Two-Building Flex
For Sale
Contact for pricing
2110 Overland Ave, Billings, MT 59102
Two buildings totaling 72,598 SF, built in 1984, zoned CMU2-Corridor Mixed Use 2.
Property Size72,598 SF
Price / SF$82.58
Days on Market522
Property Features for 2110 Overland Ave
General Information
Standard status
Active
Size
72,598 SF
Property subtype
OFFICE
Zoning
CMU2
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
NAI Business Properties
(406) 672-2698
Listed By:
Drew Smith, CCIM · License #RRE-RBS-LIC-25433
(406) 672-2698
Source:
Moodyscre
Added: Mar 17, 2025
Changed: Aug 17
Last Checked: Aug 17 at 8:59AM
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 two-building flex property totals 72,598 SF and was built in 1984. The offering is positioned as an industrial/office property with ample interior space that can support a range of office configurations. The exterior and landscaping are described as well maintained, with parking facilities available to accommodate staff and visitors.
The property is located at 2110 Overland Ave in Billings, Montana. It is zoned CMU2-Corridor Mixed Use 2, providing a versatile platform for mixed industrial and office-style uses within the allowed zoning framework.
The property is located at 2110 Overland Ave in Billings, Montana. It is zoned CMU2-Corridor Mixed Use 2, providing a versatile platform for mixed industrial and office-style uses within the allowed zoning framework.
Key Highlights
- Two‑building commercial property totaling 72,598 SF in the Billings area
- Built in 1984
- Zoned CMU2‑Corridor Mixed Use 2 for flexible usage
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
$474,290
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
7.91%
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%
$9,485,800
$9.5M
Cap Rate 7%
$6,775,571
$6.8M
Cap Rate 9%
$5,269,889
$5.3M
Market Conditions
NOI Build-Up for 72,598 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
$609.8K $8.40/SF
− Vacancy
−$51.8K −$0.71/SF
EGI
$558.0K $7.69/SF
− OpEx
−$83.7K −$1.15/SF
NOI
$474.3K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$9,485,800
Cap Rate 7%
$6,775,571
Cap Rate 9%
$5,269,889
Alternative Uses
Best Use
Office B
$11.37M
$9.95M – $13.26M
NOI $795,819 @ 7.0% cap · market cap 13.27%
Second Best
Flex RnD
$8.10M
$7.09M – $9.45M
NOI $566,831 @ 7.0% cap · market cap 9.46%
Theoretical Best
Office A
$15.84M
$13.86M – $18.48M
NOI $1,108,833 @ 7.0% cap · market cap 18.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two buildings totaling 72,598 SF, built in 1984, zoned CMU2-Corridor Mixed Use 2.
Where is this flex space located?
The property is located at 2110 Overland Ave Billings, MT.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Two‑building commercial property totaling 72,598 SF in the Billings area; Built in 1984; Zoned CMU2‑Corridor Mixed Use 2 for flexible usage
