Multi-Tenant Shopping
New
For Sale
$1,950,000
1780 Shiloh Rd, Billings, MT 59106
Retail center featuring a combination of net and modified gross lease arrangements.
Property Size10,400 SF
Days on Market3
Property Features for 1780 Shiloh Rd
General Information
Standard status
Active
Size
10,400 SF
Property subtype
Retail
Occupancy
94%
Additional Details
Cap Rate
7%
Traffic Count
15,000 vehicles/day
Building Details
Building Size
10,400 SF
Year Built
2004
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial CBS
(406) 697-6176
Listed By:
Mike Bruschwein · License #MT #RRE-RBS-LIC-92467
(406) 697-6176
Source:
Cbcmontana
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 2:31PM
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 shopping center at 1780 Shiloh Rd in Billings, Montana, was constructed in 2004 and is 93.5% leased. The property includes a varied tenant roster of local and regional retailers, with lease agreements structured through a combination of net and modified gross terms across the units.
Shiloh Rd records approximately 15,000 vehicles per day, providing a measurable traffic setting for the center. The property reports a 7% cap rate and offers an established retail occupancy profile supported by multiple tenants and varied lease structures.
Shiloh Rd records approximately 15,000 vehicles per day, providing a measurable traffic setting for the center. The property reports a 7% cap rate and offers an established retail occupancy profile supported by multiple tenants and varied lease structures.
Key Highlights
- 93.5% leased occupancy
- 7% cap rate
- Mix of net and modified gross leases across all units
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
$106,470
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
5.46%
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%
$2,129,400
$2.1M
Cap Rate 7%
$1,521,000
$1.5M
Cap Rate 9%
$1,183,000
$1.2M
Market Conditions
NOI Build-Up for 10,400 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
$156.0K $15.00/SF
− Vacancy
−$3.9K −$0.38/SF
EGI
$152.1K $14.63/SF
− OpEx
−$45.6K −$4.39/SF
NOI
$106.5K $10.24/SF
Area
Billings, MT
Vacancy
2.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,129,400
Cap Rate 7%
$1,521,000
Cap Rate 9%
$1,183,000
Alternative Uses
Best Use
Retail
$1.52M
$1.33M – $1.77M
NOI $106,470 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,845 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
93.5%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
86k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 44%
Wendy's
Dining
20,272 visits/mo
0.2 miles
Pizza Hut
Dining
19,811 visits/mo
0.5 miles
Holiday Station Store
Shops & Services
19,271 visits/mo
0.2 miles
Exxon
Shops & Services
9,767 visits/mo
0.2 miles
Town Pump
Shops & Services
8,647 visits/mo
0.2 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center featuring a combination of net and modified gross lease arrangements.
Where is this shopping center located?
The property is located at 1780 Shiloh Rd Billings, MT.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 93.5% leased occupancy; 7% cap rate; Mix of net and modified gross leases across all units
