Office Unit with Private
For Sale
$380,000
517 S 22nd Avenue, Bozeman, MT 59718
CommercialSale, Bozeman, MT
Property Size1,386 SF
Price / SF$274.17
Days on Market137
Property Features for 517 S 22nd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Call Listing Agent for Details
Directions
North on S 19th Avenue, left on W. Dickerson Street, building on left.
Subdivision
1SM - Boz Main to Kagy
Standard status
Active
APN
RGG33172
Size
1,386 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BRIDGER PROFESSIONAL CONDO, S11, T02 S, R05 E, UNIT 4
Tax Annual Amount
3807
HOA Fee
$186 Monthly
Legal Description
BRIDGER PROFESSIONAL CONDO, S11, T02 S, R05 E, UNIT 4
Utilities
Water source
Public
Building Details
Year built
1994
Listing Agency:
Bozeman Real Estate Group
(406) 587-1717
Listed By:
Matthew Ryan · License #RBS-88969
(406) 579-4432
Added: Apr 17
Changed: Aug 19
Last Checked: Aug 31 at 2:06AM
MLS# 410382
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 commercial condominium office suite provides 1,386 square feet of workspace within Bridger Professional Condos. The layout includes four private offices, an entry area, and a dedicated kitchenette, offering a defined setup for professional office operations. The property was built in 1994 and is served by public water.
Located at 517 S 22nd Avenue Unit 4 in Bozeman, Montana, the office is positioned within an established commercial corridor in Gallatin County. The property information also identifies proximity to Montana State University and key business hubs, with access to Bozeman’s professional office market.
Located at 517 S 22nd Avenue Unit 4 in Bozeman, Montana, the office is positioned within an established commercial corridor in Gallatin County. The property information also identifies proximity to Montana State University and key business hubs, with access to Bozeman’s professional office market.
Key Highlights
- 1,386‑square‑foot commercial condominium office suite
- Four private offices plus an entry area
- Dedicated kitchenette included
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
$20,389
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
5.37%
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%
$407,780
$407.8K
Cap Rate 7%
$291,271
$291.3K
Cap Rate 9%
$226,544
$226.5K
Market Conditions
NOI Build-Up for 1,386 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
$29.1K $21.00/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$27.2K $19.61/SF
− OpEx
−$6.8K −$4.90/SF
NOI
$20.4K $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%
$407,780
Cap Rate 7%
$291,271
Cap Rate 9%
$226,544
Alternative Uses
Best Use
Office B
$291.3K
$254.9K – $339.8K
NOI $20,389 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$361.9K
$316.7K – $422.2K
NOI $25,334 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
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?
Office units - Commercial condominium office suite with four private offices, an entry area, and a dedicated kitchenette.
Where is this office units located?
The property is located at 517 S 22nd Avenue Bozeman, MT.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 1,386‑square‑foot commercial condominium office suite; Four private offices plus an entry area; Dedicated kitchenette included
