Flex Space with Trade
For Sale
$925,000
412 E Railroad Avenue N, Manhattan, MT 59741
CommercialSale, Manhattan, MT
Property Size5,376 SF
Price / SF$172.06
Days on Market542
Property Features for 412 E Railroad Avenue N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CALL - Call Listing Agent for Details
Directions
CLA
Subdivision
4MN - Manhattan Area N of I90
Standard status
Active
APN
REE22009
Size
5,376 SF
Taxes and HOA fees
Tax Year
2024
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
Listing Agency:
Corder & Associates
(406) 231-8515
Listed By:
Trampus Corder · License #BRO-38039
(406) 231-8515
Added: Feb 24, 2025
Changed: Aug 19
Last Checked: Aug 20 at 4:06PM
MLS# 399743
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 5,376-square-foot flex property in Manhattan, Montana, was built in 1982 and combines shop space with separate offices. The shop includes three overhead heaters, while the office areas use radiant heating. A dust collector and air system support woodworking, metalworking, and similar trades.
The property is located at 412 E Railroad Avenue N in Gallatin County and is served by public water and public sewer. Manhattan is positioned near Bozeman and Yellowstone National Park, providing regional access to both nearby residents and visitors.
The property is located at 412 E Railroad Avenue N in Gallatin County and is served by public water and public sewer. Manhattan is positioned near Bozeman and Yellowstone National Park, providing regional access to both nearby residents and visitors.
Key Highlights
- 5,376‑square‑foot flex property built in 1982
- Three overhead heaters in the shop
- 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
Well-served
Demand for This Use
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?
Flex space - Configured for woodworking, metalworking, and comparable trade uses with dedicated office areas.
Where is this flex space 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 flex property built in 1982; Three overhead heaters in the shop; Separate offices with radiant heating
