Heated Flex Shop With
For Sale
$119,000
125 S 80th St W #11B, Billings, MT 59106
SINGLE_FAMILY - Billings, MT
Property Size1,392 SF
Price / SF$85.49
Days on Market28
Property Features for 125 S 80th St W #11B
General Information
Property type
Residential
Property subtype
Office
Subdivision
RIDGEVIEW SHOP/STORAGE CONDOMINIUMS
Standard status
Active
APN
D13241W
Size
1,392 SF
Taxes and HOA fees
Tax Description
RIDGEVIEW SHOP/STORAGE CONDOMINIUMS (19), S12, T01 S, R24 E, UNIT 11B, 1.6667% COMMON AREA INTEREST
Tax Annual Amount
699
Legal Description
RIDGEVIEW SHOP/STORAGE CONDOMINIUMS (19), S12, T01 S, R24 E, UNIT 11B, 1.6667% COMMON AREA INTEREST
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
2018
Floors in Building
1
Listing Agency:
ERA American Real Estate · ERA Real Estate
(406) 259-3977
Listed By:
Hunter Kroft · License #RRE-RBS-LIC-99825
(406) 702-0136
Added: Jul 15
Changed: Jul 30
Last Checked: Aug 11 at 8:06PM
MLS# 360127
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 fully finished and heated shop offers a 24' x 48' main area designed for flexible use, with durable epoxy-coated floors and a finished interior. Additional functionality comes from a 12' x 20' loft that can serve as extra storage, an office area, or a project space.
The property is located at 125 S 80th St W #11B in Billings, Montana (Yellowstone County). It presents a move-in-ready setup for organizations seeking a compact, versatile facility that supports both working and storage needs.
The property is located at 125 S 80th St W #11B in Billings, Montana (Yellowstone County). It presents a move-in-ready setup for organizations seeking a compact, versatile facility that supports both working and storage needs.
Key Highlights
- Fully finished and heated 24' x 48' shop with approx. 1,152 sq. ft. of versatile workspace
- Includes a 12' x 20' loft for extra storage, office space, or a project area
- Durable epoxy‑coated floors and a finished interior
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
$10,868
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
9.13%
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%
$217,360
$217.4K
Cap Rate 7%
$155,257
$155.3K
Cap Rate 9%
$120,756
$120.8K
Market Conditions
NOI Build-Up for 1,392 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
$18.4K $13.20/SF
− Vacancy
−$1.7K −$1.19/SF
EGI
$16.7K $12.01/SF
− OpEx
−$5.9K −$4.20/SF
NOI
$10.9K $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%
$217,360
Cap Rate 7%
$155,257
Cap Rate 9%
$120,756
Alternative Uses
Best Use
Flex RnD
$155.3K
$135.9K – $181.1K
NOI $10,868 @ 7.0% cap · market cap 9.13%
Second Best
Warehouse
$129.9K
$113.7K – $151.6K
NOI $9,094 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$303.7K
$265.8K – $354.4K
NOI $21,261 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Fully finished, heated 24-by-48 shop includes epoxy-coated floors and a 12-by-20 loft for added storage or workspace.
Where is this flex space located?
The property is located at 125 S 80th St W #11B Billings, MT.
What is the asking price?
The asking price for this property is $119,000.
What are key features of this property?
This property features: Fully finished and heated 24' x 48' shop with approx. 1,152 sq. ft. of versatile workspace; Includes a 12' x 20' loft for extra storage, office space, or a project area; Durable epoxy‑coated floors and a finished interior
