Storefront Building with Steel
For Sale
Contact for pricing
1844 Grand Avenue, Billings, MT 11510
Two-part retail property with prominent signage and a rear unit that may suit leasing or owner occupancy.
Property Size3,920 SF
Price / SF$159.44
Days on Market75
Property Features for 1844 Grand Avenue
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Retail
Investment Type
Owner/User
Building Details
Year Built
1975
Tenancy
Multi
Listing Agency:
Rob Veltkamp Brokerage
Listed By:
Rob Veltkamp · License #MT 4131
(406) 855-9089
Source:
Crexi
Added: Jun 24
Changed: Sep 2
Last Checked: Sep 1 at 4:31AM
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 Rob Veltkamp Brokerage
Investment Insights
Based on property information with market context.
This 3,920-square-foot retail building was constructed in 1975 with a Butler steel frame. Storefront windows and signage face Grand Avenue, supporting a conventional retail presentation. The property is divided into a smaller front portion and a larger rear portion measuring 2,250 square feet.
The front area is occupied by H&R Block, while the rear unit may be available for lease or use by an owner. The configuration provides separate areas within a single commercial building and accommodates both an existing occupant and potential flexibility for the larger space.
The front area is occupied by H&R Block, while the rear unit may be available for lease or use by an owner. The configuration provides separate areas within a single commercial building and accommodates both an existing occupant and potential flexibility for the larger space.
Key Highlights
- 3,920 SF retail building constructed in 1975
- Butler steel‑frame construction
- Storefront windows and signage on Grand Avenue
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
$40,131
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
6.42%
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%
$802,620
$802.6K
Cap Rate 7%
$573,300
$573.3K
Cap Rate 9%
$445,900
$445.9K
Market Conditions
NOI Build-Up for 3,920 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 $15.00/SF
− Vacancy
−$1.5K −$0.38/SF
EGI
$57.3K $14.63/SF
− OpEx
−$17.2K −$4.39/SF
NOI
$40.1K $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%
$802,620
Cap Rate 7%
$573,300
Cap Rate 9%
$445,900
Alternative Uses
Best Use
Retail
$573.3K
$501.6K – $668.9K
NOI $40,131 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$855.3K
$748.4K – $997.9K
NOI $59,873 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,225
Businesses Nearby
73k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 28%
Electronics 6%
Home Improvements & Furnishings 2%
Red Robin Gourmet Burgers
Dining
17,702 visits/mo
0.4 miles
Panda Express
Dining
17,394 visits/mo
0.4 miles
U.S. Bank
Shops & Services
10,726 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
6,650 visits/mo
0.3 miles
City Brew Coffee
Dining
5,234 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Le Fete — 2010 grand ave, billings, mt 59102
Frequently Asked Questions
What type of property is this?
Storefront property - Two-part retail property with prominent signage and a rear unit that may suit leasing or owner occupancy.
Where is this storefront property located?
The property is located at 1844 Grand Avenue Billings, MT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,920 SF retail building constructed in 1975; Butler steel‑frame construction; Storefront windows and signage on Grand Avenue
