Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Rural Homesite with Mountain Views Title is generated by Realmo AI

    Penwell Bridge Farm lot 2, Belgrade, MT 59714

    View on Map
    Claim this Listing
    New
    For Sale
    $664,000

    LAND - Belgrade, MT

    Lot size:
    2.50 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for Penwell Bridge Farm lot 2

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    2.50 Acres

    Taxes and HOA fees

    Tax Year
    20
    Tax Description
    Lot 2 Penwell Bridge Farm

    We can help!

    Listing Contact
    Sarah Day
    Sarah Day

    Listing agent Sarah Day License #RBS-62549

    Listing office Berkshire Hathaway - Bozeman 2001 Stadium Drive, Bozeman, MT

    Listing date Jun 1, 2026

    MLS# 411609 Listing URL

    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.

    HighLights

    • 2.5–3.5 acre parcels at Penwell Bridge Farm, with expansive views of the Gallatin Valley
    • Adjacent to Amaltheia Organic Dairy, including CSA pick‑up and seasonal U‑pick flowers next door
    • Views to the east of the Bridger Mountains and surrounding farmland/open skies to the west
    • Light covenants allow multiple dwellings on the property
    • Rental opportunities permitted for stays of seven days or longer
    • Just minutes from Bozeman for access to dining, shopping, and recreation

    Overview

    Penwell Bridge Farm offers rural homesites in the Gallatin Valley, with an expansive setting designed for custom building. The property includes a 2.5-acre parcel with the kind of open views that help define the feel of Montana living. Light covenants allow for multiple dwellings, and rental opportunities are permitted for stays of seven days or longer, giving owners flexibility beyond a single primary residence.

    The parcel is positioned beside the renowned Amaltheia Organic Dairy, placing you in close proximity to the farm’s CSA pickup and seasonal U-Pick flowers. Scenic surroundings include farmland and open skies, with the Bridger Mountains rising to the east and the west framed by wide rural outlooks. The offering is also described as just minutes from Bozeman, supporting convenient access to dining, shopping, and recreation while still providing a quieter country retreat.

    This is a strong fit for buyers who want space to build and plan for more than one living unit, including the option to support longer-term rentals. Whether your goal is a single custom home or a small residential setup within the covenant guidelines, the combination of rural privacy, permitted flexibility, and nearby farm amenities makes the site compelling for steady owner-occupant use or investment-oriented planning.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Belgrade
    County
    Gallatin
    State
    Montana
    Longitude
    -111.054
    Latitude
    45.99

    Nearby Similar for Sale

    • $2,500,000
      2,415 SF

      New Belgrade Live/Work 4-Plex

      Luxury 3 bed/3 bath live/work space with shop.
      204 Fletching, Belgrade, MT 59714
      View Details
    • $1,295,000
      3,500 SF

      Belgrade Land with Shop

      6.79 acre Belgrade property with shop and mountain views.
      5155 Clearview Road, Belgrade, MT 59714
      View Details
    • $699,000

      Versatile Belgrade Property Near Downtown

      Multi-family property near downtown Belgrade with rental income potential.
      91 Stiles, Belgrade, MT 59714
      View Details
    • $699,000

      Versatile Belgrade Multi-Family Property

      Multi-family property near downtown Belgrade with rental income potential.
      91 Stiles, Belgrade, MT 59714
      View Details
    • $850,000

      Spacious Duplex in Belgrade, MT

      Duplex with 9 bedrooms, large yard, and two-car garage.
      302 10th, Belgrade, MT 59714
      View Details
    • $899,000

      Belgrade Multifamily Investment Opportunity

      Four units, remodeled options, great income potential in Belgrade.
      206 S Davis, Belgrade, MT 59714
      View Details
    • $4,299,000
      571 SF

      Montana Hunting Property with Cabin

      654-acre ranch near Bozeman with diverse terrain and cabin.
      1847 Maudlow Road, Belgrade, MT 59714
      View Details
    • $1,395,000

      Commercial Land Near I-90

      2.21 acre commercial lot in West Post Subdivision.
      Alaska Frontage Road, Belgrade, MT 59714
      View Details
    • $799,900

      Belgrade Commercial Land I-90 Access

      1.52-acre commercial parcel with I-90 access in Belgrade, MT.
      Monica Court, Belgrade, MT 59714
      View Details
    • $3,250,000

      Belgrade Property with Two Residences

      29.87-acre property featuring two residences and equestrian facilities.
      477 Reese Creek Road, Belgrade, MT 59714
      View Details
    • $4,800,000

      Ross Creek Meadow Land

      49.57 acres of meadow land on Ross Creek.
      Springhill Community Road, Belgrade, MT 59714
      View Details
    • $1,500,000

      Montana Land with Mountain Views

      59+ acres with live water and mountain views near Bozeman.
      Pheasant Ridge Lane, Belgrade, MT 59714
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Build in the Gallatin Valley near an organic dairy, with covenants allowing multiple dwellings and longer-term rentals.
    Where is this residential land & home lot located?
    The property is located at Penwell Bridge Farm lot 2 Belgrade, MT.
    What is the asking price?
    The asking price for this property is $664,000.
    What are key features of this property?
    This property features: 2.5–3.5 acre parcels at Penwell Bridge Farm, with expansive views of the Gallatin Valley; Adjacent to Amaltheia Organic Dairy, including CSA pick‑up and seasonal U‑pick flowers next door; Views to the east of the Bridger Mountains and surrounding farmland/open skies to the west
    (406) 580-9066
    We can help!
    Listing Contact
    Sarah Day
    Sarah Day
    Real Estate License ID: RBS-62549
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Penwell Bridge Farm lot: 2, Belgrade, MT 59714
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!