Multi-Tenant Retail and Office
For Sale
Contact for pricing
323 24th St W, Billings, MT 59102
Well-maintained, multi-tenant building includes retail, office, and storage space with on-site parking.
Property Size4,320 SF
Lot Size0.25 Acres
Price / SF$190.97
Days on Market152
Property Features for 323 24th St W
General Information
Standard status
Active
Size
4,320 SF
Lot size
0.25 Acres
Property subtype
Retail
Zoning
CMU1-Corridor Mixed Use 1
Occupancy
100%
Net Operating Income
$42,003
Building Details
Year Built
1999
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
NAI Business Properties
Listed By:
Matt Robertson · License #MT 14178
(406) 294-6308
Source:
Crexi
Added: Apr 9
Changed: Aug 8
Last Checked: Jul 23 at 7:49AM
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.
The 24th Street Retail Building at 323 24th Street West is a well-maintained, multi-tenant property constructed in 1999. The 4,320 SF building features a functional layout designed to accommodate a mix of retail and office users, along with storage space. Asphalt and concrete paving provide on-site parking in support of tenant access.
The property is located along a high-visibility corridor in west Billings, offering strong frontage and accessibility.
The building sits on an approximately 11,000 SF lot and presents an attractive exterior with curb appeal, supporting its retail-and-office configuration.
The property is located along a high-visibility corridor in west Billings, offering strong frontage and accessibility.
The building sits on an approximately 11,000 SF lot and presents an attractive exterior with curb appeal, supporting its retail-and-office configuration.
Key Highlights
- 4,320 SF, multi‑tenant retail building at 323 24th Street West, constructed in 1999
- Approximately 11,000 SF lot with strong frontage along a high‑visibility corridor in west Billings
- Mix of retail, office, and storage space with a functional layout for multiple user types
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
$47,356
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
5.74%
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%
$947,120
$947.1K
Cap Rate 7%
$676,514
$676.5K
Cap Rate 9%
$526,178
$526.2K
Market Conditions
NOI Build-Up for 4,320 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
$75.2K $17.40/SF
− Vacancy
−$12.0K −$2.78/SF
EGI
$63.1K $14.62/SF
− OpEx
−$15.8K −$3.65/SF
NOI
$47.4K $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%
$947,120
Cap Rate 7%
$676,514
Cap Rate 9%
$526,178
Alternative Uses
Best Use
Office B
$676.5K
$592.0K – $789.3K
NOI $47,356 @ 7.0% cap · market cap 5.74%
Second Best
Retail
$631.8K
$552.8K – $737.1K
NOI $44,226 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$942.6K
$824.8K – $1.10M
NOI $65,982 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
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?
Retail space - Well-maintained, multi-tenant building includes retail, office, and storage space with on-site parking.
Where is this retail space located?
The property is located at 323 24th St W Billings, MT.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 4,320 SF, multi‑tenant retail building at 323 24th Street West, constructed in 1999; Approximately 11,000 SF lot with strong frontage along a high‑visibility corridor in west Billings; Mix of retail, office, and storage space with a functional layout for multiple user types
