size
4,000 SF
Year Built
1904
Listing Agency:
Swan Land Company
(406) 995-2404
Listed By:
Ethan Stokes
(406) 579-1989
Source:
Outlaw
Added: Oct 27, 2025
Changed: Oct 4
Last Checked: Oct 4 at 7:55AM
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 Swan Land Company
Investment Insights
Based on property information with market context.
This 4000sf building, constructed in 1904, has commercial space on the main floor and smaller offices upstairs. The main-floor tenant occupies more than 70% of the leasable area under a 10-year absolute NNN lease. Its annual rent increases are tied to CPI, with a 3% minimum. Five of the six upstairs offices are leased on one-year NNN terms; one upstairs office has a gross lease. The property is zoned DD, and the upper level could accommodate as many as eight offices.
At 23 W Main Street in Belgrade, the building is across the street from a large public parking lot. The reported cap rate is 6.4%+ and NOI is $77,500+; monetary amounts are excluded from listing copy.
At 23 W Main Street in Belgrade, the building is across the street from a large public parking lot. The reported cap rate is 6.4%+ and NOI is $77,500+; monetary amounts are excluded from listing copy.
Key Highlights
- 4,000sf building constructed in 1904
- 10 year absolute NNN lease on main‑floor space exceeding 70% of leasable area
- Annual CPI increases with 3% minimum on main‑floor lease
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
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Open Analytics
Current Use
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
NNN property - DD zoning and a mix of absolute NNN, NNN, and gross leases shape the property’s operating profile.
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: 4,000sf building constructed in 1904; 10 year absolute NNN lease on main‑floor space exceeding 70% of leasable area; Annual CPI increases with 3% minimum on main‑floor lease
