Listing Agency: ERA American Real Estate Show Phone

Listed By: Gabriel Salley · License #RRE-RBS-LIC-32308 Show Phone

Source: Patschindele

Added: Aug 18 Changed: Oct 26 Last Checked: Oct 30 at 2:02PM

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Investment Insights

Based on property information with market context.

Unit A at 2697 Enterprise Ave. is a 2,929 sq. ft. industrial condominium with a temperature-controlled warehouse and shop, a 14-foot pull-through overhead door, and dedicated office and retail areas. The property also includes a 1,900 sq. ft. mezzanine that adds storage or expansion space. Built in 2018, the unit is served by city water and sewer within a maintained building.

The property is located in Billings’ Westend near Home Depot, Lowe’s, and other major amenities, with convenient access to I-90. Its combination of warehouse, office, retail, and mezzanine areas supports a range of commercial operating configurations.

Key Highlights

• 2,929 sq. ft. of industrial condo/flex space
• Temperature‑controlled warehouse/shop with office and retail areas
• 14’ pull‑through overhead door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,869

Cap Rate

5.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$457,380 $457.4K

Cap Rate 7%

$326,700 $326.7K

Cap Rate 9%

$254,100 $254.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,929 SF

Gross rent

$38.7K $13.20/SF

− Vacancy

−$3.5K −$1.19/SF

EGI

$35.2K $12.01/SF

− OpEx

−$12.3K −$4.20/SF

NOI

$22.9K $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 Rate 5%

$457,380

Cap Rate 7%

$326,700

Cap Rate 9%

$254,100

Alternative Uses

Best Use

Flex RnD

$326.7K

$285.9K – $381.2K (±1% cap)

NOI $22,869 @ 7.0% cap · market cap 5.86%

Second Best

Warehouse

$273.4K

$239.2K – $318.9K (±1% cap)

NOI $19,135 @ 7.0% cap · market cap 4.91%

Theoretical Best

Office A

$639.1K

$559.2K – $745.6K (±1% cap)

NOI $44,736 @ 7.0% cap · market cap 11.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Bad Boys Cycles ... Auto Repair Shop Vision Beyond Borders Charitable Organization Diebold Inc Security Service

Suggested Use

Top Pick Grocery & Convenience Store HVAC Service Electrical Service (Bike/Boat/Book/etc) Store Parking Lot & Garage Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

696

Businesses Nearby

Balanced

Demand for This Use

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Temperature-controlled warehouse and shop space includes office and retail areas for daily operations.

Where is this flex space located?

The property is located at 2697 Enterprise Avenue Billings, MT.

What is the asking price?

The asking price for this property is $390,000.

What are key features of this property?

This property features: 2,929 sq. ft. of industrial condo/flex space; Temperature‑controlled warehouse/shop with office and retail areas; 14’ pull‑through overhead door