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    3701 S 56Th St W Billings, MT 59101

    Sponsored
    For Sale
    $545,000

    SINGLE_FAMILY - Billings, MT

    Type:Office
    Property size:
    3,850 SF
    Lot size:
    0.07 Acres
    Days on Market:
    264
    Last Refresh:
    Jan 24 at 6:06 pm

    Property Features for 3701 S 56Th St W

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    APN
    D01077E
    Parking
    2
    Size
    3,850 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Expense value
    3650
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Forced Air, Natural Gas, Radiant
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    2012
    Floors in Building
    2
    Building materials
    CementSiding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Carey Chapman

    RE/MAX Of Billings (406) 896-2200

    Listing agent Carey Chapman (406) 661-5300 License #RRE-BRO-LIC-13332

    Listing date May 6, 2025

    MLS# 351891

    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.

    Learn more

    Property Insight Report

    Overview

    Live-Work Space with Income Potential

    This property offers a live-work space with additional income potential, featuring two apartments or office spaces. There are a total of three bathrooms. The upper unit includes a one-bedroom apartment with a large kitchen, laundry facilities, a full bath, a pantry, and is equipped with GFA and central cooling. The lower level provides a shop and office space, which could also serve as an additional apartment, and features radiant floor heat. The shop includes two 14-foot overhead doors, 18-foot sidewalls, a bathroom, and ample workspace. The shop measures 40 feet deep and approximately 50 feet wide, and is fully finished with sheetrock, taped, textured, and painted. The unit 5 apartments currently rent for $1900. The property is located in Billings, MT. The property size is 3,850 square feet, situated on a lot of 0.069 acres. The shop tenant operates on a month-to-month lease and has been helpful in maintaining the property. The property is suitable for mixed-use, residential income, or office purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hertz Plumbing & Heating ... Hvac Contractor Enlighten Dispensary Cannabis Store 406 Chic Photography Photographer

    Suggested Use

    Realty agency Building Supply Wholesale Shop Auto Repair Shop Hotel & Motel Auto Parts Store Department Store Kitchen & Bath HVAC Service Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.657376
    Latitude
    45.702408

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    FAQs

    What type of property is this?
    Live-work space - Versatile property: live, work, and generate income.
    Where is this live-work space located?
    The property is located at 3701 S 56Th St W Billings, MT.
    What is the asking price?
    The asking price for this property is $545,000.
    What are key features of this property?
    This property features: - Live/work space offers income potential from two apartments or office spaces.; - Shop boasts two 14ft overhead doors, 18ft sidewalls, bathroom, and ample workspace (40ft deep x 50ft wide).; - Upper unit features a 1-bedroom apartment with large kitchen, laundry, full bath, pantry, GFA, and central cooling.
    (406) 661-5300
    Request Owner's contact information
    3701 S 56Th St W Billings, MT 59101
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    Billings, MT 59101
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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.

    More about this property
    3701 S 56Th St W Billings, MT 59101
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    We can help!
    Listing Contact
    Carey Chapman
    Real Estate License ID: RRE-BRO-LIC-13332
    (406) 661-5300
    Learn more
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