Dock-High Warehouse with Retail
For Sale
$1,200,000
1105 1st Avenue N, Billings, MT 59101
CommercialSale, Billings, MT
Property Size12,750 SF
Lot Size0.48 Acres
Price / SF$94.12
Days on Market47
Property Features for 1105 1st Avenue N
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
(06) Downtown
Standard status
Active
APN
D05903
Size
12,750 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
S34, T01 N, R26 E, C.O.S. 1758, PARCEL 1, TR:1 C/S 1758 IN SWNW4 S34, T01 N, R26 E, 73'X 140'N OF 1ST AV N ADJ MOE SEED COON W IN SWSWNW4
Tax Annual Amount
10661
Legal Description
S34, T01 N, R26 E, C.O.S. 1758, PARCEL 1, TR:1 C/S 1758 IN SWNW4 S34, T01 N, R26 E, 73'X 140'N OF 1ST AV N ADJ MOE SEED COON W IN SWSWNW4
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1948
Floors in Building
2
Listing Agency:
U Bar S Real Estate
(406) 652-1151
Listed By:
Carlos Davey · License #14186
(406) 652-1151
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 28 at 6:06AM
MLS# 360612
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 two-building commercial property includes a primary facility at 1105 1st Avenue North with approximately 11,770 square feet of dock-high warehouse space, plus about 2,900 square feet of retail area. The retail portion totals approximately 4,400 square feet and is currently used by the owner, who is willing to work a lease-back arrangement or vacate. The warehouse component is approximately 8,726 square feet.
At 1111 1st Avenue North, there is a 908-square-foot Quonset building currently leased to a bicycle shop for $800 per month. The property is located along 1st Avenue North in a highly visible, high-traffic location with more than 15,000 vehicles passing daily. It is also positioned for convenient access near MetraPark, area universities, hospitals, Interstate 90, and downtown Billings.
The combination of dock-high warehouse space, on-site retail area, and a secondary leased Quonset building supports a range of commercial uses requiring visibility and convenient interstate access.
At 1111 1st Avenue North, there is a 908-square-foot Quonset building currently leased to a bicycle shop for $800 per month. The property is located along 1st Avenue North in a highly visible, high-traffic location with more than 15,000 vehicles passing daily. It is also positioned for convenient access near MetraPark, area universities, hospitals, Interstate 90, and downtown Billings.
The combination of dock-high warehouse space, on-site retail area, and a secondary leased Quonset building supports a range of commercial uses requiring visibility and convenient interstate access.
Key Highlights
- Two‑building commercial property on 1st Avenue North with dock‑high warehouse space and a leased Quonset building
- 1105 1st Avenue North: approx. 11,770 SF total with 2,900 SF retail and 8,726 SF warehouse
- 1105 1st Avenue North: approx. 4,400 SF retail area currently used by owner (lease back available or can be vacated)
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
$99,549
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
8.30%
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%
$1,990,980
$2.0M
Cap Rate 7%
$1,422,129
$1.4M
Cap Rate 9%
$1,106,100
$1.1M
Market Conditions
NOI Build-Up for 12,750 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
$168.3K $13.20/SF
− Vacancy
−$15.1K −$1.19/SF
EGI
$153.2K $12.01/SF
− OpEx
−$53.6K −$4.20/SF
NOI
$99.5K $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%
$1,990,980
Cap Rate 7%
$1,422,129
Cap Rate 9%
$1,106,100
Alternative Uses
Best Use
Flex RnD
$1.42M
$1.24M – $1.66M
NOI $99,549 @ 7.0% cap · market cap 8.30%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,297 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$2.78M
$2.43M – $3.25M
NOI $194,738 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
431
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 - Two-building property with dock-high warehouse space and dedicated retail area along a high-traffic corridor.
Where is this flex space located?
The property is located at 1105 1st Avenue N Billings, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two‑building commercial property on 1st Avenue North with dock‑high warehouse space and a leased Quonset building; 1105 1st Avenue North: approx. 11,770 SF total with 2,900 SF retail and 8,726 SF warehouse; 1105 1st Avenue North: approx. 4,400 SF retail area currently used by owner (lease back available or can be vacated)
