Professional Office Condo with Four
For Sale
$380,000
517 S 22nd Avenue 4, Bozeman, MT 59718
Office condo includes four private offices, entry area, and kitchenette for professional service use.
Property Size1,386 SF
Price / SF$274.17
Days on Market127
Property Features for 517 S 22nd Avenue 4
General Information
Standard status
Active
Size
1,386 SF
Property subtype
Commercial
Zoning
Call Listing Agent for Details
Taxes and HOA fees
Annual Taxes
$3,807
Building Details
Building Size
1,386 SF
Year Built
1994
Listing Agency:
Engel & Volkers - Bozeman
(406) 589-6247
Listed By:
EJ Daws
(406) 589-6247
Source:
Outlaw
Added: Apr 17
Changed: Aug 17
Last Checked: Aug 20 at 4:33AM
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 Engel & Volkers - Bozeman
Investment Insights
Based on property information with market context.
This commercial condo at Bridger Professional Condos is a refined, purpose-built office suite designed for professional operations. Unit 4 offers 1,386 square feet of workspace configured with four private offices, a welcoming entry area, and a dedicated kitchenette. The layout supports a client-facing environment while maintaining separate work areas within the suite.
The property is located at 517 S 22nd Avenue in Bozeman, Montana, within Gallatin County. It sits in an established professional condo setting and is positioned on Bozeman’s commercial corridor, with proximity to local business hubs and Montana State University mentioned in the remarks.
For buyers seeking low-maintenance ownership in a condo-style office, this suite offers a straightforward, professional footprint with multiple private offices and basic in-suite amenities. It is well suited for firms that need individual offices alongside a reception-style entry, including consulting, administrative, or other service-oriented businesses looking for an office that can operate from day one.
The property is located at 517 S 22nd Avenue in Bozeman, Montana, within Gallatin County. It sits in an established professional condo setting and is positioned on Bozeman’s commercial corridor, with proximity to local business hubs and Montana State University mentioned in the remarks.
For buyers seeking low-maintenance ownership in a condo-style office, this suite offers a straightforward, professional footprint with multiple private offices and basic in-suite amenities. It is well suited for firms that need individual offices alongside a reception-style entry, including consulting, administrative, or other service-oriented businesses looking for an office that can operate from day one.
Key Highlights
- Commercial condo in Bridger Professional Condos, built in 1994
- 1,386 SF office suite with a welcoming entry area and dedicated kitchenette
- Layout includes four private offices plus space for professional service use
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
1,130
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 - Office condo includes four private offices, entry area, and kitchenette for professional service use.
Where is this office units located?
The property is located at 517 S 22nd Avenue 4 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: Commercial condo in Bridger Professional Condos, built in 1994; 1,386 SF office suite with a welcoming entry area and dedicated kitchenette; Layout includes four private offices plus space for professional service use
