Flex Space with Pull-Through
For Sale
$390,000
2697 Enterprise Avenue, Billings, MT 59102
CommercialSale, Billings, MT
Property Size2,929 SF
Lot Size0.07 Acres
Price / SF$133.15
Days on Market138
Property Features for 2697 Enterprise Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Community Commercial
Parking
5
Subdivision
Venture Suites
Standard status
Active
APN
C11643A
Size
2,929 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
VENTURE SUITES, S13, T01 S, R25 E, UNIT A, 29% COMMON AREA INTEREST, LOC @ LT 9 BLK 2 CLAIMSTAKE SUB
Tax Annual Amount
2983
Legal Description
VENTURE SUITES, S13, T01 S, R25 E, UNIT A, 29% COMMON AREA INTEREST, LOC @ LT 9 BLK 2 CLAIMSTAKE SUB
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2018
Floors in Building
2
Building materials
Steel
Roof type
Metal
Listing Agency:
ERA American Real Estate · ERA Real Estate
(406) 259-3977
Listed By:
Gabriel Salley · License #RRE-RBS-LIC-32308
(406) 698-8816
Added: May 21
Changed: Sep 5
Last Checked: Oct 5 at 8:06AM
MLS# 359510
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,929-square-foot industrial condominium combines temperature-controlled warehouse and shop space with dedicated office and retail areas. A 14-foot pull-through overhead door supports convenient movement through the work area, while the 1,900-square-foot mezzanine adds substantial storage or usable expansion space. Built in 2018, the steel-framed property includes a metal roof, central air, forced-air heating, and natural gas service.
The property is located at 2697 Enterprise Avenue in Billings, near Home Depot, Lowe's, and other major amenities, with access to I-90. Public water and public sewer serve the building. The configuration accommodates owner-occupancy or investment use, with a combination of operational, administrative, customer-facing, and storage areas.
The property is located at 2697 Enterprise Avenue in Billings, near Home Depot, Lowe's, and other major amenities, with access to I-90. Public water and public sewer serve the building. The configuration accommodates owner-occupancy or investment use, with a combination of operational, administrative, customer-facing, and storage areas.
Key Highlights
- 2,929 sq. ft. of industrial condo/flex space
- 1,900 sq. ft. mezzanine for storage or expansion
- 14' pull‑through overhead door
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
$32,108
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
8.23%
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%
$642,160
$642.2K
Cap Rate 7%
$458,686
$458.7K
Cap Rate 9%
$356,756
$356.8K
Market Conditions
NOI Build-Up for 2,929 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
$51.0K $17.40/SF
− Vacancy
−$8.2K −$2.78/SF
EGI
$42.8K $14.62/SF
− OpEx
−$10.7K −$3.65/SF
NOI
$32.1K $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%
$642,160
Cap Rate 7%
$458,686
Cap Rate 9%
$356,756
Alternative Uses
Best Use
Office B
$458.7K
$401.4K – $535.1K
NOI $32,108 @ 7.0% cap · market cap 8.23%
Second Best
Retail
$428.4K
$374.8K – $499.8K
NOI $29,986 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$639.1K
$559.2K – $745.6K
NOI $44,736 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Temperature-controlled warehouse, office, and retail areas support a range of business 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; 1,900 sq. ft. mezzanine for storage or expansion; 14' pull‑through overhead door
