Flex Warehouse
New
For Sale
$1,200,000
401 E Main Street, Belgrade, MT 59714
DD zoning supports a range of commercial, retail, and operational uses.
Property Size4,432 SF
Lot Size1.30 Acres
Price / SF$270.76
Days on Market2
Property Features for 401 E Main Street
General Information
Standard status
Active
Size
4,432 SF
Lot size
1.30 Acres
Property subtype
Commercial
Zoning
DD
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$9,242
Building Details
Building Size
4,432 SF
Year Built
1971
Listing Agency:
Whitetail Properties RE LLC
(406) 995-2404
Listed By:
Chris Eastlund
(952) 567-1263
Source:
Outlaw
Added: Sep 26
Last Checked: Sep 26 at 3:24PM
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 Whitetail Properties RE LLC
Investment Insights
Based on property information with market context.
The property includes an approximately 4,432-square-foot flex warehouse on about 1.30 acres. Built in 1971, it carries DD zoning, identified as Downtown District, with commercial, retail, and operational uses described as allowable. The site is also within the Belgrade Urban Renewal District, where future owners may be eligible to access TIF funding for major infrastructure upgrades.
East Main Street frontage places the property on the commercial route toward Downtown Belgrade. Interstate 90 access at the Jackrabbit Lane interchange and Bozeman Yellowstone International Airport are each one mile away. Bozeman is approximately a ten-minute drive from the property.
East Main Street frontage places the property on the commercial route toward Downtown Belgrade. Interstate 90 access at the Jackrabbit Lane interchange and Bozeman Yellowstone International Airport are each one mile away. Bozeman is approximately a ten-minute drive from the property.
Key Highlights
- Approximately 4,432‑square‑foot flex warehouse on about 1.30 acres
- DD zoning supports commercial, retail, and operational uses
- Within the Belgrade Urban Renewal District, with potential access to TIF funds for major infrastructure upgrades
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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Open Analytics
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 - DD zoning supports 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: Approximately 4,432‑square‑foot flex warehouse on about 1.30 acres; DD zoning supports commercial, retail, and operational uses; Within the Belgrade Urban Renewal District, with potential access to TIF funds for major infrastructure upgrades
