Renovated Mixed-Use
New
For Sale
$1,348,000
417 W Mendenhall Street, Bozeman, MT 59715
B2M-zoned property with flexible office, retail, and service-oriented space across multiple finished levels.
Property Size3,370 SF
Price / SF$400
Days on Market2
Property Features for 417 W Mendenhall Street
General Information
Standard status
Active
Size
3,370 SF
Total Parking Spaces
5
Zoning
B2M
Additional Details
Furnished
Yes
Office Units
12
Amenities
custom built-ins
upscale lighting and fixtures
kitchenette
washer and dryer
collaborative workspace
ADA compliant offices
handicap accessible entrance
Building Details
Building Size
3,370 SF
Year Built
1980
Year Renovated
2021
Buildings
1
Abandoned
No
Listing Agency:
Starner Commercial Real Estate
(406) 570-4931
Listed By:
Sunny Odegard · License #BRO-63608
Source:
Purewestrealestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 6:51AM
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 Starner Commercial Real Estate
Investment Insights
Based on property information with market context.
Renovated in 2021, this 3,370-square-foot mixed-use building combines an open main-level area with seven enclosed rooms, five upper-level executive suites, and finished lower-level space. The configuration supports office, retail, spa, medical, and other commercial applications identified under the B2M zoning. Two offices, a rear entrance, and one restroom are ADA compliant, while front, rear, and basement access points support flexible circulation. The property can also be separated into two distinct spaces.
Interior improvements include custom built-ins, upgraded lighting and fixtures, a kitchenette, laundry equipment, and included furnishings. The upper level contains 1,856 square feet, and the basement provides 1,514 square feet of finished area. Five dedicated alley parking spaces are included, with one designated for accessible parking. The building was originally constructed in 1980 and is located on W Mendenhall Street in Bozeman, within the downtown core and an area described as undergoing redevelopment and urban infill.
Interior improvements include custom built-ins, upgraded lighting and fixtures, a kitchenette, laundry equipment, and included furnishings. The upper level contains 1,856 square feet, and the basement provides 1,514 square feet of finished area. Five dedicated alley parking spaces are included, with one designated for accessible parking. The building was originally constructed in 1980 and is located on W Mendenhall Street in Bozeman, within the downtown core and an area described as undergoing redevelopment and urban infill.
Key Highlights
- 3,370 SF mixed‑use building renovated in 2021
- B2M zoning supports office, retail, spa, medical, and other commercial applications
- Seven private rooms on the main level plus five executive office suites upstairs
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
$49,574
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
3.68%
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%
$991,480
$991.5K
Cap Rate 7%
$708,200
$708.2K
Cap Rate 9%
$550,822
$550.8K
Market Conditions
NOI Build-Up for 3,370 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
$70.8K $21.00/SF
− Vacancy
−$4.7K −$1.39/SF
EGI
$66.1K $19.61/SF
− OpEx
−$16.5K −$4.90/SF
NOI
$49.6K $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%
$991,480
Cap Rate 7%
$708,200
Cap Rate 9%
$550,822
Alternative Uses
Best Use
Office B
$708.2K
$619.7K – $826.2K
NOI $49,574 @ 7.0% cap · market cap 3.68%
Second Best
Mixed Use
$662.2K
$579.4K – $772.6K
NOI $46,354 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$880.0K
$770.0K – $1.03M
NOI $61,598 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Office units
Location Intelligence
Trade Area within ½ mile
2,221
Businesses Nearby
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - B2M-zoned property with flexible office, retail, and service-oriented space across multiple finished levels.
Where is this mixed-use property located?
The property is located at 417 W Mendenhall Street Bozeman, MT.
What is the asking price?
The asking price for this property is $1,348,000.
What are key features of this property?
This property features: 3,370 SF mixed‑use building renovated in 2021; B2M zoning supports office, retail, spa, medical, and other commercial applications; Seven private rooms on the main level plus five executive office suites upstairs
