Unzoned Agricultural Land with Two
For Sale
$830,000
86 Austin Drive, Three Forks, MT 59752
Unzoned agricultural land near I-90, improved with two separately operating living units, plus barns and sheds.
Property Size3,024 SF
Lot Size20.00 Acres
Price / SF$274.47
Days on Market144
Property Features for 86 Austin Drive
General Information
Standard status
Active
Size
3,024 SF
Lot size
20.00 Acres
Property subtype
Com Land
Zoning
None/Unknown
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,057
Building Details
Building Size
3,024 SF
Year Built
1998
Listing Agency:
Starner Commercial Real Estate
(952) 567-1263
Listed By:
Chris Eastlund
(952) 567-1263
Source:
Outlaw
Added: Apr 1
Changed: Aug 22
Last Checked: Aug 22 at 3:36AM
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 offering includes an improved agricultural land parcel featuring 3,024 square feet of fully functional living space across two self-contained units. Each unit has its own separate entrance, kitchen, full bath, and laundry, and both are independently operational. The property also includes an equipment barn and a shed. On-site utilities include well water and septic, with propane heat. Additional improvements include a metal roof and a concrete wall foundation.
The property is located outside Three Forks, with access via Two Dog Road and proximity to I-90 (less than two miles off exit 283 at the Logan/Trident interchange). The property has state land bordering one side. The parcel is described as having no zoning and no HOA, and it is noted as having lot split potential.
From an operator or owner-occupant perspective, the dual living setup can support workforce housing or a short-term rental operation while maintaining an agricultural headquarters footprint with the included outbuildings. For buyers focused on the land, the commercial case is centered on the acreage and the stated ability to start with intended use given the absence of zoning restrictions, along with the potential for a future lot split. Annual taxes are listed as $2,057.
The property is located outside Three Forks, with access via Two Dog Road and proximity to I-90 (less than two miles off exit 283 at the Logan/Trident interchange). The property has state land bordering one side. The parcel is described as having no zoning and no HOA, and it is noted as having lot split potential.
From an operator or owner-occupant perspective, the dual living setup can support workforce housing or a short-term rental operation while maintaining an agricultural headquarters footprint with the included outbuildings. For buyers focused on the land, the commercial case is centered on the acreage and the stated ability to start with intended use given the absence of zoning restrictions, along with the potential for a future lot split. Annual taxes are listed as $2,057.
Key Highlights
- 20 acres of unzoned land outside Three Forks with lot split potential
- 3,024 SF improvements with two independently operational living units, each with separate entrance, kitchen, full bath, and laundry
- Well water and septic with propane heat; concrete wall foundation and metal roof
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
$31,664
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
3.81%
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%
$633,280
$633.3K
Cap Rate 7%
$452,343
$452.3K
Cap Rate 9%
$351,822
$351.8K
Market Conditions
NOI Build-Up for 3,024 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
$60.6K $20.04/SF
− Vacancy
−$3.0K −$1.00/SF
EGI
$57.6K $19.04/SF
− OpEx
−$25.9K −$8.57/SF
NOI
$31.7K $10.47/SF
Area
Gallatin County, MT
Vacancy
5.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
45.00%
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%
$633,280
Cap Rate 7%
$452,343
Cap Rate 9%
$351,822
Alternative Uses
Best Use
Apartment 5plus
$452.3K
$395.8K – $527.7K
NOI $31,664 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$789.6K
$690.9K – $921.2K
NOI $55,274 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 59752, MT
4,535
Population
2,101
Households
2.2
Avg Household Size
40
Median Age
26%
College-Educated
97%
High-School Grad
403.7 sq mi
ZIP Area
11
Density / Sq Mi
$82,228
Median Household Income
$46,573
Median Earnings
$1,218
Median Rent
$426,600
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?
Farm - Unzoned agricultural land near I-90, improved with two separately operating living units, plus barns and sheds.
Where is this farm located?
The property is located at 86 Austin Drive Three Forks, MT.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: 20 acres of unzoned land outside Three Forks with lot split potential; 3,024 SF improvements with two independently operational living units, each with separate entrance, kitchen, full bath, and laundry; Well water and septic with propane heat; concrete wall foundation and metal roof
