Heated Flex Space with Overhead
For Sale
$850,000
265 High K, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size3,600 SF
Lot Size1.00 Acre
Price / SF$236.11
Days on Market26
Property Features for 265 High K
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Call Listing Agent for Details
Directions
Royal to High K
Subdivision
3S - Belgrade Area S of I90
Standard status
Active
APN
RFF42932
Size
3,600 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGH K SUB, S04, T01 S, R04 E, LOT 16B, ACRES 1.065, PLAT J-279-B
Tax Annual Amount
6711
Legal Description
HIGH K SUB, S04, T01 S, R04 E, LOT 16B, ACRES 1.065, PLAT J-279-B
Building Details
Year built
2007
Listing Agency:
LHMT
(406) 580-9445
Listed By:
Michael Thiel · License #BRO-63409
(406) 539-4365
Added: Aug 1
Changed: Aug 19
Last Checked: Aug 26 at 9:06PM
MLS# 414179
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.
Located at 265 High K in Belgrade, this flex property combines a heated shop with live-work functionality. The building contains 3,600 square feet and includes a 12-foot overhead door, with the stated option to convert it to a 14-foot opening if needed. Constructed in 2007, the property sits on a one-acre lot.
The site provides substantial outdoor area for equipment and additional development. Its combination of enclosed shop space, a large parcel, and live-work configuration supports a range of commercial and owner-user applications. The property is in Belgrade, Montana, within Gallatin County and ZIP Code 59714.
The site provides substantial outdoor area for equipment and additional development. Its combination of enclosed shop space, a large parcel, and live-work configuration supports a range of commercial and owner-user applications. The property is in Belgrade, Montana, within Gallatin County and ZIP Code 59714.
Key Highlights
- 3,600‑square‑foot heated shop
- 12‑foot overhead door with stated option to convert to 14 feet
- One‑acre lot with outdoor equipment area
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
Balanced
Demand for This Use
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?
Flex space - Heated shop space offers live-work functionality, equipment area, and room for additional site development.
Where is this flex 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 with stated option to convert to 14 feet; One‑acre lot with outdoor equipment area
