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    Billings Flex Warehouse Investment Title is generated by Realmo AI

    6508-6512 Wagon Trail, Billings, MT 59106

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    Claim this Listing
    For Sale
    $2,300,000

    SINGLE_FAMILY - Billings, MT

    Type:Office
    Property size:
    16,800 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $136/SF
    Added:
    Jul 22, 2025
    Days on Market:
    319
    Last Refresh:
    Jun 5 at 11:06 am

    Property Features for 6508-6512 Wagon Trail

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    APN
    C16599
    Size
    16,800 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Description
    WEST KING COMMERCIAL PARK SUB (11), S07, T01 S, R25 E, BLOCK 2, Lot 12 and Lot 13
    Tax Annual Amount
    14398

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Natural Gas

    Building Details

    Year built
    2016
    Floors in Building
    1

    We can help!

    Listing Contact
    Carlos Davey

    Listing agent Carlos Davey License #14186

    Listing office U Bar S Real Estate 2020 Grand Avenue Ste 6, Billings, MT

    Listing date Jul 22, 2025

    MLS# 347756

    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

    • High‑Return Investment: 5% cap rate offers a strong return.
    • Two 8,400 Sq Ft Flex Warehouse Buildings: Providing ample space and versatility.
    • Strategic Location: Excellent visibility and accessibility in a thriving commercial area of Billings.
    • Versatile Commercial Use: Suitable for a variety of businesses.
    • Multiple Access Points: Each building features 3 overhead doors (12X14) and 3 man doors.
    • Modern Construction: Built in 2016 with pre‑engineered steel.

    Overview

    Located in a commercial area of Billings, this property features two buildings situated on two lots. Each building contains three units, each equipped with bathrooms. The property is suitable for a variety of commercial uses. Each building has 8,400 square feet, for a total of 16,800 square feet on approximately 1 acre. Construction is pre-engineered steel, with each building featuring three overhead doors (12x14) and three man doors. Ceiling height is 16 feet. The property includes cistern and septic tanks. The property offers a 5% cap rate.

    Local Financial Insights For Flex RnD

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $221.8k $13.20
    − Vacancy −$20.0k −$1.19
    EGI $201.8k $12.01
    − OpEx −$70.6k −$4.20
    NOI $131.2k $7.81
    16,800 SF · lease $13.20/SF/yr · vacancy 9.00% · expense 35.00%

    Alternative Uses

    Best Use
    Flex RnD
    $1.87M
    $1.64M – $2.19M (±1% cap)
    NOI $131,171 @ 7.0% cap · market cap 5.70%
    Second Best
    Warehouse
    $1.57M
    $1.37M – $1.83M (±1% cap)
    NOI $109,756 @ 7.0% cap · market cap 4.77%
    Theoretical Best
    Office A
    $3.67M
    $3.21M – $4.28M (±1% cap)
    NOI $256,596 @ 7.0% cap · market cap 11.16%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.684565
    Latitude
    45.755569

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    FAQs

    What type of property is this?
    Warehouse - Two flex warehouse buildings in Billings, MT, for sale.
    Where is this warehouse located?
    The property is located at 6508-6512 Wagon Trail Billings, MT.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: High‑Return Investment: 5% cap rate offers a strong return.; Two 8,400 Sq Ft Flex Warehouse Buildings: Providing ample space and versatility.; Strategic Location: Excellent visibility and accessibility in a thriving commercial area of Billings.
    (406) 652-1151
    We can help!
    Listing Contact
    Carlos Davey
    Real Estate License ID: 14186
    Request Owner's contact information
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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
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