Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1515 Main St Billings, MT 59105

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $12 SF/Yr

    Retail space available in busy Billings Heights shopping center.

    Building Details

    Year built
    1978

    We can help!

    Listing Contact
    Michael L. Walker
    Michael L. Walker
    Source: Naiglobal

    Listing Agency: NAI Business Properties Listing Agent: Michael L. Walker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Northgate Center Retail Space

    Located at the corner of Main Street and Wicks Lane in the Billings Heights, Northgate Center is positioned at one of the city's most heavily trafficked intersections. The shopping center serves an estimated 40,000 residents. The location is on the southeast corner of Main Street and Wicks Lane. Other businesses at the intersection include Walmart, Walgreens, and Western Security Bank. The Billings Heights area has a population of approximately 35,000, with a trade area of around 50,000. Main Street is a primary access route, making it one of the busiest streets in Montana. A 30,625-square-foot space, formerly occupied by Big Lots, is available for lease. The dimensions of the space are approximately 175 feet by 175 feet. Co-tenants include PetSmart, Ace Hardware, and Anytime Fitness. Traffic counts are 24,900 ADT on Main Street and 13,650 ADT on Wicks Lane. The property is suitable for retail and shopping center use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Big Lots Discount Store First Interstate Bank ... Atm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Practical Auto

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.4694094
    Latitude
    45.8262471

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      MT, Billings - N 29th St

      Discover many ways to work your way in DE, Wilmington - N Market St
      208 29Th St, Billings, MT 59101
      View Details
    • $13 SF/Yr

      Billings Heights Flex Space Available

      Flex space with retail, office, shop, and yard space.
      1117 Main St, Billings, MT 59105
      View Details
    • $1,950 /Mo

      Warehouse Condo with Office Space

      2,375 SF warehouse condo with office mezzanine for lease.
      706 Black Hawk St, Billings, MT 59106
      View Details
    • $9 SF/Yr

      West End Industrial/Flex Space

      Class A industrial/flex space in Billings' West End.
      720 Lohwest Ln, Billings, MT 59106
      View Details
    • $9 SF/Yr

      Midtown Flex Space with Office

      Conveniently located flex space with shop and office areas.
      524 Moore Ln, Billings, MT 59101
      View Details
    • $12 SF/Yr

      Prime Billings Commercial Spaces For Rent

      Flexible commercial spaces in a thriving downtown Billings business district.
      13 N 23Rd St, Billings, MT 59101
      View Details
    • $8 SF/Yr

      Downtown Billings Office Space Available

      Flexible office spaces in a high-visibility downtown location.
      1413 4Th Ave N, Billings, MT 59101
      View Details
    • $14 SF/Yr

      Modern Office Space in Billings

      Prime office space with modern design and premium amenities.
      2708 1St Ave N, Billings, MT 59101
      View Details
    • $16 SF/Yr

      West End Executive Office Space

      West End office building with multiple suite options available for rent.
      3936 Avenue B, Billings, MT 59102
      View Details
    • $20 SF/Yr

      Downtown Billings Office Space Available

      8,127 SF office space in downtown Billings.
      2900 4Th Ave N, Billings, MT 59101
      View Details
    • $13 SF/Yr

      Downtown Billings Office Condo

      Second floor office condo in the heart of Downtown Billings.
      115 North Broadway, Billings, MT 59101
      View Details
    • $14 SF/Yr

      Downtown Billings Office Space Available

      Professional office space with parking and convenient downtown access.
      2708 1St Ave North, Billings, MT 59101
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail space available in busy Billings Heights shopping center.
    Where is this shopping center located?
    The property is located at 1515 Main St Billings, MT.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: - High-traffic location: **Corner of Main Street and Wicks Lane**, one of the busiest intersections in Billings.; - Established shopping center: Located in Northgate Center, servicing approximately 40,000 residents.; - Strong co-tenancy: Includes Petsmart, Ace Hardware, and Anytime Fitness.
    (406) 294-6304
    Request Owner's contact information
    1515 Main St Billings, MT 59105
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1515 Main St
    Billings, MT 59105
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1515 Main St Billings, MT 59105
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael L. Walker
    Michael L. Walker
    Real Estate License ID: SC 4680
    (406) 294-6304 (406) 690-2320 (406) 256-5000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!