Remodeled Medical Office
For Sale
$579,900
43 Mill Town Loop, Bozeman, MT 59718
CommercialSale, Bozeman, MT
Property Size1,750 SF
Price / SF$331.37
Days on Market149
Property Features for 43 Mill Town Loop
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Call Listing Agent for Details
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Directions
W/HUFFINE R/JACKRABBIT L/ICE CENTER R/AVALANCHE R/MILL TOWN
Subdivision
2FC - Boz Area Four Corners
Standard status
Active
APN
RGF61958
Size
1,750 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
MILL TOWN PLAZA CONDO, S11, T02 S, R04 E, BUILDING B, UNIT 102 (AKA UNIT D)
Tax Annual Amount
2605
HOA Fee
$750 Quarterly
Legal Description
MILL TOWN PLAZA CONDO, S11, T02 S, R04 E, BUILDING B, UNIT 102 (AKA UNIT D)
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
parapet rights for signage
large open hallways
stained wood trim
high ceilings
industrial elements in front foyer
on-site restaurants
Building Details
Year built
2006
Listing Agency:
eXp Realty, LLC
(406) 578-4399
Listed By:
Michael Green · License #RBS-80368
(406) 920-0020
Added: Mar 28
Changed: Aug 19
Last Checked: Aug 23 at 9:06PM
MLS# 409795
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 1,750-square-foot medical office unit occupies a downstairs position within a commercial plaza. The interior was remodeled with seven offices or clinic rooms, a reception area, kitchen and breakroom, one bathroom, broad open hallways, stained wood trim, and high ceilings with industrial-style accents in the front foyer. Heating is provided by natural gas and forced air, with central air conditioning. The building was constructed in 2006.
The unit fronts Jackrabbit and includes parapet rights for signage. The plaza shares space with Jersey Mike’s and is adjacent to First Security Bank, with three restaurants on site and Taco Bell next door. Public water and public sewer serve the property.
The unit fronts Jackrabbit and includes parapet rights for signage. The plaza shares space with Jersey Mike’s and is adjacent to First Security Bank, with three restaurants on site and Taco Bell next door. Public water and public sewer serve the property.
Key Highlights
- 1,750 SF downstairs medical office unit
- Seven offices or clinic rooms plus reception, kitchen/breakroom, and 1 bathroom
- Front‑facing position on Jackrabbit with traffic reported at 18,000 cars per day
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
$25,743
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
4.44%
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%
$514,860
$514.9K
Cap Rate 7%
$367,757
$367.8K
Cap Rate 9%
$286,033
$286.0K
Market Conditions
NOI Build-Up for 1,750 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
$36.8K $21.00/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$34.3K $19.61/SF
− OpEx
−$8.6K −$4.90/SF
NOI
$25.7K $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%
$514,860
Cap Rate 7%
$367,757
Cap Rate 9%
$286,033
Alternative Uses
Best Use
Office B
$367.8K
$321.8K – $429.1K
NOI $25,743 @ 7.0% cap · market cap 4.44%
Second Best
Healthcare Medical
$280.8K
$245.7K – $327.6K
NOI $19,653 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$457.0K
$399.8K – $533.1K
NOI $31,987 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59718, MT
43,831
Population
19,765
Households
2.2
Avg Household Size
33
Median Age
57%
College-Educated
97%
High-School Grad
164.5 sq mi
ZIP Area
266
Density / Sq Mi
$91,852
Median Household Income
$44,915
Median Earnings
$1,748
Median Rent
$579,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Remodeled clinic layout combines seven private rooms with reception and breakroom areas.
Where is this medical office space located?
The property is located at 43 Mill Town Loop Bozeman, MT.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: 1,750 SF downstairs medical office unit; Seven offices or clinic rooms plus reception, kitchen/breakroom, and 1 bathroom; Front‑facing position on Jackrabbit with traffic reported at 18,000 cars per day
