Flex Space with Grade-Level
For Sale
$499,000
249 Shepherd Trail Unit B, Bozeman, MT 59718
Finished industrial condominium with truck access, on-site parking, and a restroom for warehouse or flex operations.
Property Size2,135 SF
Price / SF$233.72
Days on Market99
Property Features for 249 Shepherd Trail Unit B
General Information
Standard status
Active
Size
2,135 SF
Zoning
C
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
1
Additional Details
Road Access
Yes
Building Details
Building Size
2,135 SF
Year Built
2016
Listing Agency:
EndState Commercial
Listed By:
Ryan Springer · License #88623
(406) 579-5586
Source:
Purewestrealestate
Added: May 27
Changed: Aug 30
Last Checked: Sep 1 at 2:30PM
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 EndState Commercial
Investment Insights
Based on property information with market context.
Suite B is a 2,135-square-foot flex condominium completed in 2016. The finished unit includes approximately 18-foot ceilings, a 14-foot grade-level overhead door, on-site parking, and a completed restroom. Its configuration supports industrial, warehouse, and other flex-oriented uses, subject to applicable requirements.
The property is at 249 Shepherd Trail in Bozeman’s Four Corners area, with entry from both Homestake Drive and New Venture Drive. Shepherd Trail provides a practical route for truck movement and loading. Nearby businesses include contractor services, food distribution, appliance repair, sporting goods, restaurants, fuel stations, and a brewery. The property is zoned C.
The property is at 249 Shepherd Trail in Bozeman’s Four Corners area, with entry from both Homestake Drive and New Venture Drive. Shepherd Trail provides a practical route for truck movement and loading. Nearby businesses include contractor services, food distribution, appliance repair, sporting goods, restaurants, fuel stations, and a brewery. The property is zoned C.
Key Highlights
- 2,135 SF flex condominium at 249 Shepherd Trail, Suite B
- Approximately 18‑foot ceiling height
- 14‑foot grade‑level overhead door
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
$26,922
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
5.40%
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%
$538,440
$538.4K
Cap Rate 7%
$384,600
$384.6K
Cap Rate 9%
$299,133
$299.1K
Market Conditions
NOI Build-Up for 2,135 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
$32.0K $15.00/SF
− Vacancy
−$352 −$0.17/SF
EGI
$31.7K $14.83/SF
− OpEx
−$4.8K −$2.23/SF
NOI
$26.9K $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%
$538,440
Cap Rate 7%
$384,600
Cap Rate 9%
$299,133
Alternative Uses
Best Use
Warehouse
$384.6K
$336.5K – $448.7K
NOI $26,922 @ 7.0% cap · market cap 5.40%
Second Best
Flex RnD
$371.1K
$324.7K – $432.9K
NOI $25,975 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$557.5K
$487.8K – $650.4K
NOI $39,024 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
Median Home Value
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
- 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 - Finished industrial condominium with truck access, on-site parking, and a restroom for warehouse or flex operations.
Where is this flex space located?
The property is located at 249 Shepherd Trail Unit B Bozeman, MT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,135 SF flex condominium at 249 Shepherd Trail, Suite B; Approximately 18‑foot ceiling height; 14‑foot grade‑level overhead door
