Office Condo Suite with Four
For Sale
$380,000
4-517 S 22nd Ave, Bozeman, MT 59718
Condo office suite offering four private offices, an entry area, and a dedicated kitchenette.
Property Size1,386 SF
Price / SF$274.17
Days on Market145
Property Features for 4-517 S 22nd Ave
General Information
Standard status
Active
Size
1,386 SF
Taxes and HOA fees
Annual Taxes
$3,807
Listing Agency:
Bozeman Real Estate Group
(406) 587-1717
Listed By:
Matthew Ryan · License #RBS-88969
(406) 579-4432
Source:
Exprealty
Added: Apr 17
Changed: Aug 20
Last Checked: Sep 7 at 10:57AM
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 Bozeman Real Estate Group
Investment Insights
Based on property information with market context.
Located at 517 S 22nd Avenue, Unit 4, this office condo suite is part of the established Bridger Professional Condos. The suite is designed to support professional workflows, with four private offices, a welcoming entry area, and a dedicated kitchenette.
The property is situated in Bozeman, Montana in Gallatin County, within a developed commercial corridor. It also benefits from proximity to key business hubs and Montana State University.
As a commercial condo, it offers low-maintenance ownership and is offered for sale as a complete, move-in ready office environment featuring multiple enclosed rooms and a built-in kitchenette.
The property is situated in Bozeman, Montana in Gallatin County, within a developed commercial corridor. It also benefits from proximity to key business hubs and Montana State University.
As a commercial condo, it offers low-maintenance ownership and is offered for sale as a complete, move-in ready office environment featuring multiple enclosed rooms and a built-in kitchenette.
Key Highlights
- Commercial condo office suite in Bridger Professional Condos (Bozeman, MT)
- 1,386 SF office with four private offices
- Includes welcoming entry area and dedicated kitchenette
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
$20,389
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
5.37%
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%
$407,780
$407.8K
Cap Rate 7%
$291,271
$291.3K
Cap Rate 9%
$226,544
$226.5K
Market Conditions
NOI Build-Up for 1,386 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
$29.1K $21.00/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$27.2K $19.61/SF
− OpEx
−$6.8K −$4.90/SF
NOI
$20.4K $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%
$407,780
Cap Rate 7%
$291,271
Cap Rate 9%
$226,544
Alternative Uses
Best Use
Office B
$291.3K
$254.9K – $339.8K
NOI $20,389 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$361.9K
$316.7K – $422.2K
NOI $25,334 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
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 - Condo office suite offering four private offices, an entry area, and a dedicated kitchenette.
Where is this office units located?
The property is located at 4-517 S 22nd Ave Bozeman, MT.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Commercial condo office suite in Bridger Professional Condos (Bozeman, MT); 1,386 SF office with four private offices; Includes welcoming entry area and dedicated kitchenette
