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    Lockwood Mixed-Use Cannabis Opportunity Title is generated by Realmo AI

    1419 Old Hardin Road, Billings, MT 59101

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    Claim this Listing
    For Sale
    Under Contract
    $769,900

    SINGLE_FAMILY - Billings, MT

    Type:Retail
    Property size:
    4,200 SF
    Price / SF:
    $183/SF
    Added:
    Apr 14, 2026
    Days on Market:
    38
    Last Refresh:
    May 21 at 3:06 pm

    Property Features for 1419 Old Hardin Road

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active Under Contract
    APN
    D05473A
    Size
    4,200 SF

    Taxes and HOA fees

    Tax Description
    S26, T01 N, R26 E, C.O.S. 3529, PARCEL 1, (14)
    Tax Annual Amount
    3489

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Propane (Heating)
    Cooling system
    Ductless
    Water source
    Public

    Building Details

    Year built
    2003
    Floors in Building
    2

    We can help!

    Listing Contact
    Truthe West

    Listing agent Truthe West License #RRE-BRO-LIC-127028

    Listing office Keller Williams Yellowstone Properties 80 25th St. W Ste. 1, Billings, MT

    Listing date Apr 14, 2026

    MLS# 358432

    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.

    HighLights

    • Approved for cannabis retail and manufacturing with heavy commercial zoning
    • High‑visibility location at a 4‑way stop off the interstate
    • Mixed‑use property with commercial space and a 3‑bedroom, 2‑bath apartment
    • Potential for owner‑occupancy or rental income from the apartment
    • Key mechanical upgrades already completed and up to code
    • Built in 2003

    Overview

    This mixed-use property is located in Lockwood, MT, and is zoned for heavy commercial use. It is legally approved for cannabis retail and manufacturing. The property is ideally situated just off the interstate, backing directly to it, and offers strong visibility and access at the 4-way stop at US Hwy 87 E and Old Hardin Road. The property has a total size of 4200 square feet. The main level is suitable for various commercial uses. The upper level features a 3-bedroom, 2-bath apartment, suitable for owner-occupancy or rental income. Key mechanical upgrades have already been completed. Cosmetic improvements may be desired. This property presents an opportunity to invest, operate, and grow in a high-demand, high-exposure location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    MariMint-Lockwood (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Building Supply Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom Bar & Pub Auto Repair Shop Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.448874
    Latitude
    45.798964

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in Lockwood, MT, approved for cannabis retail/manufacturing.
    Where is this mixed-use property located?
    The property is located at 1419 Old Hardin Road Billings, MT.
    What is the asking price?
    The asking price for this property is $769,900.
    What are key features of this property?
    This property features: Approved for cannabis retail and manufacturing with heavy commercial zoning; High‑visibility location at a 4‑way stop off the interstate; Mixed‑use property with commercial space and a 3‑bedroom, 2‑bath apartment
    (406) 200-4182
    We can help!
    Listing Contact
    Truthe West
    Real Estate License ID: RRE-BRO-LIC-127028
    Learn More
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    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.

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