Four Corners Flex
For Sale
Contact for pricing
549 Shepherd Trail, Bozeman, MT 59718
Industrial/flex condo in Four Corners, Montana, suitable for various uses.
Property Size2,135 SF
Price / SF$233.72
Days on Market93
Property Features for 549 Shepherd Trail
General Information
Standard status
Active
Size
2,135 SF
Property subtype
Retail, Industrial
Building Details
Year Built
2016
Listing Agency:
Endstate Commercial Partners
(406) 579-5586
Listed By:
Ryan Springer, CCIM · License #RRE-BRO-LIC-88623
Source:
Crexi
Added: May 20
Changed: Aug 14
Last Checked: Aug 14 at 12:32PM
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 Endstate Commercial Partners
Investment Insights
Based on property information with market context.
This industrial/flex condo unit, located at 249 Shepherd Trail, Suite B, in Four Corners, Montana, is available for sale. The property offers approximately 2,135 square feet of space with a functional layout suitable for a variety of industrial, warehouse, or flex uses. The unit features approximately 18-foot ceilings and a 14-foot grade-level overhead door. Ample parking is available. The property includes a fully finished restroom. The property was recently constructed and is well maintained, presenting in excellent condition. Positioned just off the main Four Corners intersection, the location provides convenient access to area amenities, including restaurants, fuel stations, a brewery, and a range of industrial service businesses. With access from both Homestake Drive and New Venture Drive, Shepherd Trail supports efficient truck circulation and loading. Surrounding users include contractor services, food distribution, appliance repair, and sporting goods businesses.
Key Highlights
- Functional ±2,135 SF industrial/flex condo unit suitable for warehouse, industrial, or flex uses.
- Convenient Four Corners location with easy access to amenities and industrial service businesses.
- Benefit from ±18‑foot ceilings and a 14‑foot grade‑level overhead door.
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
$25,975
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
5.21%
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%
$519,500
$519.5K
Cap Rate 7%
$371,071
$371.1K
Cap Rate 9%
$288,611
$288.6K
Market Conditions
NOI Build-Up for 2,135 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
$42.8K $20.04/SF
− Vacancy
−$2.8K −$1.32/SF
EGI
$40.0K $18.72/SF
− OpEx
−$14.0K −$6.55/SF
NOI
$26.0K $12.17/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$519,500
Cap Rate 7%
$371,071
Cap Rate 9%
$288,611
Alternative Uses
Best Use
Flex RnD
$371.1K
$324.7K – $432.9K
NOI $25,975 @ 7.0% cap · market cap 5.21%
Second Best
Industrial
$316.7K
$277.1K – $369.5K
NOI $22,171 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$557.5K
$487.8K – $650.4K
NOI $39,024 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial/flex condo in Four Corners, Montana, suitable for various uses.
Where is this flex space located?
The property is located at 549 Shepherd Trail Bozeman, MT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Functional ±2,135 SF industrial/flex condo unit suitable for warehouse, industrial, or flex uses.; Convenient Four Corners location with easy access to amenities and industrial service businesses.; Benefit from ±18‑foot ceilings and a 14‑foot grade‑level overhead door.
