New Flex Space with Overhead
For Sale
$421,875
9442 Sanctuary Estates #10 Drive, Billings, MT 59101
Billings, MT
Property Size3,125 SF
Price / SF$135
Days on Market11
Property Features for 9442 Sanctuary Estates #10 Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Abc Shop Condos 24
Standard status
Active
Size
3,125 SF
Amenities
Pickleball courts
Building Details
Year built
2023
Listing Agency:
Engel & Volkers Billings · Engel & Völkers
(406) 206-0192
Listed By:
Callen Kleinhenz · License #RRE-RBS-LIC-127073
(406) 425-8147
Added: Sep 17
Last Checked: Sep 27 at 11:06AM
MLS# 361938
Copyright © 2026 Engel & Völkers. 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.
Completed in 2023, this 3,125-square-foot flex property combines insulated construction with three 14-foot by 14-foot overhead doors. The building includes a GFA heater and a private ADA bathroom, providing a functional setup for an owner-user or an investor seeking industrial space.
Sanctuary Estates is situated between Billings and Laurel, with access to both communities. The property also includes two pickleball courts. Association services cover property insurance, water, sewer, garbage, snow removal, landscaping, and management, supporting straightforward ongoing operations.
Sanctuary Estates is situated between Billings and Laurel, with access to both communities. The property also includes two pickleball courts. Association services cover property insurance, water, sewer, garbage, snow removal, landscaping, and management, supporting straightforward ongoing operations.
Key Highlights
- 3,125 SF flex space completed in 2023
- Three 14' x 14' overhead doors
- Fully insulated building with GFA heater
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
$24,399
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
5.78%
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%
$487,980
$488.0K
Cap Rate 7%
$348,557
$348.6K
Cap Rate 9%
$271,100
$271.1K
Market Conditions
NOI Build-Up for 3,125 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
$41.3K $13.20/SF
− Vacancy
−$3.7K −$1.19/SF
EGI
$37.5K $12.01/SF
− OpEx
−$13.1K −$4.20/SF
NOI
$24.4K $7.81/SF
Area
Billings, MT
Vacancy
9.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$487,980
Cap Rate 7%
$348,557
Cap Rate 9%
$271,100
Alternative Uses
Best Use
Flex RnD
$348.6K
$305.0K – $406.7K
NOI $24,399 @ 7.0% cap · market cap 5.78%
Second Best
Warehouse
$291.7K
$255.2K – $340.3K
NOI $20,416 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$681.9K
$596.6K – $795.5K
NOI $47,730 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly built flex space offers insulated construction, overhead-door access, and a private ADA bathroom.
Where is this flex space located?
The property is located at 9442 Sanctuary Estates #10 Drive Billings, MT.
What is the asking price?
The asking price for this property is $421,875.
What are key features of this property?
This property features: 3,125 SF flex space completed in 2023; Three 14' x 14' overhead doors; Fully insulated building with GFA heater
