Live-Work Property with Heated
For Sale
$850,000
265 High K, Belgrade, MT 59714
Heated shop space on an expansive lot supports combined business and residential use potential.
Property Size3,600 SF
Lot Size1.00 Acre
Price / SF$236.11
Days on Market29
Property Features for 265 High K
General Information
Standard status
Active
Size
3,600 SF
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
Call Listing Agent for Details
Taxes and HOA fees
Annual Taxes
$6,711
Building Details
Building Size
3,600 SF
Year Built
2007
Listing Agency:
Century 21 Shea Realty
(406) 589-6247
Listed By:
EJ Daws · License #BRO-63409
(406) 589-6247
Source:
Outlaw
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 29 at 6:33AM
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 live-work property includes a 3,600-square-foot heated shop with a 12-foot overhead door. The building configuration supports on-site work activity alongside live-work use, while the property offers additional outdoor area for equipment storage or future site improvements.
Located at 265 High K St in Belgrade, Montana, the property occupies one acre. The overhead door can be converted to a 14-foot opening if needed, providing a documented option for accommodating taller equipment or vehicles.
Located at 265 High K St in Belgrade, Montana, the property occupies one acre. The overhead door can be converted to a 14-foot opening if needed, providing a documented option for accommodating taller equipment or vehicles.
Key Highlights
- 3,600‑square‑foot heated shop
- 12‑foot overhead door
- Overhead door can be converted to a 14‑foot opening
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
$52,958
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
6.23%
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%
$1,059,160
$1.1M
Cap Rate 7%
$756,543
$756.5K
Cap Rate 9%
$588,422
$588.4K
Market Conditions
NOI Build-Up for 3,600 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
$75.6K $21.00/SF
− Vacancy
−$5.0K −$1.39/SF
EGI
$70.6K $19.61/SF
− OpEx
−$17.7K −$4.90/SF
NOI
$53.0K $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%
$1,059,160
Cap Rate 7%
$756,543
Cap Rate 9%
$588,422
Alternative Uses
Best Use
Office B
$756.5K
$662.0K – $882.6K
NOI $52,958 @ 7.0% cap · market cap 6.23%
Second Best
Mixed Use
$707.4K
$619.0K – $825.3K
NOI $49,518 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,802 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Explore this area
Business Placement
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
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?
Live-work space - Heated shop space on an expansive lot supports combined business and residential use potential.
Where is this live-work space located?
The property is located at 265 High K Belgrade, MT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,600‑square‑foot heated shop; 12‑foot overhead door; Overhead door can be converted to a 14‑foot opening
