81211 & 81213 Gallatin Road

Listing Status: For Sale

MLS #: 409918

Asking Price: $10518000

Building SqFt: 33400

Unit SqFt: 334400

Commercial Lot Size: 2.77

Zoning/Use: B-2 / M1

81211–81213 Gallatin Road
Bozeman, Montana 59718

$10,918,000.

7.25% Cap Rate

Commercial Income Property with Development Upside

Located less than one mile south of the Four Corners intersection along the west side of US Highway 191, this 33,400-square-foot commercial property offers stabilized income, long-term tenancy, and meaningful upside through future development. The property consists of five condominium units situated on 2.777 acres across two parcels—one improved and one vacant—providing a rare combination of current cash flow and entitled expansion potential in one of Bozeman’s strongest commercial corridors.

The asset features approximately 337 feet of frontage on US-191 South, a high-traffic arterial serving Bozeman and the Gallatin Valley. The surrounding market is characterized by sub-3% commercial vacancy, reinforcing the property’s strong leasing fundamentals and long-term demand.

Property Overview

Address: 81211 & 81213 Gallatin Road, Bozeman, MT 59718
Property Type: Commercial — Retail, Showroom & Warehouse
Total Building Size: 33,400 SF (five condo units)
Land Area: 2.777 acres (two parcels)
Frontage: 337 feet on US Highway 191 South
Occupancy: 100% leased

Tenant Mix & Income Profile

The property is fully leased to a diverse mix of retail, showroom, storage, and warehouse users under staggered 3- to 5-year lease terms with renewal options. Warehouse tenants operate under NNN lease structures with operating expenses passed through via CAM charges, supporting durable net income.

Annual Gross Scheduled Revenue: $708,561
Tenant composition by revenue: Warehouse (North & South) 65.3%; Retail (Suites A–E) 31.8%; Storage 2.9%

The anchor tenant, Earth Elements LLC, occupies the North Warehouse and represents approximately 47% of total revenue under a five-year lease with two additional five-year renewal options, offering potential tenancy through December 2040. The owner, TS Four, LLC, occupies the South Warehouse under a three-year leaseback with terms negotiable at closing.

Operating Performance

CY2025 Operating Expenses: $57,420 (insurance carried at the ownership entity level; NNN tenants reimburse pro-rata expenses via CAM)
Net Operating Income (NOI): $650,561

Historical operations reflect stable performance, with leases renegotiated and reset to market rates effective January 2026. Pro-forma income reflects fully executed leases currently in place.

Development Upside

The second parcel is entitled for an additional 11,518-square-foot building, offering immediate development potential along highly visible US-191 frontage. The site is currently vacant and development-ready, subject to verification of current permits and entitlements.

Investment Highlights

100% leased with diversified tenant base
Strong anchor tenant with long-term renewal options
NNN warehouse leases provide expense pass-through via CAM
No property-level mortgage (property currently secures a TS Four LLC line of credit to be addressed at closing)
Entitled vacant land for future development (11,518 SF Building #2)
Prime US-191 frontage less than one mile from Four Corners

Located in a sub-3% vacancy Bozeman commercial market

Cap Rate 7.25% Building + 11,518 SqFt Development parcel.

Evan McCaw  406-581-2213