Industrial Flex Condo with
For Sale
$390,000
2697 Enterprise Avenue, Billings, MT 59102
COMMERCIAL - Billings, MT
Property Size2,929 SF
Lot Size0.07 Acres
Price / SF$133.15
Days on Market93
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: Aug 19
Last Checked: Aug 21 at 2:06AM
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.
2697 Enterprise Ave, Unit A presents a 2,929 SF industrial condo/flex space built in 2018 within a well-maintained building. The space includes a temperature-controlled warehouse/shop area served by a 14' pull-through overhead door, alongside office and retail areas suited for day-to-day operations. An additional 1,900 SF mezzanine provides extra storage or room to expand.
The property is serviced by city water and public sewer. Construction materials are steel, with natural gas forced-air heat and central air, and the roof is metal. For access and visibility, the location offers convenient routes to I-90.
This unit can work for owner-occupancy or investment, combining warehouse utility with dedicated interior office and retail space within a secure, maintained facility.
The property is serviced by city water and public sewer. Construction materials are steel, with natural gas forced-air heat and central air, and the roof is metal. For access and visibility, the location offers convenient routes to I-90.
This unit can work for owner-occupancy or investment, combining warehouse utility with dedicated interior office and retail space within a secure, maintained facility.
Key Highlights
- 2,929 SF industrial condo/flex space, Unit A
- Temperature‑controlled warehouse/shop with a 14' pull‑through overhead door
- Additional 1,900 SF mezzanine for storage or expansion
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
$22,869
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
5.86%
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%
$457,380
$457.4K
Cap Rate 7%
$326,700
$326.7K
Cap Rate 9%
$254,100
$254.1K
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
$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 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%
$457,380
Cap Rate 7%
$326,700
Cap Rate 9%
$254,100
Alternative Uses
Best Use
Flex RnD
$326.7K
$285.9K – $381.2K
NOI $22,869 @ 7.0% cap · market cap 5.86%
Second Best
Warehouse
$273.4K
$239.2K – $318.9K
NOI $19,135 @ 7.0% cap · market cap 4.91%
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
Property Profile
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
Market
Vacancy Rate% for Industrial 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?
Flex space - Temperature-controlled warehouse/shop with central air plus office and retail areas, complemented by a mezzanine for added storage.
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 SF industrial condo/flex space, Unit A; Temperature‑controlled warehouse/shop with a 14' pull‑through overhead door; Additional 1,900 SF mezzanine for storage or expansion
