Live-Work Condo with
For Sale
$1,275,000
321 Gallatin Park Drive, Bozeman, MT 59715
Bozeman, MT
Property Size2,660 SF
Price / SF$479.32
Days on Market16
Property Features for 321 Gallatin Park Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2
Standard status
Active
Size
2,660 SF
Amenities
air conditioning
second-floor deck
half bathroom
Building Details
Year built
2023
Listing Agency:
NextHome Destination
(406) 548-2412
Listed By:
Sarah and Abe Antonucci · License #53018
(406) 548-2412
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 9:06PM
MLS# 413045
Copyright © 2026 NextHome, Inc. 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.
Built in 2023, this live-work condo places a 1,333-square-foot garage/shop and half bathroom on the main level beneath 1,327 square feet of residential space. The workspace can accommodate business operations, studio use, storage, or personal projects, while the upper level provides a contemporary open layout with air conditioning, oversized windows, and a kitchen featuring extensive cabinetry, ample counters, and a large island.
The living level includes two bedrooms, a full bathroom, a dedicated office, and a second-floor deck. Three designated parking spaces support owner, client, or guest access. With 2,660 square feet overall, the property combines commercial functionality and residential accommodations within a single condominium.
The living level includes two bedrooms, a full bathroom, a dedicated office, and a second-floor deck. Three designated parking spaces support owner, client, or guest access. With 2,660 square feet overall, the property combines commercial functionality and residential accommodations within a single condominium.
Key Highlights
- 1,333‑square‑foot main‑level garage/shop with half bathroom
- 1,327 square feet of upper‑level living space
- Built in 2023 with air conditioning and oversized windows
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
$39,130
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
3.07%
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%
$782,600
$782.6K
Cap Rate 7%
$559,000
$559.0K
Cap Rate 9%
$434,778
$434.8K
Market Conditions
NOI Build-Up for 2,660 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
$55.9K $21.00/SF
− Vacancy
−$3.7K −$1.39/SF
EGI
$52.2K $19.61/SF
− OpEx
−$13.0K −$4.90/SF
NOI
$39.1K $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%
$782,600
Cap Rate 7%
$559,000
Cap Rate 9%
$434,778
Alternative Uses
Best Use
Office B
$559.0K
$489.1K – $652.2K
NOI $39,130 @ 7.0% cap · market cap 3.07%
Second Best
Mixed Use
$522.7K
$457.4K – $609.8K
NOI $36,588 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$694.6K
$607.8K – $810.4K
NOI $48,621 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
328
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?
Live-work space - Two-level layout combines a commercial workspace with bright residential interiors, a dedicated office, and outdoor deck space.
Where is this live-work space located?
The property is located at 321 Gallatin Park Drive Bozeman, MT.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 1,333‑square‑foot main‑level garage/shop with half bathroom; 1,327 square feet of upper‑level living space; Built in 2023 with air conditioning and oversized windows
