Heavy Industrial Manufacturing
New
For Sale
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2450 S 32nd St W - Building, Billings, MT 59102
Industrial campus combines production bays, executive offices, heavy electrical service, and secured outdoor storage.
Property Size98,276 SF
Lot Size14.26 Acres
Price / SF$76.32
Days on Market4
Property Features for 2450 S 32nd St W - Building
General Information
Standard status
Active
Size
98,276 SF
Lot size
14.26 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Rail Access
No
Voltage
480 V
Three-Phase Power
Yes
Heavy Power
Yes
Additional Details
Asking Price
$7,500,000
Amenities
reception
conference rooms
training facilities
Building Details
Year Built
1972
Buildings
1
Building Size
98,276 SF
Listing Agency:
Coldwell Banker Commercial CBS
(406) 861-4742
Listed By:
Nathan Matelich, SIOR, CCIM · License #RRE-BRO-LIC-69991
Source:
Crexi
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 6:05AM
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.
Constructed in 1972, this 98,276 SF industrial facility occupies a 14.26 AC campus at 2450 S 32nd St W in Billings, Montana. The property includes four high-clearance manufacturing bays with extensive crane coverage, oversized overhead doors, shop offices, and heavy-duty infrastructure suited to fabrication, machining, maintenance, equipment assembly, and related operations. Bay 1 has radiant heat; Bays 2–4 are unheated. Office improvements include reception, executive offices, conference rooms, training areas, and support space, with a boiler heating system serving the office portion.
Three-phase 480V electrical service, exterior power stations, floor drains, upgraded LED lighting, and exterior siding support industrial use. The secured outdoor yard accommodates equipment, fleet vehicles, and material staging. The site has highway frontage and is adjacent to a rail corridor. Water and wastewater service currently rely on a cistern well and septic system, with the ability to bring in utilities. An adjoining 7.61-acre industrial parcel is available separately, creating an opportunity to assemble nearly 22 acres.
Three-phase 480V electrical service, exterior power stations, floor drains, upgraded LED lighting, and exterior siding support industrial use. The secured outdoor yard accommodates equipment, fleet vehicles, and material staging. The site has highway frontage and is adjacent to a rail corridor. Water and wastewater service currently rely on a cistern well and septic system, with the ability to bring in utilities. An adjoining 7.61-acre industrial parcel is available separately, creating an opportunity to assemble nearly 22 acres.
Key Highlights
- 98,276 SF industrial manufacturing and office facility on a 14.26 AC campus
- Four high‑clearance manufacturing bays with extensive crane coverage
- Three‑phase 480V electrical service with multiple exterior power stations
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
$642,047
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
8.56%
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%
$12,840,940
$12.8M
Cap Rate 7%
$9,172,100
$9.2M
Cap Rate 9%
$7,133,856
$7.1M
Market Conditions
NOI Build-Up for 98,276 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
$825.5K $8.40/SF
− Vacancy
−$70.2K −$0.71/SF
EGI
$755.3K $7.69/SF
− OpEx
−$113.3K −$1.15/SF
NOI
$642.0K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$12,840,940
Cap Rate 7%
$9,172,100
Cap Rate 9%
$7,133,856
Alternative Uses
Best Use
Office B
$15.39M
$13.47M – $17.96M
NOI $1,077,302 @ 7.0% cap · market cap 14.36%
Second Best
Warehouse
$9.17M
$8.03M – $10.70M
NOI $642,047 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$21.44M
$18.76M – $25.02M
NOI $1,501,028 @ 7.0% cap · market cap 20.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial campus combines production bays, executive offices, heavy electrical service, and secured outdoor storage.
Where is this manufacturing property located?
The property is located at 2450 S 32nd St W - Building Billings, MT.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 98,276 SF industrial manufacturing and office facility on a 14.26 AC campus; Four high‑clearance manufacturing bays with extensive crane coverage; Three‑phase 480V electrical service with multiple exterior power stations
