Flex Space with
For Sale
$495,000
233 Graves Trail, Bozeman, MT 58718
CommercialSale, Bozeman, MT
Property Size1,824 SF
Price / SF$271.38
Days on Market8
Property Features for 233 Graves Trail
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CI
Directions
West @ 4 Corners, South on Village Center, right on Graves. Unit is just down the street on the North side. Unit F is on the East side and the far North end.
Subdivision
2FC - Boz Area Four Corners
Standard status
Active
APN
RGF86838
Size
1,824 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
GRAYLING TRADES CONDO, S14, T02 S, R04 E, UNIT 233F, 6.48% COMMON AREA INTEREST
Tax Annual Amount
2441
HOA Fee
$110 Monthly
Legal Description
GRAYLING TRADES CONDO, S14, T02 S, R04 E, UNIT 233F, 6.48% COMMON AREA INTEREST
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
2022
Listing Agency:
Gallatin Realty Group
(406) 570-5422
Listed By:
Mark Dobrenski · License #RBS-14736
(406) 522-7000
Added: Aug 26
Changed: Aug 27
Last Checked: Sep 2 at 8:06AM
MLS# 414333
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 2022 commercial condominium at 233 Graves Trail offers 1,824 square feet across a 1,397-square-foot main level and a 445-square-foot upper loft. The layout includes a large bay, with the builder reporting a 14-foot bay door and 21-foot ceilings; those dimensions should be verified by the buyer. The property is not configured for live-work use.
Located southwest of 4 Corners in Bozeman, the space is heated by natural gas and forced air. Its flex-space configuration provides a combination of open bay area and lofted floor area within a commercial condominium setting.
Located southwest of 4 Corners in Bozeman, the space is heated by natural gas and forced air. Its flex-space configuration provides a combination of open bay area and lofted floor area within a commercial condominium setting.
Key Highlights
- 1,824 square feet total, including a 1,397‑square‑foot main level and 445‑square‑foot loft
- 14‑foot bay door and 21‑foot ceilings, subject to buyer verification
- 2022 commercial condominium
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
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 with a large bay, upper-level loft, and separate nonresidential configuration.
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: 1,824 square feet total, including a 1,397‑square‑foot main level and 445‑square‑foot loft; 14‑foot bay door and 21‑foot ceilings, subject to buyer verification; 2022 commercial condominium
