Adaptive Reuse Medical Office
For Sale
$1,900,000
100 W Wicks, Billings, MT 59105
A residential mixed-use zoned site with an existing medical facility suited for renovation and reconfiguration.
Property Size6,156 SF
Lot Size2.44 Acres
Price / SF$308.64
Days on Market212
Property Features for 100 W Wicks
General Information
Standard status
Active
Size
6,156 SF
Lot size
2.44 Acres
Property subtype
Office
Zoning
Residential Mixed Use
Taxes and HOA fees
Annual Taxes
$4,240
Building Details
Building Size
6,156 SF
Year Built
1979
Listing Agency:
Tara Wolf Realty, LLC
(406) 698-1849
Listed By:
Tara Wolf · License #RRE-BRO-LIC-14538
(406) 698-1849
Source:
Rehubbillings
Added: Jan 11
Changed: Aug 8
Last Checked: Aug 11 at 4:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tara Wolf Realty, LLC
Investment Insights
Based on property information with market context.
The property includes an existing 6,156-square-foot building that was previously utilized as a medical facility, along with the remaining lot that can support additional development. The building can be renovated, expanded, or reconfigured to accommodate multiple businesses, and the site is described as having potential for up to 75% build-out. The development concept also contemplates up to five units per structure, supporting a mixed-use approach with commercial space on the ground floor and residential apartments above.
The site is positioned with Wicks Lane now serving as a direct thoroughfare to the West End via Skyway Drive, providing access to Zimmerman Trail. Zoned Residential Mixed Use, the property is presented as a development opportunity for an operator seeking flexibility in how the existing building and additional space are utilized.
For tenants, this asset offers a practical platform for healthcare-related or other commercial uses within an adaptable existing structure, with the possibility to combine street-facing business space with residential development on-site. For buyers and developers, the combination of a usable medical facility and a lot capable of substantial build-out may support a phased redevelopment strategy, subject to applicable approvals and final design requirements.
The site is positioned with Wicks Lane now serving as a direct thoroughfare to the West End via Skyway Drive, providing access to Zimmerman Trail. Zoned Residential Mixed Use, the property is presented as a development opportunity for an operator seeking flexibility in how the existing building and additional space are utilized.
For tenants, this asset offers a practical platform for healthcare-related or other commercial uses within an adaptable existing structure, with the possibility to combine street-facing business space with residential development on-site. For buyers and developers, the combination of a usable medical facility and a lot capable of substantial build-out may support a phased redevelopment strategy, subject to applicable approvals and final design requirements.
Key Highlights
- Zoned Residential Mixed Use mixed‑use development site with existing medical facility building (6,156 SF) built in 1979
- Lot size is 106,286 SF with potential for up to 75% build‑out on the remainder of the property
- Existing 6,156 SF building previously used as a medical facility, offering flexibility for renovation, expansion, or reconfiguration
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
$66,308
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
3.49%
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%
$1,326,160
$1.3M
Cap Rate 7%
$947,257
$947.3K
Cap Rate 9%
$736,756
$736.8K
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
$118.2K $19.20/SF
− Vacancy
−$7.7K −$1.25/SF
EGI
$110.5K $17.95/SF
− OpEx
−$44.2K −$7.18/SF
NOI
$66.3K $10.77/SF
Area
Billings, MT
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,326,160
Cap Rate 7%
$947,257
Cap Rate 9%
$736,756
Alternative Uses
Best Use
Healthcare Medical
$947.3K
$828.9K – $1.11M
NOI $66,308 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - A residential mixed-use zoned site with an existing medical facility suited for renovation and reconfiguration.
Where is this medical center 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: Zoned Residential Mixed Use mixed‑use development site with existing medical facility building (6,156 SF) built in 1979; Lot size is 106,286 SF with potential for up to 75% build‑out on the remainder of the property; Existing 6,156 SF building previously used as a medical facility, offering flexibility for renovation, expansion, or reconfiguration
