Condo-Managed Four-Unit
For Sale
Contact for pricing
607 Professional Drive Unit 4, Bozeman, MT 59718
Fully occupied four-unit property offers separately metered apartments with in-unit laundry and city water and sewer service.
Property Size3,245 SF
Price / SF$338.98
Days on Market63
Property Features for 607 Professional Drive Unit 4
General Information
Standard status
Active
Size
3,245 SF
Class
B
Property subtype
Multifamily
Zoning
B2
Occupancy
100%
Investment Type
Stabilized
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
2003
Units
4
Tenancy
Multi
Listing Agency:
Starner Commercial Real Estate
(406) 451-8283
Listed By:
Michael Reams · License #MT RRE-BRO-LIC-79158
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 11 at 12:47PM
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 Starner Commercial Real Estate
Investment Insights
Based on property information with market context.
This fully occupied four-unit multifamily property is condominiumized, with all four apartments comprising Unit 4 of the condominium association. The unit mix includes two 2-bedroom/1-bath apartments, one 2-bedroom/2-bath apartment, and one 1-bedroom/1-bath apartment. Each apartment is separately metered and served by city water and sewer, with natural gas forced-air heating, air conditioning, and private in-unit laundry. The building is described as well maintained, with updated carpet and appliances throughout and no known deferred maintenance. Exterior and site improvements include cement board siding, a metal roof, and underground irrigation. Professional property management and association services are in place to support low-maintenance ownership.
Located centrally in the City of Bozeman, the property is on the second floor above ground-floor commercial space. The offering is positioned near Montana State University, shopping, restaurants, and public transportation, providing convenient access to everyday amenities.
For buyers seeking a stabilized residential income asset, the separately metered apartments, in-unit laundry, and mix of unit types can support tenant fit across different household needs. The condominium association’s coverage of lawn care, snow removal, garbage service, and other common area expenses further simplifies ongoing operations for the new owner.
Located centrally in the City of Bozeman, the property is on the second floor above ground-floor commercial space. The offering is positioned near Montana State University, shopping, restaurants, and public transportation, providing convenient access to everyday amenities.
For buyers seeking a stabilized residential income asset, the separately metered apartments, in-unit laundry, and mix of unit types can support tenant fit across different household needs. The condominium association’s coverage of lawn care, snow removal, garbage service, and other common area expenses further simplifies ongoing operations for the new owner.
Key Highlights
- Fully occupied four‑unit multifamily property with a proven history of strong rental performance and stable cash flow
- Unit mix: two 2BD/1BA units, one 2BD/2BA unit, and one 1BD/1BA unit
- Condominiumized building: all four apartments are Unit 4 above ground‑floor commercial space
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
$36,578
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
3.33%
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%
$731,560
$731.6K
Cap Rate 7%
$522,543
$522.5K
Cap Rate 9%
$406,422
$406.4K
Market Conditions
NOI Build-Up for 3,245 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
$55.3K $17.04/SF
− Vacancy
−$3.0K −$0.94/SF
EGI
$52.3K $16.10/SF
− OpEx
−$15.7K −$4.83/SF
NOI
$36.6K $11.27/SF
Area
Gallatin County, MT
Vacancy
5.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$731,560
Cap Rate 7%
$522,543
Cap Rate 9%
$406,422
Alternative Uses
Best Use
Multifamily LT 5
$522.5K
$457.2K – $609.6K
NOI $36,578 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$485.4K
$424.7K – $566.3K
NOI $33,978 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$847.3K
$741.4K – $988.6K
NOI $59,313 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,135
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property offers separately metered apartments with in-unit laundry and city water and sewer service.
Where is this quadplex located?
The property is located at 607 Professional Drive Unit 4 Bozeman, MT.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully occupied four‑unit multifamily property with a proven history of strong rental performance and stable cash flow; Unit mix: two 2BD/1BA units, one 2BD/2BA unit, and one 1BD/1BA unit; Condominiumized building: all four apartments are Unit 4 above ground‑floor commercial space
