Mixed-Use Development Opportunity in
For Sale
$1,900,000
100 W Wicks, Billings, MT 59105
SINGLE_FAMILY - Billings, MT
Property Size6,156 SF
Lot Size2.44 Acres
Price / SF$308.64
Days on Market202
Property Features for 100 W Wicks
General Information
Property type
Residential
Property subtype
Office
Zoning description
Neighborhood Office-Residential
Security features
Security
Interior features
Storage
Subdivision
Golden View Subd
Standard status
Active
APN
A20904
Size
6,156 SF
Lot size
2.44 Acres
Taxes and HOA fees
Tax Description
Golden View Subd, S21, T01 N, R26 E, BLOCK 1, Lot 15A
Tax Annual Amount
4240
Legal Description
Golden View Subd, S21, T01 N, R26 E, BLOCK 1, Lot 15A
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Roof type
Flat
Additional Structures
Storage
Listing Agency:
Tara Wolf Realty, LLC
(406) 698-1849
Listed By:
Tara Wolf · License #RRE-BRO-LIC-14538
(406) 698-1849
Added: Jan 21
Changed: May 14
Last Checked: Aug 11 at 9:06PM
MLS# 357150
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.
This commercial property in Billings, MT, presents a mixed-use development opportunity. Zoned Residential Mixed Use, the site spans 106,286 square feet (2.44 acres), offering room for expansion and future development. The existing 6,156 square foot building, previously a medical facility, offers flexibility for adaptive reuse. It can be renovated, expanded, or reconfigured to accommodate multiple businesses. The remainder of the lot allows for up to 75% build-out, creating development upside. Each structure may include up to five units, making it ideal for a mixed-use concept with commercial space on the ground floor and residential apartments above. Wicks Lane now serves as a direct thoroughfare to the West End via Skyway Drive, offering access to Zimmerman Trail.
Key Highlights
- Prime mixed‑use development opportunity with direct thoroughfare access to the West End.
- Large 106,286 square foot lot zoned Residential Mixed Use, allowing for significant expansion.
- Existing 6,156 square foot building, previously a medical facility, suitable for adaptive reuse.
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
$67,482
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
3.55%
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%
$1,349,640
$1.3M
Cap Rate 7%
$964,029
$964.0K
Cap Rate 9%
$749,800
$749.8K
Market Conditions
NOI Build-Up for 6,156 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
$107.1K $17.40/SF
− Vacancy
−$17.1K −$2.78/SF
EGI
$90.0K $14.62/SF
− OpEx
−$22.5K −$3.65/SF
NOI
$67.5K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,349,640
Cap Rate 7%
$964,029
Cap Rate 9%
$749,800
Alternative Uses
Best Use
Office B
$964.0K
$843.5K – $1.12M
NOI $67,482 @ 7.0% cap · market cap 3.55%
Second Best
Healthcare Medical
$947.3K
$828.9K – $1.11M
NOI $66,308 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,024 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime commercial property with development potential in a growing area.
Where is this mixed-use property located?
The property is located at 100 W Wicks Billings, MT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Prime mixed‑use development opportunity with direct thoroughfare access to the West End.; Large 106,286 square foot lot zoned Residential Mixed Use, allowing for significant expansion.; Existing 6,156 square foot building, previously a medical facility, suitable for adaptive reuse.
