Flex Space with Warehouse and
For Sale
Contact for pricing
2307 4th Ave N, Billings, MT 59101
Flexible commercial space combines warehouse operations, office areas, a loading dock, and multiple garage doors.
Property Size16,000 SF
Price / SF$113.10
Days on Market61
Property Features for 2307 4th Ave N
General Information
Standard status
Active
Size
16,000 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Warehouse Space
12,000 SF
Office Build-Out
4,000 SF
Dock-High Doors
1
Amenities
reception area
break room
Building Details
Building Size
16,000 SF
Listing Agency:
Coldwell Banker Commercial CBS
(406) 656-2001
Listed By:
David Mitchell, SIOR, CCIM · License ##RRE-BRO-LIC-38907
(406) 794-3404
Source:
Moodyscre
Added: Jul 27
Changed: Sep 13
Last Checked: Sep 24 at 9:56AM
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 flex space combines warehouse and office components within a commercial building in downtown Billings. The property includes warehouse space, office space, multiple offices, and a centrally positioned reception area near the entrance. Large windows and a modern display area add visibility to the reception setting, while the office layout provides dedicated workspace for occupants.
Multiple garage doors support warehouse access, and a loading dock is located on the north side of the building. The property also includes a kitchen break room designed for employee use, creating a practical support area alongside the warehouse and office functions.
Multiple garage doors support warehouse access, and a loading dock is located on the north side of the building. The property also includes a kitchen break room designed for employee use, creating a practical support area alongside the warehouse and office functions.
Key Highlights
- Warehouse and office components within a flex‑space property
- Multiple garage doors support warehouse access
- Loading dock located on the north side of the building
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
$131,171
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
6.90%
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%
$2,623,420
$2.6M
Cap Rate 7%
$1,873,871
$1.9M
Cap Rate 9%
$1,457,456
$1.5M
Market Conditions
NOI Build-Up for 16,800 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
$221.8K $13.20/SF
− Vacancy
−$20.0K −$1.19/SF
EGI
$201.8K $12.01/SF
− OpEx
−$70.6K −$4.20/SF
NOI
$131.2K $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%
$2,623,420
Cap Rate 7%
$1,873,871
Cap Rate 9%
$1,457,456
Alternative Uses
Best Use
Office B
$2.63M
$2.30M – $3.07M
NOI $184,162 @ 7.0% cap · market cap 9.69%
Second Best
Flex RnD
$1.87M
$1.64M – $2.19M
NOI $131,171 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$3.67M
$3.21M – $4.28M
NOI $256,596 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Dock-high doors
Location Intelligence
Trade Area within ½ mile
3,036
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial space combines warehouse operations, office areas, a loading dock, and multiple garage doors.
Where is this flex space located?
The property is located at 2307 4th Ave N Billings, MT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Warehouse and office components within a flex‑space property; Multiple garage doors support warehouse access; Loading dock located on the north side of the building
