Flex Space with Heated
For Sale
$759,000
1907 Main St, Billings, MT 59105
Flex space built for warehouse, contractor, manufacturing, automotive, and service use, with a heated shop and secured rear yard.
Property Size8,276 SF
Lot Size0.76 Acres
Price / SF$91.71
Days on Market50
Property Features for 1907 Main St
General Information
Standard status
Active
Size
8,276 SF
Lot size
0.76 Acres
Property subtype
Business
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Office Build-Out
1,250 SF
Drive-In Doors
2
Additional Details
Asking Price
$759,000
Taxes and HOA fees
Annual Taxes
$7,749
Building Details
Building Size
8,276 SF
Year Built
1955
Buildings
1
Listing Agency:
ERA American Real Estate
Listed By:
Brian Huskey · License #RRE-BRO-LIC-36204
(406) 697-2510
Source:
Careychapman
Added: Jul 28
Changed: Sep 6
Last Checked: Sep 14 at 7:52AM
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 ERA American Real Estate
Investment Insights
Based on property information with market context.
Versatile flex space at 1907 Main St in Billings, MT, built in 1955 on a 0.76+- acre site. The 8,276 SF building includes approximately 1,250 SF of office space, plus a 5,100 SF heated shop designed for industrial and service operations.
The shop features radiant tube heat, compressed air lines, and an in-floor drain. Secure operations are supported by a fully fenced rear yard with an automatic security gate, along with additional warehouse/mezzanine storage. Two 16' drive-through overhead doors provide shop access.
Recent improvements include a recoated roof, newer overhead doors, updated fencing, and replaced radiant tube heaters. The property includes a range of features suited to warehouse, contractor, manufacturing, automotive, or service-related businesses.
The shop features radiant tube heat, compressed air lines, and an in-floor drain. Secure operations are supported by a fully fenced rear yard with an automatic security gate, along with additional warehouse/mezzanine storage. Two 16' drive-through overhead doors provide shop access.
Recent improvements include a recoated roof, newer overhead doors, updated fencing, and replaced radiant tube heaters. The property includes a range of features suited to warehouse, contractor, manufacturing, automotive, or service-related businesses.
Key Highlights
- 0.76+- acre site with fully fenced rear yard and automatic security gate
- 8,276 SF flex building with approximately 1,250 SF office space
- 5,100 SF heated shop with radiant tube heat
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
$64,617
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
8.51%
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%
$1,292,340
$1.3M
Cap Rate 7%
$923,100
$923.1K
Cap Rate 9%
$717,967
$718.0K
Market Conditions
NOI Build-Up for 8,276 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
$109.2K $13.20/SF
− Vacancy
−$9.8K −$1.19/SF
EGI
$99.4K $12.01/SF
− OpEx
−$34.8K −$4.20/SF
NOI
$64.6K $7.81/SF
Area
Billings, MT
Vacancy
9.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,292,340
Cap Rate 7%
$923,100
Cap Rate 9%
$717,967
Alternative Uses
Best Use
Flex RnD
$923.1K
$807.7K – $1.08M
NOI $64,617 @ 7.0% cap · market cap 8.51%
Second Best
Warehouse
$772.4K
$675.9K – $901.1K
NOI $54,068 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,404 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space built for warehouse, contractor, manufacturing, automotive, and service use, with a heated shop and secured rear yard.
Where is this flex space located?
The property is located at 1907 Main St Billings, MT.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: 0.76+- acre site with fully fenced rear yard and automatic security gate; 8,276 SF flex building with approximately 1,250 SF office space; 5,100 SF heated shop with radiant tube heat
