Flex Space with Shop
New
For Sale
$885,000
2503 Fremont Street, Bozeman, MT 59718
Bozeman, MT
Property Size2,854 SF
Price / SF$310.09
Days on Market1
Property Features for 2503 Fremont Street
General Information
Property type
Commercial Sale
Property subtype
Condominium
Subdivision
Fremont Square Condos
Standard status
Active
Size
2,854 SF
Building Details
Year built
2026
Listing Agency:
Engel & Volkers Bozeman · Engel & Völkers
(406) 404-1960
Listed By:
Kari Francisco · License #RRE-RBS-LIC-99175
(406) 595-3885
Added: Sep 8
Last Checked: Sep 8 at 5:06PM
MLS# 412694
Copyright © 2026 Engel & Völkers. 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 2,854-square-foot commercial condominium is configured across two levels, with a 2026 construction date. The lower level provides a large shop and garage area with pull-through capability and oversized overhead doors. The upper floor is finished and can support office use, employee housing, owner's quarters, client meetings, or other business-related functions described for the property.
The unit is at Fremont Square along the Jackrabbit Lane corridor in Bozeman, with access between Bozeman, Belgrade, Four Corners, Big Sky, Yellowstone National Park, and Bozeman Yellowstone International Airport. Nearby commercial and residential projects include Jackrabbit Crossing, West Post, and Yellow Iron.
The flexible layout is suited to a range of operating needs, including equipment, inventory, fleet vehicles, storage, light service activity, and general business operations. The property is identified as a flex space and is offered as a commercial condominium.
The unit is at Fremont Square along the Jackrabbit Lane corridor in Bozeman, with access between Bozeman, Belgrade, Four Corners, Big Sky, Yellowstone National Park, and Bozeman Yellowstone International Airport. Nearby commercial and residential projects include Jackrabbit Crossing, West Post, and Yellow Iron.
The flexible layout is suited to a range of operating needs, including equipment, inventory, fleet vehicles, storage, light service activity, and general business operations. The property is identified as a flex space and is offered as a commercial condominium.
Key Highlights
- 2,854‑square‑foot commercial condominium
- Built in 2026
- Lower level includes shop and garage space with pull‑through access
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
$41,984
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
4.74%
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%
$839,680
$839.7K
Cap Rate 7%
$599,771
$599.8K
Cap Rate 9%
$466,489
$466.5K
Market Conditions
NOI Build-Up for 2,854 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
$59.9K $21.00/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$56.0K $19.61/SF
− OpEx
−$14.0K −$4.90/SF
NOI
$42.0K $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%
$839,680
Cap Rate 7%
$599,771
Cap Rate 9%
$466,489
Alternative Uses
Best Use
Office B
$599.8K
$524.8K – $699.7K
NOI $41,984 @ 7.0% cap · market cap 4.74%
Second Best
Mixed Use
$560.8K
$490.7K – $654.3K
NOI $39,257 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$745.2K
$652.1K – $869.5K
NOI $52,167 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
30
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial condominium combines finished upper-level space with a utility-focused lower-level layout.
Where is this flex space located?
The property is located at 2503 Fremont Street Bozeman, MT.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 2,854‑square‑foot commercial condominium; Built in 2026; Lower level includes shop and garage space with pull‑through access
