Manufacturing Property with Shop
New
For Sale
$925,000
412 E Railroad Avenue N, Manhattan, MT 59741
COMMERCIAL - Manhattan, MT
Property Size5,376 SF
Price / SF$172.06
Days on Market7
Property Features for 412 E Railroad Avenue N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Subdivision
Manhattan Orig
Standard status
Active
APN
REE22009
Size
5,376 SF
Taxes and HOA fees
Tax Description
MANHATTAN ORIG PLAT, S10, T01 N, R03 E, RAILROAD RW NEAR BLKS 31 & 32 LEASE #501,619
Tax Annual Amount
3000
Legal Description
MANHATTAN ORIG PLAT, S10, T01 N, R03 E, RAILROAD RW NEAR BLKS 31 & 32 LEASE #501,619
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Listing Agency:
Corder and Associates LLC
(406) 622-3224
Listed By:
Trampus Corder · License #RRE-BRO-LIC-38039
(406) 622-3224
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# 350997
Copyright © 2026 Billings Association of Realtors. 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 5,376-square-foot manufacturing property was built in 1982 and includes a shop area with three overhead heaters. Separate offices use radiant heating, while an integrated dust collector and air system support woodworking, metalworking, or similar trade operations.
The property is located at 412 E Railroad Avenue N in Manhattan, Montana, within Gallatin County. Public water and public sewer serve the property. The existing lease generates $7,100 per month.
The property is located at 412 E Railroad Avenue N in Manhattan, Montana, within Gallatin County. Public water and public sewer serve the property. The existing lease generates $7,100 per month.
Key Highlights
- 5,376‑square‑foot manufacturing property built in 1982
- Shop equipped with three overhead heaters
- Separate offices with radiant heating
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
$65,406
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
7.07%
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%
$1,308,120
$1.3M
Cap Rate 7%
$934,371
$934.4K
Cap Rate 9%
$726,733
$726.7K
Market Conditions
NOI Build-Up for 5,376 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
$107.7K $20.04/SF
− Vacancy
−$7.1K −$1.32/SF
EGI
$100.6K $18.72/SF
− OpEx
−$35.2K −$6.55/SF
NOI
$65.4K $12.17/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$1,308,120
Cap Rate 7%
$934,371
Cap Rate 9%
$726,733
Alternative Uses
Best Use
Flex RnD
$934.4K
$817.6K – $1.09M
NOI $65,406 @ 7.0% cap · market cap 7.07%
Second Best
Industrial
$797.5K
$697.8K – $930.5K
NOI $55,827 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,265 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 59741, MT
5,397
Population
2,330
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
99%
High-School Grad
164.9 sq mi
ZIP Area
33
Density / Sq Mi
$86,382
Median Household Income
$48,460
Median Earnings
$1,676
Median Rent
$562,300
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Manufacturing property - Shop includes overhead heating, radiant-heated offices, dust collection, and an air system.
Where is this manufacturing property located?
The property is located at 412 E Railroad Avenue N Manhattan, MT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 5,376‑square‑foot manufacturing property built in 1982; Shop equipped with three overhead heaters; Separate offices with radiant heating
