Flex Space with
For Sale
$850,000
5-190 Skyway Blvd, Belgrade, MT 59714
Commercial condo with high-clear shop space, dedicated office and service room, plus truck-oriented circulation and trailer access.
Property Size4,143 SF
Price / SF$205.17
Days on Market128
Property Features for 5-190 Skyway Blvd
General Information
Standard status
Active
Size
4,143 SF
Warehouse & Industrial
Clear Height
17 ft
Office Build-Out
144 SF
Mezzanine
288 SF
Power
200 amps
Three-Phase Power
Yes
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,414
Building Details
Construction
SIPS panels
Listing Agency:
Old Montana Land Company
Listed By:
Craiger Del Grande
(406) 579-3130
Source:
Exprealty
Added: Apr 30
Changed: Sep 2
Last Checked: Sep 4 at 1:57PM
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 Old Montana Land Company
Investment Insights
Based on property information with market context.
This flex-space commercial condo provides 4,143 SF in total, including approximately 3,855 SF of primary shop area and a 288 SF mezzanine. The shop has 17-foot floor-to-ceiling clearance, 5-inch reinforced concrete flooring, sloped floors leading to drain boxes, and 6-inch SIP panel walls. A 12-by-12-foot office includes a mini-split system, while the similarly sized mechanical room has a toilet, sink, shower stall, and electric baseboard heat.
Building systems include a 300,000 BTU Modine natural-gas heater, 200-amp electrical service, high-bay LED lighting, and available three-phase power. Hot and cold water serve the shop, with washer and dryer connections also provided. The lot allows large trucks to circulate around the building, and the front 12-by-14-foot overhead doors support backing larger trailers to the structure.
Building systems include a 300,000 BTU Modine natural-gas heater, 200-amp electrical service, high-bay LED lighting, and available three-phase power. Hot and cold water serve the shop, with washer and dryer connections also provided. The lot allows large trucks to circulate around the building, and the front 12-by-14-foot overhead doors support backing larger trailers to the structure.
Key Highlights
- 4,143 SF total, including approximately 3,855 SF plus a 288 SF mezzanine
- 17‑foot floor‑to‑ceiling clearance in the shop
- 5‑inch reinforced concrete floors with slopes to drain boxes
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
$52,242
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
6.15%
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%
$1,044,840
$1.0M
Cap Rate 7%
$746,314
$746.3K
Cap Rate 9%
$580,467
$580.5K
Market Conditions
NOI Build-Up for 4,143 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
$62.1K $15.00/SF
− Vacancy
−$684 −$0.17/SF
EGI
$61.5K $14.83/SF
− OpEx
−$9.2K −$2.23/SF
NOI
$52.2K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,044,840
Cap Rate 7%
$746,314
Cap Rate 9%
$580,467
Alternative Uses
Best Use
Warehouse
$746.3K
$653.0K – $870.7K
NOI $52,242 @ 7.0% cap · market cap 6.15%
Second Best
Flex RnD
$720.1K
$630.1K – $840.1K
NOI $50,405 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$1.08M
$946.6K – $1.26M
NOI $75,727 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial condo with high-clear shop space, dedicated office and service room, plus truck-oriented circulation and trailer access.
Where is this flex space located?
The property is located at 5-190 Skyway Blvd Belgrade, MT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,143 SF total, including approximately 3,855 SF plus a 288 SF mezzanine; 17‑foot floor‑to‑ceiling clearance in the shop; 5‑inch reinforced concrete floors with slopes to drain boxes
