Flex Space with
For Sale
$415,000
D-211 Jetway Dr, Belgrade, MT 59714
Adaptable shop condominium with office, private bathroom, overhead access, and additional workspace.
Property Size1,759 SF
Price / SF$235.93
Days on Market22
Property Features for D-211 Jetway Dr
General Information
Standard status
Active
Size
1,759 SF
Warehouse & Industrial
Clear Height
17 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$1,701
Listing Agency:
Engel & Volkers - Bozeman
(406) 595-3885
Listed By:
Kari Francisco · License #RRE-RBS-LIC-99175
(406) 595-3885
Source:
Exprealty
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 20 at 9:15AM
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 Engel & Volkers - Bozeman
Investment Insights
Based on property information with market context.
This flex space condominium combines an open shop layout with finished office space, a private bathroom, and an upper mezzanine. The property totals 1,759 square feet and includes a 17-foot ceiling paired with a 14-foot-tall overhead door, accommodating large vehicles, trailers, equipment, automotive lifts, and vertical storage. A separate entry supports convenient movement between the shop and office areas.
The unit is positioned near the airport and Belgrade’s growing commercial corridor. Its combination of substantial vertical clearance, oversized overhead access, dedicated office area, and mezzanine provides a practical configuration for commercial operations or personal warehouse use.
The unit is positioned near the airport and Belgrade’s growing commercial corridor. Its combination of substantial vertical clearance, oversized overhead access, dedicated office area, and mezzanine provides a practical configuration for commercial operations or personal warehouse use.
Key Highlights
- 1,759‑square‑foot flex space condominium
- 17‑foot ceiling height in the main shop area
- 14‑foot‑tall 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
$22,181
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
5.34%
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%
$443,620
$443.6K
Cap Rate 7%
$316,871
$316.9K
Cap Rate 9%
$246,456
$246.5K
Market Conditions
NOI Build-Up for 1,759 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
$26.4K $15.00/SF
− Vacancy
−$290 −$0.17/SF
EGI
$26.1K $14.83/SF
− OpEx
−$3.9K −$2.23/SF
NOI
$22.2K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$443,620
Cap Rate 7%
$316,871
Cap Rate 9%
$246,456
Alternative Uses
Best Use
Warehouse
$316.9K
$277.3K – $369.7K
NOI $22,181 @ 7.0% cap · market cap 5.34%
Second Best
Flex RnD
$305.7K
$267.5K – $356.7K
NOI $21,400 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$459.3K
$401.9K – $535.9K
NOI $32,152 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Well-served
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable shop condominium with office, private bathroom, overhead access, and additional workspace.
Where is this flex space located?
The property is located at D-211 Jetway Dr Belgrade, MT.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 1,759‑square‑foot flex space condominium; 17‑foot ceiling height in the main shop area; 14‑foot‑tall overhead door
