Live-Work Space in Historic Quonset
For Sale
Contact for pricing
2611 Minnesota Ave, Billings, MT 59101
Renovated live-work property with an office, garage/shop, and furnished one-bedroom apartment inside a historic Quonset building.
Property Size6,100 SF
Price / SF$73.77
Days on Market25
Property Features for 2611 Minnesota Ave
General Information
Standard status
Active
Size
6,100 SF
Property subtype
OFFICE
Listing Agency:
NAI Business Properties
(406) 672-1443
Listed By:
Haley Vannatta · License #RRE-RBS-LIC-62446
(406) 672-1443
Source:
Moodyscre
Added: Jul 28
Changed: Jul 30
Last Checked: Jul 30 at 9:10PM
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 NAI Business Properties
Investment Insights
Based on property information with market context.
A one-of-a-kind live-work property built in 1948 inside a historic Quonset building and extensively renovated in 2016, totaling approximately 6,100 SF. The setup includes a renovated 1,968 SF office with polished concrete floors, a reception area, a private office, a dedicated conference room, and a 544 SF bonus room for additional workspace or storage.
Complementing the office is a 2,852 SF garage/shop with four parking spaces, suited for operational flexibility, vehicle storage, light industrial use, or equipment storage. The property also features a finished 1,280 SF one-bedroom apartment that can support on-site living or executive accommodations and is furnished with a king-size bed and a washer/dryer.
Located on the edge of downtown Billings in the Old Town Historic District, the property offers quick access to Interstate 90 and Billings Logan International Airport, with nearby hotels including the Northern Hotel and DoubleTree and a surrounding mix of restaurants, coffee shops, and downtown amenities.
Complementing the office is a 2,852 SF garage/shop with four parking spaces, suited for operational flexibility, vehicle storage, light industrial use, or equipment storage. The property also features a finished 1,280 SF one-bedroom apartment that can support on-site living or executive accommodations and is furnished with a king-size bed and a washer/dryer.
Located on the edge of downtown Billings in the Old Town Historic District, the property offers quick access to Interstate 90 and Billings Logan International Airport, with nearby hotels including the Northern Hotel and DoubleTree and a surrounding mix of restaurants, coffee shops, and downtown amenities.
Key Highlights
- Historic Quonset building built in 1948 and extensively renovated in 2016
- Renovated 1,968 SF office with reception area, private office, conference room, and 544 SF bonus room
- 2,852 SF garage/shop with four parking spaces for vehicle storage, operations, or light industrial use
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
$35,163
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
7.81%
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%
$703,260
$703.3K
Cap Rate 7%
$502,329
$502.3K
Cap Rate 9%
$390,700
$390.7K
Market Conditions
NOI Build-Up for 6,100 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
$54.9K $9.00/SF
− Vacancy
−$4.7K −$0.77/SF
EGI
$50.2K $8.24/SF
− OpEx
−$15.1K −$2.47/SF
NOI
$35.2K $5.76/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$9.00 /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%
$703,260
Cap Rate 7%
$502,329
Cap Rate 9%
$390,700
Alternative Uses
Best Use
Office B
$955.3K
$835.9K – $1.11M
NOI $66,868 @ 7.0% cap · market cap 14.86%
Second Best
Mixed Use
$841.8K
$736.6K – $982.1K
NOI $58,926 @ 7.0% cap · market cap 13.09%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,169 @ 7.0% cap · market cap 20.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,975
Businesses Nearby
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Renovated live-work property with an office, garage/shop, and furnished one-bedroom apartment inside a historic Quonset building.
Where is this live-work space located?
The property is located at 2611 Minnesota Ave Billings, MT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Historic Quonset building built in 1948 and extensively renovated in 2016; Renovated 1,968 SF office with reception area, private office, conference room, and 544 SF bonus room; 2,852 SF garage/shop with four parking spaces for vehicle storage, operations, or light industrial use
