Warehouse Condo with
For Sale
$325,000
702 Lohwest Ln, Billings, MT 59106
2,400 SF shop-office condo with pull-through access, two overhead doors, and a fenced yard in the Lohwest complex.
Property Size2,400 SF
Days on Market80
Property Features for 702 Lohwest Ln
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Industrial
Building Details
Building Size
2,400 SF
Year Built
2009
Listing Agency:
NAI Business Properties
Listed By:
Ethan Kanning · License #RRE-RBS-LIC-45682
(406) 672-0435
Source:
Naiglobal
Added: Jun 18
Changed: Sep 4
Last Checked: Sep 5 at 6:51AM
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 offering includes a 2,400 SF warehouse condo within the Lohwest condo complex. The unit is configured with an approximately 11' x 14' office space, plus bonus mezzanine storage space overhead. A bathroom with a shower is included. The balance of the space is approximately 2,200 SF of shop area.
The unit provides a full pull-through layout with two overhead doors. Outside, it includes fenced yard space measuring 45' x 30', which can support day-to-day staging or equipment storage needs associated with light industrial use.
Located at 702 Lohwest Ln in Billings, this condominium setup is well-suited for owner-operators or tenants who need both a functional shop and dedicated office space in the same unit, along with direct, drive-in access provided by the two overhead doors. Condo living can also be a practical option for businesses seeking a manageable footprint, with an identified 2026 HOA actual of $680 per year.
The unit provides a full pull-through layout with two overhead doors. Outside, it includes fenced yard space measuring 45' x 30', which can support day-to-day staging or equipment storage needs associated with light industrial use.
Located at 702 Lohwest Ln in Billings, this condominium setup is well-suited for owner-operators or tenants who need both a functional shop and dedicated office space in the same unit, along with direct, drive-in access provided by the two overhead doors. Condo living can also be a practical option for businesses seeking a manageable footprint, with an identified 2026 HOA actual of $680 per year.
Key Highlights
- 2,400 SF shop/office condo in the Lohwest condo complex
- 150 SF office space plus bonus mezzanine storage overhead
- Approximately 2,200 SF shop space with a full pull‑through layout
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
$18,739
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
5.77%
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%
$374,780
$374.8K
Cap Rate 7%
$267,700
$267.7K
Cap Rate 9%
$208,211
$208.2K
Market Conditions
NOI Build-Up for 2,400 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
$31.7K $13.20/SF
− Vacancy
−$2.9K −$1.19/SF
EGI
$28.8K $12.01/SF
− OpEx
−$10.1K −$4.20/SF
NOI
$18.7K $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%
$374,780
Cap Rate 7%
$267,700
Cap Rate 9%
$208,211
Alternative Uses
Best Use
Flex RnD
$267.7K
$234.2K – $312.3K
NOI $18,739 @ 7.0% cap · market cap 5.77%
Second Best
Warehouse
$224.0K
$196.0K – $261.3K
NOI $15,679 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$523.7K
$458.2K – $611.0K
NOI $36,657 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
66
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 - 2,400 SF shop-office condo with pull-through access, two overhead doors, and a fenced yard in the Lohwest complex.
Where is this flex space located?
The property is located at 702 Lohwest Ln Billings, MT.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,400 SF shop/office condo in the Lohwest condo complex; 150 SF office space plus bonus mezzanine storage overhead; Approximately 2,200 SF shop space with a full pull‑through layout
