Insulated Warehouse Condo with Overhead
For Sale
$138,600
1127 S 31st St W Unit U-A7, Billings, MT 59102
COMMERCIAL - Billings, MT
Property Size1,100 SF
Price / SF$126
Days on Market319
Property Features for 1127 S 31st St W Unit U-A7
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Light Industrial
Parking features
Parking Lot
Security features
Security
Subdivision
GABEL ROAD COMMERCIAL CENTER S
Directions
Gabel Road, then North on S 31st Street W. Storage facility is at end of road next to SteepWorld.
Standard status
Active
APN
A36966G
Taxes and HOA fees
Tax Description
GABEL ROAD COMMERCIAL CENTER SUBD, S13, T01 S, R25 E, BLOCK 1, Lot 10A1, AMD BLK 1 LTS 7-9, 10A,11A (18) BLDG A UNIT U-A7 1.73% COMMON AREA INTEREST
Tax Annual Amount
1694
Legal Description
GABEL ROAD COMMERCIAL CENTER SUBD, S13, T01 S, R25 E, BLOCK 1, Lot 10A1, AMD BLK 1 LTS 7-9, 10A,11A (18) BLDG A UNIT U-A7 1.73% COMMON AREA INTEREST
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
gated access
24/7 video surveillance
on-site RV dump station
clubhouse
Building Details
Year built
2020
Floors in Building
1
Building materials
Steel
Roof type
Metal
Listing Agency:
Yellowstone Valley RE LLC
(406) 534-2860
Listed By:
Jason Wood · License #RRE-RBS-LIC-71019
(406) 850-2675
Added: Oct 8, 2025
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 355918
Copyright © 2026 Billings Association of Realtors. 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.
Unit U-A7 is an insulated warehouse condominium completed in 2020, with a 22-by-50-foot interior, a 14-foot automatic overhead door, and an opener. The space includes a ceiling-mounted natural gas radiant heater, substantial lighting, and numerous electrical outlets. Owners may customize the interior after purchase. Construction includes steel framing and a metal roof, with public water and public sewer serving the facility.
Property access is gated, with 24/7 video surveillance and a paved parking lot that includes an RV dump station and maneuvering area. The facility clubhouse provides an indoor restroom for owner use. The property is located at 1127 S 31st St W in Billings, near I-90 and within the city.
Property access is gated, with 24/7 video surveillance and a paved parking lot that includes an RV dump station and maneuvering area. The facility clubhouse provides an indoor restroom for owner use. The property is located at 1127 S 31st St W in Billings, near I-90 and within the city.
Key Highlights
- 22‑by‑50‑foot insulated warehouse condominium
- 14‑foot automatic overhead door with opener
- 2020 construction with steel materials 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
$7,186
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
5.18%
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%
$143,720
$143.7K
Cap Rate 7%
$102,657
$102.7K
Cap Rate 9%
$79,844
$79.8K
Market Conditions
NOI Build-Up for 1,100 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
$9.2K $8.40/SF
− Vacancy
−$785 −$0.71/SF
EGI
$8.5K $7.69/SF
− OpEx
−$1.3K −$1.15/SF
NOI
$7.2K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /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%
$143,720
Cap Rate 7%
$102,657
Cap Rate 9%
$79,844
Alternative Uses
Best Use
Warehouse
$102.7K
$89.8K – $119.8K
NOI $7,186 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$240.0K
$210.0K – $280.0K
NOI $16,801 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Elysian Mini Storage — Elysian Rd, Billings, MT 59101
- Put It Here Storage — 3224 Hesper Rd, Billings, MT 59102
- Homestead Self Storage — 3232 Hesper Rd, Billings, MT 59102
- B & N Storage — 1415 S 32nd St W, Billings, MT 59102
- U-Pack — 2630 Gabel Rd, Billings, MT 59102
Frequently Asked Questions
What type of property is this?
Warehouse - Secure, insulated storage warehouse with gated entry, dedicated parking, and access to shared facility amenities.
Where is this warehouse located?
The property is located at 1127 S 31st St W Unit U-A7 Billings, MT.
What is the asking price?
The asking price for this property is $138,600.
What are key features of this property?
This property features: 22‑by‑50‑foot insulated warehouse condominium; 14‑foot automatic overhead door with opener; 2020 construction with steel materials and metal roof
