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Property profile & analytics
OFF-MARKET
Showrooms
923 2nd N Ave Billings, MT 59101-2648
Entity Owned
3-yr Hold
Property ID
US52-0034716
Property summary
AI-generated overview
This exceptional investment opportunity presents a 33,543 square foot flex building situated on a 1.018-acre lot in Billings, Montana. Located at 923 2nd Ave N, this single-story, 1957-built property underwent renovations in 2000 and boasts a desirable light industrial (IL) zoning. Currently 93% occupied across three units, the property features three grade-level doors and one dock-high loading door, providing ample access for various uses. The building offers excellent visibility and accessibility, with convenient access to Interstate-90 and major Billings thoroughfares. The property includes dedicated parking and multiple ingress/egress points. Two long-term triple net (NNN) leases are in place, contributing to the property's strong occupancy history and making it an attractive investment in a thriving Montana market. The asking price is $3,525,000. The property's APN is 03-1033-34-2-11-01-0000. The building's south-facing windows provide exceptional showroom space.
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1957
Construction
STEEL FRAME
Total area
33,572 SF
Lot
1.02 ac (44,344 SF)
Zoning code
CI
APN
03-1033-34-2-11-01-0000
UPID
US52-0034716
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Nwestco LLC Auto Repair Shop Vehicle Inspection Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
923 2nd Avenue LLC · 3 yrs held
923 2nd Avenue LLC
since 2022
4 recorded transactions
Zoning & alternative use
CI · Billings, MT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Billings submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Billings submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$18,329
Tax year 2023
Assessed value
$1,467,000
Assessed 2023
Previous assessed
$1,467,000
+0.0% YoY
Effective rate
1.25%
On assessed value
Land market value
$394,834
Improvement market value
$1,072,166
Total market value
$1,467,000
Applied tax rate
965.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1957
Construction
STEEL FRAME
Heating
SPACE
Cooling
CENTRAL
Stories
1
Total area
33,572 SF
Lot
1.02 ac (44,344 SF)
Zoning code
CI
APN
03-1033-34-2-11-01-0000
UPID
US52-0034716
Jurisdiction
YELLOWSTONE
Zoning & alternative use
CI · Billings, MT
Zoning CI · permitted uses
CI · Billings, MT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Billings. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1957
Construction
STEEL FRAME
Heating
SPACE
Cooling
Yes
Stories
1
Lot
1.02 ac
Current owner
From public records · entity-resolved
923 2nd Avenue LLC
Entity
Mailing address
1925 GRAND AVE, BILLINGS, MT 59102-2764
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 13, 2022
—
923 2nd Avenue LLC
Martin Real Estate Holdings LLC
Warranty Deed
$1,200,000 · First Interstate Bank
Dec 9, 2019
—
Martin R & E Hldgs LLC
Converse Properties LLC
Warranty Deed
$908,332 · Opportunity Bk/mt
Apr 13, 2012
—
Converse Properties LLC
Bermes Unlimited LLC
Quit Claim Deed
related
—
May 7, 2009
—
Converse Properties LLC
Converse Frank X
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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