Warehouse With Overhead
For Sale
$600,000
1515 4th Ave N & 402 N 15th St, Billings, MT 59101
Demising wall supports potential separation for two businesses, with office and restroom space included.
Property Size7,000 SF
Lot Size0.48 Acres
Price / SF$85.71
Days on Market193
Property Features for 1515 4th Ave N & 402 N 15th St
General Information
Standard status
Active
Size
7,000 SF
Lot size
0.48 Acres
Property subtype
Warehouse
Zoning
East Billings Central Works
Additional Details
Asking Price
$600,000
Amenities
Large Pylon Sign
Small Office
Bathroom
4 qty 14 ft Overhead Doors
2 qty Car Lifts
Demising wall
Building Details
Year Built
1980
Buildings
1
Building Size
7,000 SF
Listing Agency:
Coldwell Banker Commercial Billings Montana
(406) 781-6889
Listed By:
Nathan Matelich
(406) 781-6889
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 7:33AM
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 Billings Montana
Investment Insights
Based on property information with market context.
This 7,000 SF shop and warehouse building occupies 21,000 SF of land and includes four 14-foot overhead doors, two car lifts, a small office, and a bathroom. A demising wall divides the interior and may allow the property to accommodate two separate businesses. Constructed in 1980, the building is suited to vehicle repair or service operations based on its existing configuration and equipment.
The property includes a large pylon sign and is located at 1515 4th Ave N and 402 N 15th St in Billings, Montana. It is within the Billings BIRD district and is zoned East Billings Central Works.
The property includes a large pylon sign and is located at 1515 4th Ave N and 402 N 15th St in Billings, Montana. It is within the Billings BIRD district and is zoned East Billings Central Works.
Key Highlights
- 7,000 SF shop and warehouse building on 21,000 SF of land
- Four 14‑foot overhead doors
- Two car lifts included
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
$45,732
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
7.62%
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%
$914,640
$914.6K
Cap Rate 7%
$653,314
$653.3K
Cap Rate 9%
$508,133
$508.1K
Market Conditions
NOI Build-Up for 7,000 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
$58.8K $8.40/SF
− Vacancy
−$5.0K −$0.71/SF
EGI
$53.8K $7.69/SF
− OpEx
−$8.1K −$1.15/SF
NOI
$45.7K $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%
$914,640
Cap Rate 7%
$653,314
Cap Rate 9%
$508,133
Alternative Uses
Best Use
Retail
$1.02M
$895.8K – $1.19M
NOI $71,663 @ 7.0% cap · market cap 11.94%
Second Best
Warehouse
$653.3K
$571.7K – $762.2K
NOI $45,732 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,915 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Al's Auto & RV Storage — 1221 terry ave, billings, mt 59102
- Mountain States Warehouse — 1530 Wyoming Ave, Billings, MT 59102
- Five Star Storage — 1250 14th St W, Billings, MT 59102
- 14th Street Self Storage — 1250 14th St W, Billings, MT 59102
- Wilson Logistics — 14th St W, Billings, MT 59102
Frequently Asked Questions
What type of property is this?
Warehouse - Demising wall supports potential separation for two businesses, with office and restroom space included.
Where is this warehouse located?
The property is located at 1515 4th Ave N & 402 N 15th St Billings, MT.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 7,000 SF shop and warehouse building on 21,000 SF of land; Four 14‑foot overhead doors; Two car lifts included
