Warehouse Property with Fenced
For Sale
$450,000
1045 Central Avenue, Billings, MT 59102
Multi-unit commercial property with heavy commercial zoning and secured outdoor space for machinery or vehicle parking.
Property Size2,417 SF
Days on Market129
Property Features for 1045 Central Avenue
General Information
Standard status
Active
Size
2,417 SF
Property subtype
Warehouse
Taxes and HOA fees
Annual Taxes
$4,325
Building Details
Building Size
2,417 SF
Year Built
1943
Listing Agency:
Real Estate Hub LLLP
Listed By:
Laura Scheetz · License #RRE-BRO-LIC-11390
(406) 591-5556
Source:
Rehubbillings
Added: May 22
Changed: Sep 5
Last Checked: Sep 26 at 3:33AM
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 Real Estate Hub LLLP
Investment Insights
Based on property information with market context.
The offering includes 1045 Central Ave and 1045 1/2 Central Ave, with multiple functional areas across the property. The front unit measures 2,417 sq ft including attic space, while the garage/shop contains approximately 1,070sq ft excluding attic space. A separate back unit adds approximately 1,084 sq ft.
Heavy commercial zoning supports the property’s existing commercial use. The site also includes a fenced outdoor area suited to parking machinery and vehicles. Built in 1943, the property provides a combination of enclosed commercial space, shop functionality, and secured exterior storage across the two Central Avenue addresses.
Heavy commercial zoning supports the property’s existing commercial use. The site also includes a fenced outdoor area suited to parking machinery and vehicles. Built in 1943, the property provides a combination of enclosed commercial space, shop functionality, and secured exterior storage across the two Central Avenue addresses.
Key Highlights
- 2,417 sq ft front unit, including attic space
- Approximately 1,070sq ft garage/shop, excluding attic space
- Approximately 1,084 sq ft back unit
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
$15,791
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
3.51%
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%
$315,820
$315.8K
Cap Rate 7%
$225,586
$225.6K
Cap Rate 9%
$175,456
$175.5K
Market Conditions
NOI Build-Up for 2,417 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
$20.3K $8.40/SF
− Vacancy
−$1.7K −$0.71/SF
EGI
$18.6K $7.69/SF
− OpEx
−$2.8K −$1.15/SF
NOI
$15.8K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$315,820
Cap Rate 7%
$225,586
Cap Rate 9%
$175,456
Alternative Uses
Best Use
Warehouse
$225.6K
$197.4K – $263.2K
NOI $15,791 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$527.4K
$461.5K – $615.3K
NOI $36,916 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
- Mini Storage by M. Ensign Enterprise — 343 S Plainview St, Billings, MT 59101
- Midtown Storage — 205 Prickett Ln, Billings, MT 59101
- Lock and Roll Storage — 224 Prickett Ln, Billings, MT 59101
- Blue Sky Self Storage - Billings — 4740 Underpass Ave, Billings, MT 59101
- Al's Auto & RV Storage — 1221 terry ave, billings, mt 59102
Frequently Asked Questions
What type of property is this?
Warehouse - Multi-unit commercial property with heavy commercial zoning and secured outdoor space for machinery or vehicle parking.
Where is this warehouse located?
The property is located at 1045 Central Avenue Billings, MT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,417 sq ft front unit, including attic space; Approximately 1,070sq ft garage/shop, excluding attic space; Approximately 1,084 sq ft back unit
