Insulated Self-Storage Condo with Overhead
For Sale
$138,600
1127 S 31st St W Unit U-D6, Billings, MT 59105
COMMERCIAL - Billings, MT
Property Size1,100 SF
Price / SF$126
Days on Market319
Property Features for 1127 S 31st St W Unit U-D6
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Light Industrial
Parking features
Parking Lot
Security features
Security
Subdivision
GABEL ROAD COMMERCIAL CENTER S
Directions
Gabel Road, then North on S 31st Street W. Storage facility is at end of road next to SteepWorld.
Standard status
Active
APN
A36967G
Taxes and HOA fees
Tax Description
GABEL ROAD COMMERCIAL CENTER SUBD, S13, T01 S, R25 E, BLOCK 1, Lot 10A1, AMD BLK 1 LTS 7-9, 10A,11A (18) BLDG D UNIT U-D6 1.73% COMMON AREA INTEREST
Tax Annual Amount
1670
Legal Description
GABEL ROAD COMMERCIAL CENTER SUBD, S13, T01 S, R25 E, BLOCK 1, Lot 10A1, AMD BLK 1 LTS 7-9, 10A,11A (18) BLDG D UNIT U-D6 1.73% COMMON AREA INTEREST
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
gated access
24/7 video surveillance
on-site RV dump station
indoor restroom
Building Details
Year built
2020
Floors in Building
1
Building materials
Steel
Roof type
Metal
Listing Agency:
Yellowstone Valley RE LLC
(406) 534-2860
Listed By:
Jason Wood · License #RRE-RBS-LIC-71019
(406) 850-2675
Added: Oct 8, 2025
Changed: Aug 19
Last Checked: Aug 22 at 3:06AM
MLS# 355924
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.
Unit U-D6 is a steel self-storage condominium completed in 2020, with an insulated 22' x 50' interior and a 14' automatic overhead door with opener. The unit includes a ceiling-mounted natural-gas radiant heater, substantial lighting, and abundant electrical outlets. Owners also have access to an indoor restroom in the facility clubhouse.
The property includes gated entry, 24/7 video surveillance, an on-site RV dump station, and a large paved parking lot with room for maneuvering. Exterior improvements include a metal roof, public water, and public sewer. Located at 1127 S 31st St W in Billings, the facility is minutes from I-90 and within the city.
The property includes gated entry, 24/7 video surveillance, an on-site RV dump station, and a large paved parking lot with room for maneuvering. Exterior improvements include a metal roof, public water, and public sewer. Located at 1127 S 31st St W in Billings, the facility is minutes from I-90 and within the city.
Key Highlights
- 22' x 50' insulated storage unit with 14' automatic overhead door
- Gated facility with 24/7 video surveillance
- Ceiling‑mounted natural‑gas radiant heater, lighting, and abundant outlets
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
$9,023
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
6.51%
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%
$180,460
$180.5K
Cap Rate 7%
$128,900
$128.9K
Cap Rate 9%
$100,256
$100.3K
Market Conditions
NOI Build-Up for 1,100 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
$13.9K $12.60/SF
− Vacancy
−$970 −$0.88/SF
EGI
$12.9K $11.72/SF
− OpEx
−$3.9K −$3.52/SF
NOI
$9.0K $8.20/SF
Area
Billings, MT
Vacancy
7.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$180,460
Cap Rate 7%
$128,900
Cap Rate 9%
$100,256
Alternative Uses
Best Use
Self Storage
$128.9K
$112.8K – $150.4K
NOI $9,023 @ 7.0% cap · market cap 6.51%
Second Best
Warehouse
$102.7K
$89.8K – $119.8K
NOI $7,186 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$240.0K
$210.0K – $280.0K
NOI $16,801 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
478
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 Industrial 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?
Self storage facility - Gated access, 24/7 video surveillance, and a shared clubhouse restroom support practical storage use.
Where is this self storage facility located?
The property is located at 1127 S 31st St W Unit U-D6 Billings, MT.
What is the asking price?
The asking price for this property is $138,600.
What are key features of this property?
This property features: 22' x 50' insulated storage unit with 14' automatic overhead door; Gated facility with 24/7 video surveillance; Ceiling‑mounted natural‑gas radiant heater, lighting, and abundant outlets
