Flex Space with
New
For Sale
$495,000
233 Graves Trail, Bozeman, MT 58718
Commercial condominium offering a high-clearance bay, loft area, and CI zoning for flexible business use.
Property Size1,824 SF
Price / SF$271.38
Days on Market6
Property Features for 233 Graves Trail
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Commercial
Zoning
CI
Warehouse & Industrial
Clear Height
21 ft
Mezzanine
445 SF
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$2,440
Building Details
Building Size
1,824 SF
Year Built
2022
Listing Agency:
Century 21 Shea Realty
(406) 995-2404
Listed By:
George Vincent
(206) 892-8066
Source:
Outlaw
Added: Aug 28
Changed: Aug 31
Last Checked: Sep 1 at 4:29PM
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 Century 21 Shea Realty
Investment Insights
Based on property information with market context.
This commercial condominium, completed in 2022, combines a substantial bay area with an upper loft and a 14-foot bay door. Ceiling height is reported at 21 feet, providing useful vertical clearance within the main work area. The property is identified as CI-zoned and is expressly not configured as a live-work residence.
Located southwest of 4 Corners, the property provides a dedicated commercial setting for an owner or operator seeking adaptable flex space. The combination of a ground-level bay and elevated loft creates separated areas within the unit for business operations, storage, or other functions supported by the property’s configuration.
Located southwest of 4 Corners, the property provides a dedicated commercial setting for an owner or operator seeking adaptable flex space. The combination of a ground-level bay and elevated loft creates separated areas within the unit for business operations, storage, or other functions supported by the property’s configuration.
Key Highlights
- Commercial condominium completed in 2022
- 14‑foot bay door
- 21‑foot ceilings
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
$23,000
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
4.65%
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%
$460,000
$460.0K
Cap Rate 7%
$328,571
$328.6K
Cap Rate 9%
$255,556
$255.6K
Market Conditions
NOI Build-Up for 1,824 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
$27.4K $15.00/SF
− Vacancy
−$301 −$0.17/SF
EGI
$27.1K $14.83/SF
− OpEx
−$4.1K −$2.23/SF
NOI
$23.0K $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%
$460,000
Cap Rate 7%
$328,571
Cap Rate 9%
$255,556
Alternative Uses
Best Use
Warehouse
$328.6K
$287.5K – $383.3K
NOI $23,000 @ 7.0% cap · market cap 4.65%
Second Best
Flex RnD
$317.0K
$277.4K – $369.9K
NOI $22,191 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$476.3K
$416.8K – $555.7K
NOI $33,340 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sadie's Catering — 439 Lower Rainbow Rd, Bozeman, MT 59718
- Willy Mo's BBQ — 233 Graves Trail Unit E, Bozeman, MT 59718
- Gallatin Valley Catering — 81820 Gallatin Rd, Bozeman, MT 59718
- Wild Chef — 7540 Pioneer Way, Bozeman, MT 59718
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium offering a high-clearance bay, loft area, and CI zoning for flexible business use.
Where is this flex space located?
The property is located at 233 Graves Trail Bozeman, MT.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Commercial condominium completed in 2022; 14‑foot bay door; 21‑foot ceilings
