Top-Floor Office
For Sale
$912,800
302-1648 Ellis St, Bozeman, MT 59715
Four private offices, reception, waiting room, kitchenette, storage, and attic space support flexible professional occupancy.
Property Size2,608 SF
Price / SF$350
Days on Market35
Property Features for 302-1648 Ellis St
General Information
Standard status
Active
Size
2,608 SF
Elevators
Yes
Additional Details
Floor
top floor
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,233
Listing Agency:
McKenna Adams Commercial
(406) 581-7562
Listed By:
Katie Adams · License #RRE-BRO-LIC-56423
(406) 581-7562
Source:
Exprealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 9:12PM
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 McKenna Adams Commercial
Investment Insights
Based on property information with market context.
This top-floor office condo combines four private, windowed offices with a reception area, waiting room, kitchenette, and substantial storage. An attic area provides additional flexibility, while the property is listed with a size of 2608. Common-area features include bathrooms, an elevator, and parking. Windows capture views toward the Gallatin Range and surrounding foothills.
The property is located at 302-1648 Ellis St in Bozeman, with access to Downtown Bozeman, Main Street, I-90, Bozeman Health, and MSU. The configuration supports professional or medical office use and includes features suited to an owner-occupant or investor.
The property is located at 302-1648 Ellis St in Bozeman, with access to Downtown Bozeman, Main Street, I-90, Bozeman Health, and MSU. The configuration supports professional or medical office use and includes features suited to an owner-occupant or investor.
Key Highlights
- Top‑floor office condo with 4 private windowed offices
- Reception area and waiting room included
- Kitchenette and ample storage
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
$38,365
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
4.20%
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%
$767,300
$767.3K
Cap Rate 7%
$548,071
$548.1K
Cap Rate 9%
$426,278
$426.3K
Market Conditions
NOI Build-Up for 2,608 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
$54.8K $21.00/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$51.2K $19.61/SF
− OpEx
−$12.8K −$4.90/SF
NOI
$38.4K $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%
$767,300
Cap Rate 7%
$548,071
Cap Rate 9%
$426,278
Alternative Uses
Best Use
Office B
$548.1K
$479.6K – $639.4K
NOI $38,365 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$681.0K
$595.9K – $794.5K
NOI $47,670 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
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?
Office units - Four private offices, reception, waiting room, kitchenette, storage, and attic space support flexible professional occupancy.
Where is this office units located?
The property is located at 302-1648 Ellis St Bozeman, MT.
What is the asking price?
The asking price for this property is $912,800.
What are key features of this property?
This property features: Top‑floor office condo with 4 private windowed offices; Reception area and waiting room included; Kitchenette and ample storage
