Flex Warehouse with Main Street
For Sale
$1,200,000
401 E Main Street, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size4,432 SF
Lot Size1.30 Acres
Price / SF$270.76
Days on Market14
Property Features for 401 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
DD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
N side of E main between Cottonwood and Madison
Subdivision
3B - Belgrade City Limits
Standard status
Active
APN
RFF14223
Size
4,432 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
S01, T01 S, R04 E, ACRES 1.309, TRACT 10, 11 & 14 SW4SE4
Tax Annual Amount
9242
Legal Description
S01, T01 S, R04 E, ACRES 1.309, TRACT 10, 11 & 14 SW4SE4
Utilities
Sewer type
Public Sewer
Water source
Well
Building Details
Year built
1971
Listing Agency:
Crosscurrent Real Estate
(406) 404-1840
Listed By:
Nick Zimmer · License #BRO-25717
(406) 980-0128
Added: Sep 14
Changed: Sep 25
Last Checked: Sep 27 at 11:06AM
MLS# 415046
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.
This 4,432-square-foot flex warehouse occupies approximately 1.30 acres and was built in 1971. The property has a well water source and public sewer service. Downtown District zoning allows a range of commercial, retail, and operational uses, and the site is within the Belgrade Urban Renewal District, where future owners may be able to access Tax Increment Financing for infrastructure improvements.
Located on East Main Street in Belgrade, the property is about one mile from the Jackrabbit Lane interchange on I-90 and Bozeman Yellowstone International Airport. Bozeman is approximately a 10-minute drive away.
Located on East Main Street in Belgrade, the property is about one mile from the Jackrabbit Lane interchange on I-90 and Bozeman Yellowstone International Airport. Bozeman is approximately a 10-minute drive away.
Key Highlights
- 4,432‑square‑foot flex warehouse on approximately 1.30 acres
- East Main Street frontage in Belgrade
- Downtown District zoning for commercial, retail, and operational uses
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
$55,886
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
4.66%
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%
$1,117,720
$1.1M
Cap Rate 7%
$798,371
$798.4K
Cap Rate 9%
$620,956
$621.0K
Market Conditions
NOI Build-Up for 4,432 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
$66.5K $15.00/SF
− Vacancy
−$731 −$0.17/SF
EGI
$65.7K $14.83/SF
− OpEx
−$9.9K −$2.23/SF
NOI
$55.9K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,117,720
Cap Rate 7%
$798,371
Cap Rate 9%
$620,956
Alternative Uses
Best Use
Warehouse
$798.4K
$698.6K – $931.4K
NOI $55,886 @ 7.0% cap · market cap 4.66%
Second Best
Flex RnD
$770.3K
$674.0K – $898.7K
NOI $53,921 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,010 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
462
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Downtown District zoning accommodates a range of commercial, retail, and operational uses.
Where is this flex space located?
The property is located at 401 E Main Street Belgrade, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,432‑square‑foot flex warehouse on approximately 1.30 acres; East Main Street frontage in Belgrade; Downtown District zoning for commercial, retail, and operational uses
