Flex Building with
For Sale
$350,000
1813 1st Ave N, Billings, MT 59101
The building combines office, showroom, and warehouse areas within a CI-zoned property.
Property Size1,746 SF
Lot Size0.24 Acres
Price / SF$200.46
Days on Market168
Property Features for 1813 1st Ave N
General Information
Standard status
Active
Size
1,746 SF
Class
C
Lot size
0.24 Acres
Property subtype
Big Box Retail
Zoning
CI
Building Details
Building Size
1,746 SF
Year Built
1950
Buildings
1
Listing Agency:
NAI Business Properties
(406) 256-5000
Listed By:
Brian McDonald · License #RRE-BRO-LIC-12627
(406) 256-5000
Source:
Thebrokerlist
Added: Mar 16
Changed: Aug 30
Last Checked: Aug 30 at 3:11AM
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 1,746-square-foot flex building was constructed in 1950 and is arranged for office, showroom, and warehouse use. The property includes a 10,500-square-foot lot with ample parking, providing additional site area around the building.
Located at 1813 1st Ave N in Billings, the property offers access to downtown and sits within an area characterized by industrial and commercial activity. CI zoning and the existing mixed-use configuration create a practical setting for businesses requiring customer-facing space alongside operational or storage areas.
Located at 1813 1st Ave N in Billings, the property offers access to downtown and sits within an area characterized by industrial and commercial activity. CI zoning and the existing mixed-use configuration create a practical setting for businesses requiring customer-facing space alongside operational or storage areas.
Key Highlights
- 1,746 SF flex building constructed in 1950
- Office, showroom, and warehouse configuration
- 10,500 SF lot with ample parking
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
$17,875
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
5.11%
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%
$357,500
$357.5K
Cap Rate 7%
$255,357
$255.4K
Cap Rate 9%
$198,611
$198.6K
Market Conditions
NOI Build-Up for 1,746 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
$26.2K $15.00/SF
− Vacancy
−$655 −$0.38/SF
EGI
$25.5K $14.63/SF
− OpEx
−$7.7K −$4.39/SF
NOI
$17.9K $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%
$357,500
Cap Rate 7%
$255,357
Cap Rate 9%
$198,611
Alternative Uses
Best Use
Retail
$255.4K
$223.4K – $297.9K
NOI $17,875 @ 7.0% cap · market cap 5.11%
Second Best
Flex RnD
$194.7K
$170.4K – $227.2K
NOI $13,632 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$381.0K
$333.4K – $444.5K
NOI $26,668 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,628
Businesses Nearby
Well-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Crepe Diem — 224 N Broadway, Billings, MT 59101
- Bull Hollow Barbecue and Catering — Billings, MT 59101
- Cotta Custom Catering/Pizza Cotta — 310 N 13th St, Billings, MT 59101
Frequently Asked Questions
What type of property is this?
Flex space - The building combines office, showroom, and warehouse areas within a CI-zoned property.
Where is this flex space located?
The property is located at 1813 1st Ave N Billings, MT.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,746 SF flex building constructed in 1950; Office, showroom, and warehouse configuration; 10,500 SF lot with ample parking
