Fenced-Yard Flex
For Sale
$759,000
1907 Main St, Billings, MT 59105
CommercialSale, Billings, MT
Property Size8,276 SF
Lot Size0.76 Acres
Price / SF$91.71
Days on Market49
Property Features for 1907 Main St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CX - Heavy Commercial
Parking
15
Parking features
On Street
Interior features
Storage
Subdivision
Haws
Directions
https://goo.gl/maps/VrRdRKzRS812
Standard status
Active
APN
A20458
Size
8,276 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Description
Haws Subd, S15, T01N, R26E, Lot 1A
Tax Annual Amount
7749
Legal Description
Haws Subd, S15, T01N, R26E, Lot 1A
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Building materials
Block, MetalSiding, Steel
Additional Structures
Storage
Listing Agency:
ERA American Real Estate · ERA Real Estate
(406) 259-3977
Listed By:
Brian Huskey · License #RRE-BRO-LIC-36204
(406) 697-2510
Added: Jul 28
Changed: Sep 12
Last Checked: Sep 14 at 2:06PM
MLS# 360915
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8,276-square-foot flex building occupies 0.7612 acres and combines approximately 1,250 square feet of office space with a 5,100-square-foot heated shop. The property includes radiant tube heat, compressed air lines, an in-floor drain, two 16-foot drive-through overhead doors, and additional warehouse and mezzanine storage. Block, metal siding, and steel construction support a range of commercial configurations.
A fully enclosed rear yard with an automatic security gate provides controlled outdoor storage. Recent work includes roof recoating, newer overhead doors, fencing updates, and replacement of the radiant tube heaters. Public water and public sewer serve the property, with forced-air, electric, and natural-gas heating systems and window-unit cooling.
A fully enclosed rear yard with an automatic security gate provides controlled outdoor storage. Recent work includes roof recoating, newer overhead doors, fencing updates, and replacement of the radiant tube heaters. Public water and public sewer serve the property, with forced-air, electric, and natural-gas heating systems and window-unit cooling.
Key Highlights
- 8,276 SF flex building on 0.7612 acres
- Approximately 1,250 SF of 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
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Open Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
392
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
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Frequently Asked Questions
What type of property is this?
Flex space - Block-and-steel flex property with office space, heated shop areas, storage, and secured outdoor yard capacity.
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: 8,276 SF flex building on 0.7612 acres; Approximately 1,250 SF of office space; 5,100 SF heated shop with radiant tube heat
