Multi-Tenant NNN
For Sale
$1,200,000
23 W Main Street, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size4,000 SF
Lot Size0.07 Acres
Price / SF$300
Days on Market302
Property Features for 23 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
DD
Parking features
On Street
Directions
From Main and Broadway in Belgrade, go West about 1/2 block. It is adjoining the Belgrade Mercantile building on the West side.
Subdivision
3B - Belgrade City Limits
Standard status
Active
APN
RFF14583
Size
4,000 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot 7, Block 1, Belgrade Original Townsite
Tax Annual Amount
6878
Legal Description
Lot 7, Block 1, Belgrade Original Townsite
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Central, Forced Air, Baseboard
Water source
Public
Building Details
Year built
1904
Listing Agency:
Realty Executives · Realty Executives International
(406) 570-0297
Listed By:
Don Lint · License #BRO-2447
(406) 579-8686
Added: Oct 27, 2025
Changed: Aug 19
Last Checked: Aug 24 at 2:06PM
MLS# 406539
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 4,000-square-foot commercial property was built in 1904 and is configured for multiple office occupants. The main-floor tenant occupies more than 70% of the leasable area under a 10-year absolute NNN lease with annual CPI-based increases and a 3% minimum. Upstairs, 5 of 6 smaller offices are leased on 1-year NNN terms; one upstairs office is subject to a gross lease.
The property is located in downtown Belgrade at 23 W Main Street, across from a large public parking lot. On-street parking is available, and the building is served by public water and public sewer. Heating systems include natural gas, electric, central, forced air, and baseboard components. The reported cap rate is 6.4%+.
The property is located in downtown Belgrade at 23 W Main Street, across from a large public parking lot. On-street parking is available, and the building is served by public water and public sewer. Heating systems include natural gas, electric, central, forced air, and baseboard components. The reported cap rate is 6.4%+.
Key Highlights
- 4,000‑square‑foot commercial building on 0.0746 acres
- 10‑year absolute NNN lease with annual CPI increases and a 3% minimum
- 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
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Frequently Asked Questions
What type of property is this?
NNN property - Leased commercial building with mixed office occupancy and annual rent adjustments tied to CPI.
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: 4,000‑square‑foot commercial building on 0.0746 acres; 10‑year absolute NNN lease with annual CPI increases and a 3% minimum; Main‑floor tenant occupies over 70% of current leasable space
