Two-Story Flex Space with
For Sale
$685,000
1110 Lynn Ave, Billings, MT 59102
Office component spans two levels alongside a dedicated warehouse area with NO-Neighborhood Office zoning.
Property Size6,744 SF
Price / SF$101.57
Days on Market193
Property Features for 1110 Lynn Ave
General Information
Standard status
Active
Size
6,744 SF
Class
C
Property subtype
Other Special Purpose
Zoning
NO-Neighborhood Office
Warehouse & Industrial
Warehouse Space
3,704 SF
Office Build-Out
3,040 SF
Sprinkler System
Yes
Additional Details
Office Units
1
Building Details
Building Size
6,744 SF
Year Built
1979
Buildings
1
Stories
2
Properties For Sale
at 1110 Lynn Ave Contact us- Size
- 6,744 SF
- Lease Type
- Modified Gross
1110 Lynn Ave
- Size
- 1,520 SF
- Lease Type
- Modified Gross
Office 1st Floor
- Size
- 1,520 SF
- Lease Type
- Modified Gross
Office 2nd Floor
- Size
- 3,040 SF
- Lease Type
- Modified Gross
Office Combined
Listing Agency:
NAI Business Properties
(406) 256-5000
Listed By:
Brian McDonald · License #RRE-BRO-LIC-12627
(406) 256-5000
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 6:50PM
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 NAI Business Properties
Investment Insights
Based on property information with market context.
This single-unit flex space combines office and warehouse functions within a 6,744 SF commercial building constructed in 1979. The office portion totals 3,040 SF across two floors, while the 3,704 SF warehouse includes a 14ft overhead door. Off-street parking and a building-wide fire suppression system support the property’s functional layout.
Located at 1110 Lynn Ave in Billings, Montana, the property is zoned NO-Neighborhood Office. Its configuration provides separate office and warehouse areas within one building, with a substantial warehouse component suited to operations requiring enclosed storage or handling space.
Located at 1110 Lynn Ave in Billings, Montana, the property is zoned NO-Neighborhood Office. Its configuration provides separate office and warehouse areas within one building, with a substantial warehouse component suited to operations requiring enclosed storage or handling space.
Key Highlights
- 6,744 SF single‑unit flex space
- 3,040 SF of office space across two floors
- 3,704 SF warehouse with a 14ft overhead door
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
$52,656
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
7.69%
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%
$1,053,120
$1.1M
Cap Rate 7%
$752,229
$752.2K
Cap Rate 9%
$585,067
$585.1K
Market Conditions
NOI Build-Up for 6,744 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
$89.0K $13.20/SF
− Vacancy
−$8.0K −$1.19/SF
EGI
$81.0K $12.01/SF
− OpEx
−$28.4K −$4.20/SF
NOI
$52.7K $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%
$1,053,120
Cap Rate 7%
$752,229
Cap Rate 9%
$585,067
Alternative Uses
Best Use
Office B
$1.06M
$924.1K – $1.23M
NOI $73,928 @ 7.0% cap · market cap 10.79%
Second Best
Flex RnD
$752.2K
$658.2K – $877.6K
NOI $52,656 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,005 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Under-served
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office component spans two levels alongside a dedicated warehouse area with NO-Neighborhood Office zoning.
Where is this flex space located?
The property is located at 1110 Lynn Ave Billings, MT.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 6,744 SF single‑unit flex space; 3,040 SF of office space across two floors; 3,704 SF warehouse with a 14ft overhead door
