Updated Two-Level Office
For Sale
$1,350,000
504 W Main Street, Bozeman, MT 59715
CommercialSale, Bozeman, MT
Property Size3,783 SF
Lot Size0.15 Acres
Price / SF$356.86
Days on Market135
Property Features for 504 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Community Mixed Use
Zoning description
B2M
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Directions
On the southwest corner of West Main Street and South 5th Avenue
Subdivision
1NW - Boz N of Main/W of 19th
Standard status
Active
APN
RGG4616
Size
3,783 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
STORY ADD, S12, T02 S, R05 E, BLOCK E, LOT 1, 20' OF E S LOT 2 LESS 8' STRIP OFF S END
Tax Annual Amount
7623
Legal Description
STORY ADD, S12, T02 S, R05 E, BLOCK E, LOT 1, 20' OF E S LOT 2 LESS 8' STRIP OFF S END
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
conference room
kitchen
storage
Building Details
Year built
1918
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Lauren John · License #RBS-52525
(406) 600-2927
Added: Apr 14
Changed: Aug 19
Last Checked: Aug 26 at 5:06PM
MLS# 410600
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 3,783-square-foot office property occupies two levels and was built in 1918. Recent improvements include new windows and a modern HVAC system, while natural gas heat and central air serve the building. The main floor contains two private offices, an open work area, a conference room, a kitchen, and two bathrooms. Four additional offices are located upstairs, and the basement provides storage space.
Situated at 504 W Main Street in Bozeman, the property offers on-site parking for 4-5 vehicles. Community Mixed Use zoning supports a range of professional or personal service uses. The multi-room configuration provides a combination of private offices, shared workspace, meeting space, kitchen facilities, and storage within a single office building.
Situated at 504 W Main Street in Bozeman, the property offers on-site parking for 4-5 vehicles. Community Mixed Use zoning supports a range of professional or personal service uses. The multi-room configuration provides a combination of private offices, shared workspace, meeting space, kitchen facilities, and storage within a single office building.
Key Highlights
- 3,783 square feet across two levels
- Built in 1918 with new windows and a modern HVAC system
- Main level includes two private offices, open workspace, conference room, and kitchen
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
$55,650
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
4.12%
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%
$1,113,000
$1.1M
Cap Rate 7%
$795,000
$795.0K
Cap Rate 9%
$618,333
$618.3K
Market Conditions
NOI Build-Up for 3,783 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
$79.4K $21.00/SF
− Vacancy
−$5.2K −$1.39/SF
EGI
$74.2K $19.61/SF
− OpEx
−$18.5K −$4.90/SF
NOI
$55.6K $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%
$1,113,000
Cap Rate 7%
$795,000
Cap Rate 9%
$618,333
Alternative Uses
Best Use
Office B
$795.0K
$695.6K – $927.5K
NOI $55,650 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$987.8K
$864.3K – $1.15M
NOI $69,147 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,178
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?
Office building - Community Mixed Use zoning supports a flexible layout for professional or personal service uses.
Where is this office building located?
The property is located at 504 W Main Street Bozeman, MT.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 3,783 square feet across two levels; Built in 1918 with new windows and a modern HVAC system; Main level includes two private offices, open workspace, conference room, and kitchen
