Live-Work Property with
For Sale
$899,900
519 W Mendenhall, Bozeman, MT 59715
B2M zoning accommodates residential, office, medical, retail, studio, gallery, and café uses.
Property Size2,265 SF
Price / SF$397.31
Days on Market87
Property Features for 519 W Mendenhall
General Information
Standard status
Active
Size
2,265 SF
Property subtype
Commercial
Zoning
B2M
Taxes and HOA fees
Annual Taxes
$5,874
Building Details
Building Size
2,265 SF
Year Built
1920
Buildings
1
Listing Agency:
Montana Life Real Estate
(406) 589-6247
Listed By:
EJ Daws
(406) 589-6247
Source:
Outlaw
Added: Jun 5
Changed: Aug 28
Last Checked: Aug 30 at 1:35PM
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.
This 2,265-square-foot property combines a residential layout with B2M zoning and a range of potential commercial applications. Built in 1920, the interior includes two bedrooms, two and a half baths, an open main living area, floor-to-ceiling windows, and plantation-style window coverings. A detached two-car garage and oversized driveway provide substantial on-site parking for a downtown setting.
The property sits one block from Main Street in historic Downtown Bozeman, with restaurants, stores, coffee shops, and galleries nearby. Mature trees and a tree-lined setting add privacy around the building. The zoning supports a variety of possible configurations, including a professional office, medical or dental practice, boutique retail space, art studio or gallery, café, or combined residential and commercial use.
The property sits one block from Main Street in historic Downtown Bozeman, with restaurants, stores, coffee shops, and galleries nearby. Mature trees and a tree-lined setting add privacy around the building. The zoning supports a variety of possible configurations, including a professional office, medical or dental practice, boutique retail space, art studio or gallery, café, or combined residential and commercial use.
Key Highlights
- 2,265 square feet with two bedrooms and 2.5 baths
- B2M zoning with potential for office, medical, retail, studio, gallery, café, and live‑work uses
- Detached two‑car garage and oversized driveway
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
$33,319
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
3.70%
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%
$666,380
$666.4K
Cap Rate 7%
$475,986
$476.0K
Cap Rate 9%
$370,211
$370.2K
Market Conditions
NOI Build-Up for 2,265 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
$47.6K $21.00/SF
− Vacancy
−$3.1K −$1.39/SF
EGI
$44.4K $19.61/SF
− OpEx
−$11.1K −$4.90/SF
NOI
$33.3K $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%
$666,380
Cap Rate 7%
$475,986
Cap Rate 9%
$370,211
Alternative Uses
Best Use
Office B
$476.0K
$416.5K – $555.3K
NOI $33,319 @ 7.0% cap · market cap 3.70%
Second Best
Mixed Use
$445.1K
$389.4K – $519.3K
NOI $31,155 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$591.4K
$517.5K – $690.0K
NOI $41,401 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,877
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?
Live-work space - B2M zoning accommodates residential, office, medical, retail, studio, gallery, and café uses.
Where is this live-work space located?
The property is located at 519 W Mendenhall Bozeman, MT.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 2,265 square feet with two bedrooms and 2.5 baths; B2M zoning with potential for office, medical, retail, studio, gallery, café, and live‑work uses; Detached two‑car garage and oversized driveway
