Flex Building with Oversized
For Sale
$1,400,000
77 Riverway Road, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size5,124 SF
Lot Size0.91 Acres
Price / SF$273.22
Days on Market211
Property Features for 77 Riverway Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Belgrade
Zoning description
None/Unknown
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Garage
Subdivision
Countryside Estates
Directions
W. on Amsterdam Rd, S. on Countryside Ln, W on Riverway Rd
Standard status
Active
APN
00RFF59863
Size
5,124 SF
Lot size
0.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COUNTRYSIDE ESTATES SUB, S09, T01 S, R04 E, BLOCK 1, LOT C2, ACRES 0.9128, PLAT J-477
Tax Annual Amount
6082
HOA Fee
$300 Quarterly
Legal Description
COUNTRYSIDE ESTATES SUB, S09, T01 S, R04 E, BLOCK 1, LOT C2, ACRES 0.9128, PLAT J-477
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Well
Amenities
kitchen
full bathroom with shower
large conference room with vaulted ceilings
Building Details
Year built
2017
Listing Agency:
Realty One Group Peak
(406) 219-3075
Listed By:
Bert Brandon · License #BRO-11844
(406) 570-9775
Added: Jan 28
Changed: Aug 19
Last Checked: Aug 27 at 1:06AM
MLS# 408252
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.
Built in 2017, this 5,124-square-foot flex property sits on 0.9128 acres and combines office space with enclosed oversized garages. The ground floor includes a reception entry, office, kitchen, and full bathroom with shower. An additional office and large conference room with vaulted ceilings are located upstairs. Three 14-foot automatic overhead doors serve warehouse areas with 16-foot ceilings. Forced-air natural gas heating and central air conditioning are installed.
The property has direct access to Belgrade traffic frontage, with an easy commute to Bozeman and connections to the interstate. The rear portion of the lot provides additional area for storage or expansion. Water is supplied by a well, and the property uses a septic tank system.
The property has direct access to Belgrade traffic frontage, with an easy commute to Bozeman and connections to the interstate. The rear portion of the lot provides additional area for storage or expansion. Water is supplied by a well, and the property uses a septic tank system.
Key Highlights
- 5,124‑square‑foot flex building on 0.9128 acres
- Three 14‑foot automatic overhead doors
- Warehouse areas feature 16‑foot ceilings
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
$75,377
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
5.38%
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%
$1,507,540
$1.5M
Cap Rate 7%
$1,076,814
$1.1M
Cap Rate 9%
$837,522
$837.5K
Market Conditions
NOI Build-Up for 5,124 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
$107.6K $21.00/SF
− Vacancy
−$7.1K −$1.39/SF
EGI
$100.5K $19.61/SF
− OpEx
−$25.1K −$4.90/SF
NOI
$75.4K $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%
$1,507,540
Cap Rate 7%
$1,076,814
Cap Rate 9%
$837,522
Alternative Uses
Best Use
Office B
$1.08M
$942.2K – $1.26M
NOI $75,377 @ 7.0% cap · market cap 5.38%
Second Best
Warehouse
$923.0K
$807.7K – $1.08M
NOI $64,612 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,659 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
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?
Flex space - The building combines office areas with enclosed oversized garage space.
Where is this flex space located?
The property is located at 77 Riverway Road Belgrade, MT.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 5,124‑square‑foot flex building on 0.9128 acres; Three 14‑foot automatic overhead doors; Warehouse areas feature 16‑foot ceilings
