Two-Unit Office
For Sale
$1,163,358
2625 Saint Johns Avenue, Billings, MT 59102
Fully leased office property with private parking, mature landscaping, and NO-Neighborhood Office zoning.
Property Size5,209 SF
Price / SF$223.34
Days on Market163
Property Features for 2625 Saint Johns Avenue
General Information
Standard status
Active
Size
5,209 SF
Class
A
Property subtype
Multi Tenant Office
Zoning
NO-Neighborhood Office
Occupancy
100%
Net Operating Income
$69,802
Additional Details
Asking Price
$1,163,358
Office Units
2
Amenities
mature landscaping
Building Details
Building Size
5,209 SF
Listing Agency:
NAI Business Properties
(406) 256-5000
Listed By:
Brian McDonald · License #RRE-BRO-LIC-12627
(406) 256-5000
Source:
Thebrokerlist
Added: Mar 24
Changed: Aug 30
Last Checked: Aug 30 at 2:04AM
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.
This 5,209-square-foot office building is configured as two separate units and is fully leased. The property includes a private parking lot and mature landscaping, supporting a professional setting for its occupants. It is designated NO-Neighborhood Office zoning.
The building is located at 2625 Saint Johns Avenue in Billings, Montana, off Saint Johns Avenue and behind Westend Target. Its divided configuration and existing lease occupancy provide a defined operating profile for an office property buyer.
The building is located at 2625 Saint Johns Avenue in Billings, Montana, off Saint Johns Avenue and behind Westend Target. Its divided configuration and existing lease occupancy provide a defined operating profile for an office property buyer.
Key Highlights
- 5,209 SF office building
- Fully leased to occupants
- Two‑unit building configuration
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
$57,101
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
4.91%
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%
$1,142,020
$1.1M
Cap Rate 7%
$815,729
$815.7K
Cap Rate 9%
$634,456
$634.5K
Market Conditions
NOI Build-Up for 5,209 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
$90.6K $17.40/SF
− Vacancy
−$14.5K −$2.78/SF
EGI
$76.1K $14.62/SF
− OpEx
−$19.0K −$3.65/SF
NOI
$57.1K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,142,020
Cap Rate 7%
$815,729
Cap Rate 9%
$634,456
Alternative Uses
Best Use
Office B
$815.7K
$713.8K – $951.7K
NOI $57,101 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$994.5K – $1.33M
NOI $79,560 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
902
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Fully leased office property with private parking, mature landscaping, and NO-Neighborhood Office zoning.
Where is this office building located?
The property is located at 2625 Saint Johns Avenue Billings, MT.
What is the asking price?
The asking price for this property is $1,163,358.
What are key features of this property?
This property features: 5,209 SF office building; Fully leased to occupants; Two‑unit building configuration
