Live-Work Condo with Garage
For Sale
$1,275,000
321 Gallatin Park Drive 101/201, Bozeman, MT 59715
Newer live-work condo includes a main-level garage/shop and an upstairs open-concept living area with deck.
Property Size2,660 SF
Price / SF$479.32
Days on Market52
Property Features for 321 Gallatin Park Drive 101/201
General Information
Standard status
Active
Size
2,660 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
M1
Taxes and HOA fees
Annual Taxes
$2,154
Building Details
Building Size
2,660 SF
Year Built
2023
Stories
2
Listing Agency:
Berkshire Hathaway - Bozeman
(406) 995-2404
Listed By:
EJ Daws
(406) 589-6247
Source:
Outlaw
Added: Jul 14
Changed: Sep 3
Last Checked: Sep 2 at 6:45PM
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 Berkshire Hathaway - Bozeman
Investment Insights
Based on property information with market context.
This newer live-work condo is designed to combine a functional business workspace with comfortable living space. The main level features an expansive 1,333 sq. ft. garage/shop complete with a convenient half bathroom, offering flexibility for a range of office or studio uses, as well as workshop or storage needs. Upstairs, there is 1,327 sq. ft. of bright, open-concept living space with oversized windows and air conditioning for year-round comfort.
The kitchen includes ample cabinetry, generous counter space, and an oversized island that connects directly to the dining and living areas. A spacious second-floor deck extends the living experience outdoors. The upper level also includes two bedrooms, a full bathroom, and a dedicated office.
Three designated parking spaces provide added convenience for owners, clients, or guests. The property is located at 321 Gallatin Park Dr Unit 101/201 in Bozeman, MT 59715.
The kitchen includes ample cabinetry, generous counter space, and an oversized island that connects directly to the dining and living areas. A spacious second-floor deck extends the living experience outdoors. The upper level also includes two bedrooms, a full bathroom, and a dedicated office.
Three designated parking spaces provide added convenience for owners, clients, or guests. The property is located at 321 Gallatin Park Dr Unit 101/201 in Bozeman, MT 59715.
Key Highlights
- Year built 2023 live/work condo with main‑level garage/shop plus an upstairs living space.
- 1,333 sq. ft. main‑level garage/shop with a convenient half bathroom.
- 1,327 sq. ft. upstairs open‑concept living area with an oversized kitchen island and abundant natural light.
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Newer live-work condo includes a main-level garage/shop and an upstairs open-concept living area with deck.
Where is this live-work space located?
The property is located at 321 Gallatin Park Drive 101/201 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: Year built 2023 live/work condo with main‑level garage/shop plus an upstairs living space.; 1,333 sq. ft. main‑level garage/shop with a convenient half bathroom.; 1,327 sq. ft. upstairs open‑concept living area with an oversized kitchen island and abundant natural light.
