Multi-Tenant Office Building For
For Sale
$869,000
1445 Ave B, Billings, MT 59102
Multi-tenant office building with daylight basement and recent updates.
Property Size6,474 SF
Price / SF$134.23
Days on Market169
Property Features for 1445 Ave B
General Information
Standard status
Active
Size
6,474 SF
Property subtype
Office
Zoning
Neighborhood Office
Building Details
Building Size
6,474 SF
Year Built
1980
Listing Agency:
Coldwell Banker Commercial CBS
(406) 656-2001
Listed By:
Nathan Matelich
(406) 656-2001
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Jul 16 at 5:48AM
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 Coldwell Banker Commercial CBS
Investment Insights
Based on property information with market context.
This multi-tenant office building, constructed in 1980, offers 6,474 square feet of space on a 14,000 square foot lot. The property features a daylight basement with 2,813 square feet, currently housing two separate tenants and one vacant space. The first floor, also comprising 2,813 square feet, is occupied by Billings Eyecare Associates. An 848 square foot office space on the second floor is occupied by a single tenant. Recent updates include new carpeting, paint, and HVAC. The property includes a private parking lot, as well as street parking. Common area restrooms are available. Zoned Neighborhood Office, this property is suitable for owner-occupancy or investment. The owner is willing to consider seller financing for qualified buyers.
Key Highlights
- Multi‑tenant office building ideal for owner‑occupancy or investment.
- Price reduced to $869,000.
- Daylight basement (2,813 SF) with existing tenants and one vacant space.
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
$70,968
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
8.17%
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%
$1,419,360
$1.4M
Cap Rate 7%
$1,013,829
$1.0M
Cap Rate 9%
$788,533
$788.5K
Market Conditions
NOI Build-Up for 6,474 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
$112.6K $17.40/SF
− Vacancy
−$18.0K −$2.78/SF
EGI
$94.6K $14.62/SF
− OpEx
−$23.7K −$3.65/SF
NOI
$71.0K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,419,360
Cap Rate 7%
$1,013,829
Cap Rate 9%
$788,533
Alternative Uses
Best Use
Office B
$1.01M
$887.1K – $1.18M
NOI $70,968 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,881 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
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?
Office building - Multi-tenant office building with daylight basement and recent updates.
Where is this office building located?
The property is located at 1445 Ave B Billings, MT.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Multi‑tenant office building ideal for owner‑occupancy or investment.; Price reduced to $869,000.; Daylight basement (2,813 SF) with existing tenants and one vacant space.
