Versatile Commercial Condo with
For Sale
$375,000
5-14 Culver Pl, Manhattan, MT 59741
Newly built condo with a heated metal shop, office, and ample parking for flexible business use.
Property Size1,500 SF
Price / SF$250
Days on Market93
Property Features for 5-14 Culver Pl
General Information
Standard status
Active
Size
1,500 SF
Additional Details
Highway Access
Yes
Clear Height
18 ft
Taxes and HOA fees
Annual Taxes
$1,569
Listing Agency:
Montana Life Real Estate
(623) 290-3586
Listed By:
Trista Bailey · License #RRE-136165
(623) 290-3586
Source:
Exprealty
Added: May 9
Changed: Aug 8
Last Checked: Aug 9 at 10:37AM
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 Montana Life Real Estate
Investment Insights
Based on property information with market context.
For sale: a newly built commercial condo offering a versatile interior layout for a range of business or personal uses. The unit includes a heated metal shop area with approximately 18 ft high ceilings and epoxy clear-coat-finished floors. A practical office portion is included with a private bathroom, supporting day-to-day operations and on-site administration. The design is intended for efficient, low-maintenance functionality.
The property is located at 5-14 Culver Pl in Manhattan, MT, within about 1 mile of I-90, supporting convenient regional access. Construction is subject to final plat approval, with estimated completion for closing in summer 2026. The site also features a newly paved parking lot with ample parking for customers, employees, and daily service needs.
This configuration can fit buyers looking for a combined shop-and-office space in a commercial condo format. The presence of a heated shop, clear-finished floors, and an in-unit office with a private bathroom provides a workable setup for operations that benefit from both light workspace and dedicated administration. Ample on-site parking further supports routine visits and deliveries, aligning with practical tenant or owner-operator requirements.
The property is located at 5-14 Culver Pl in Manhattan, MT, within about 1 mile of I-90, supporting convenient regional access. Construction is subject to final plat approval, with estimated completion for closing in summer 2026. The site also features a newly paved parking lot with ample parking for customers, employees, and daily service needs.
This configuration can fit buyers looking for a combined shop-and-office space in a commercial condo format. The presence of a heated shop, clear-finished floors, and an in-unit office with a private bathroom provides a workable setup for operations that benefit from both light workspace and dedicated administration. Ample on-site parking further supports routine visits and deliveries, aligning with practical tenant or owner-operator requirements.
Key Highlights
- Newly built 1,500 +/- SF versatile commercial condo in Manhattan’s Central Business District, designed for flexible business or personal use
- Includes a 1,375 +/- SF heated metal shop with 18 ft high ceilings and epoxy clear‑coat finished floors
- Includes a 175 +/- SF office space with a private bathroom
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
$22,066
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
5.88%
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%
$441,320
$441.3K
Cap Rate 7%
$315,229
$315.2K
Cap Rate 9%
$245,178
$245.2K
Market Conditions
NOI Build-Up for 1,500 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
$31.5K $21.00/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$29.4K $19.61/SF
− OpEx
−$7.4K −$4.90/SF
NOI
$22.1K $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%
$441,320
Cap Rate 7%
$315,229
Cap Rate 9%
$245,178
Alternative Uses
Best Use
Office B
$315.2K
$275.8K – $367.8K
NOI $22,066 @ 7.0% cap · market cap 5.88%
Second Best
Warehouse
$270.2K
$236.4K – $315.3K
NOI $18,915 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$391.7K
$342.7K – $457.0K
NOI $27,418 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
184
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly built condo with a heated metal shop, office, and ample parking for flexible business use.
Where is this flex space located?
The property is located at 5-14 Culver Pl Manhattan, MT.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Newly built 1,500 +/- SF versatile commercial condo in Manhattan’s Central Business District, designed for flexible business or personal use; Includes a 1,375 +/- SF heated metal shop with 18 ft high ceilings and epoxy clear‑coat finished floors; Includes a 175 +/- SF office space with a private bathroom
