Adaptable Flex Space Units
For Sale
$113,000
8122 Stillwater Drive, Billings, MT 59106
Engineered steel frame buildings, customizable units, gated community, many options.
Property Size9,216 SF
Price / SF$98.09
Days on Market205
Property Features for 8122 Stillwater Drive
General Information
Standard status
Active
Size
9,216 SF
Property subtype
Industrial
Building Details
Building Size
9,216 SF
Year Built
2023
Listing Agency:
eXp Realty, LLC - Billings
(406) 671-1158
Listed By:
Matt Robertson, SIOR · License #RRE-BRO-LIC-63128
(406) 671-1158
Source:
Naiglobal
Added: Jan 27
Changed: Aug 8
Last Checked: Apr 5 at 10:54PM
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 eXp Realty, LLC - Billings
Investment Insights
Based on property information with market context.
These engineered steel frame buildings offer numerous possibilities for customization. The buildings, up to 96'x96' in size, are constructed on a 5" concrete slab foundation. Each building can be divided into multiple 24'x48' units, and these units can be combined to create larger spaces, such as 24'x96', 48'x48', 72'x96' (6), and 96'x96' (8) units. Each 24'x48' unit includes a 14’ X 14’ garage door with an electric operator, a steel man door, a natural gas hanging heater, four bright LED ceiling lights, a 50 amp plug, a ceiling fan, and six 110V plugins, with the option to add 30 amp or 50-amp plugs. The units feature R – 41 insulation in the ceiling and R – 25 insulation in the walls, along with white-colored metal liners on all interior walls. The property is part of a gated community with a fully fenced perimeter and security cameras at both gated entrances. Paved roads provide access throughout the complex. Community bathrooms are available. The annual HOA fee of $625 covers structural insurance, snow removal, and paving maintenance.
Key Highlights
- Flexible Unit Configuration: Engineered steel frame buildings can be divided into multiple unit sizes (24'x48' up to 96'x96') or combined for larger spaces, offering customizable options.
- Secure, Gated Community: Fully fenced perimeter with security cameras at both gated entrances provides enhanced security.
- Well‑Equipped Units: Each 24'x48' unit includes a 14’ X 14’ garage door with electric operator, steel man door, natural gas heater, LED lighting, and ample electrical 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
$8,995
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
7.96%
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%
$179,900
$179.9K
Cap Rate 7%
$128,500
$128.5K
Cap Rate 9%
$99,944
$99.9K
Market Conditions
NOI Build-Up for 1,152 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
$15.2K $13.20/SF
− Vacancy
−$1.4K −$1.19/SF
EGI
$13.8K $12.01/SF
− OpEx
−$4.8K −$4.20/SF
NOI
$9.0K $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%
$179,900
Cap Rate 7%
$128,500
Cap Rate 9%
$99,944
Alternative Uses
Best Use
Flex RnD
$128.5K
$112.4K – $149.9K
NOI $8,995 @ 7.0% cap · market cap 7.96%
Second Best
Warehouse
$107.5K
$94.1K – $125.4K
NOI $7,526 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59106, MT
20,681
Population
8,164
Households
2.5
Avg Household Size
40
Median Age
52%
College-Educated
98%
High-School Grad
112.0 sq mi
ZIP Area
185
Density / Sq Mi
$122,374
Median Household Income
$52,380
Median Earnings
$1,380
Median Rent
$483,100
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 - Engineered steel frame buildings, customizable units, gated community, many options.
Where is this flex space located?
The property is located at 8122 Stillwater Drive Billings, MT.
What is the asking price?
The asking price for this property is $113,000.
What are key features of this property?
This property features: Flexible Unit Configuration: Engineered steel frame buildings can be divided into multiple unit sizes (24'x48' up to 96'x96') or combined for larger spaces, offering customizable options.; Secure, Gated Community: Fully fenced perimeter with security cameras at both gated entrances provides enhanced security.; Well‑Equipped Units: Each 24'x48' unit includes a **14’ X 14’ garage door with electric operator**, steel man door, natural gas heater, LED lighting, and ample electrical outlets.
