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    Bozeman Office Building For Lease Title is generated by Realmo AI

    243 Pegasus Drive, Bozeman, MT 59718

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    For Lease
    $20 SF/Yr $16,840/Mo (calc)

    COMMERCIAL - Bozeman, MT

    Property size:
    10,104 SF
    Lot size:
    0.84 Acres
    Added:
    Nov 6, 2025
    Days on Market:
    186
    Last Refresh:
    May 11 at 3:06 pm

    Property Features for 243 Pegasus Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    RGF53929
    Size
    10,104 SF
    Lot size
    0.84 Acres

    Taxes and HOA fees

    Tax Description
    GALACTIC PARK SUB, S11, T02 S, R04 E, LOT 57, ACRES 0.84, PLAT J-414 PLUS OPEN SPACE

    We can help!

    Listing Contact
    Michael Reams

    Listing agent Michael Reams License #BRO-79158

    Listing office Starner Commercial Real Estate 1276 N 15th Ave, Suite 103, Bozeman, MT

    Listing date Nov 6, 2025

    MLS# 406941

    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.

    HighLights

    • Large, adaptable 10,104 SF office building suitable for single or multi‑tenant use.
    • Located in the desirable, low‑traffic Galactic Park Subdivision near the Gallatin River and high‑end homes.
    • Features 21 private offices, four open work areas, a conference room, break room, recording studio, and green room.
    • Includes an elevator and two stairwells for convenient second‑floor access.
    • Built in 2006 and in good condition with no known deferred maintenance.
    • Equipped with a fire suppression system and serviced by Four Corners Water & Sewer.

    Overview

    This two-story office building, constructed in 2006, offers approximately 10,104 square feet of space on a 0.84-acre lot within the Galactic Park Subdivision of Four Corners, situated just west of Bozeman. The building features a flexible layout suitable for single or multi-tenant occupancy, including a welcoming reception area. The interior comprises 21 private offices, four open work areas, a conference room, a break room, a recording studio, a green room, and five restrooms, along with mechanical and storage rooms. Access to the second floor is facilitated by an elevator and two stairwells. The property is located in a low-traffic area near the Gallatin River and is surrounded by high-end homes, offering a tranquil setting. Nearby employers include Zoot Enterprises, Mesa Labs, and Wildfire Defense Systems. The building is serviced by Four Corners Water & Sewer and includes a fire suppression system. The property is in good condition with no known deferred maintenance. It is a well-designed, adaptable office building in one of the most scenic areas of the greater Bozeman area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Western CPE Training Center

    Suggested Use

    Restaurant Real Estate Agency Dental Office Building Supply Big Box & Wholesale Store Spa & Massage Center Auto Repair Shop Pharmacy Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bozeman
    County
    Gallatin
    State
    Montana
    Longitude
    -111.2043282
    Latitude
    45.6753011

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    FAQs

    What type of property is this?
    Office building - Two-story office building in Four Corners, Bozeman.
    Where is this office building located?
    The property is located at 243 Pegasus Drive Bozeman, MT.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Large, adaptable 10,104 SF office building suitable for single or multi‑tenant use.; Located in the desirable, low‑traffic Galactic Park Subdivision near the Gallatin River and high‑end homes.; Features **21 private offices, four open work areas, a conference room, break room, recording studio, and green room.**
    (406) 451-8283
    We can help!
    Listing Contact
    Michael Reams
    Real Estate License ID: BRO-79158
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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