Fenced Flex Space With
For Sale
$650,000
5 Washington Street, Billings, MT 59101
CommercialSale, Billings, MT
Property Size8,697 SF
Lot Size1.30 Acres
Price / SF$74.74
Days on Market64
Property Features for 5 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CX - Heavy Commercial
Parking
10
Parking features
On Street
Interior features
Storage
Lot features
Alley
Subdivision
(04) South Billings
Standard status
Active
APN
D01636
Size
8,697 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Description
S10, T01 S, R26 E, C.O.S. 298, PARCEL 1 & 2
Tax Annual Amount
5760
Legal Description
S10, T01 S, R26 E, C.O.S. 298, PARCEL 1 & 2
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Amenities
sheds
covered storage
office space
workshop areas
sandblasting rooms
air compressor systems
residential living space
fenced yard
gated entrances
outdoor storage
Building Details
Year built
1970
Floors in Building
2
Building materials
MetalSiding, WoodSiding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
eXp Realty, LLC - Billings
(406) 578-4399
Listed By:
Caleb Benson · License #RRE-RBS-LIC-127147
(406) 839-7294
Added: Jul 20
Changed: Aug 19
Last Checked: Sep 21 at 7:06PM
MLS# 360805
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 1.3-acre flex space property contains 8,697 square feet across five primary buildings, along with sheds and covered lean-to storage. The improvements include office areas, workshop space, sandblasting rooms, and large air-compressor systems. A former office has been configured as a residential living area and is leased on a month-to-month basis. Metal and wood siding, metal roofing, window-unit cooling, public water, and public sewer are in place.
The property is positioned for visibility from State Avenue with convenient access to I-90. Its enclosed yard includes three large gated entry points and space for outdoor storage and equipment. The site previously supported automotive restoration and body work and may accommodate fabrication, contracting, industrial, automotive, or service operations based on its existing configuration.
The property is positioned for visibility from State Avenue with convenient access to I-90. Its enclosed yard includes three large gated entry points and space for outdoor storage and equipment. The site previously supported automotive restoration and body work and may accommodate fabrication, contracting, industrial, automotive, or service operations based on its existing configuration.
Key Highlights
- 1.3‑acre commercial site with 8,697 square feet of improvements
- Five main buildings plus multiple sheds and lean‑to covered storage
- Workshop areas, sandblasting rooms, and large air‑compressor systems
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
$50,134
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
7.71%
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%
$1,002,680
$1.0M
Cap Rate 7%
$716,200
$716.2K
Cap Rate 9%
$557,044
$557.0K
Market Conditions
NOI Build-Up for 8,697 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
$78.3K $9.00/SF
− Vacancy
−$6.7K −$0.77/SF
EGI
$71.6K $8.24/SF
− OpEx
−$21.5K −$2.47/SF
NOI
$50.1K $5.76/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,002,680
Cap Rate 7%
$716,200
Cap Rate 9%
$557,044
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,337 @ 7.0% cap · market cap 14.67%
Second Best
Retail
$1.27M
$1.11M – $1.48M
NOI $89,036 @ 7.0% cap · market cap 13.70%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,834 @ 7.0% cap · market cap 20.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building commercial property with enclosed yard, office areas, storage improvements, and direct access to I-90.
Where is this flex space located?
The property is located at 5 Washington Street Billings, MT.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1.3‑acre commercial site with 8,697 square feet of improvements; Five main buildings plus multiple sheds and lean‑to covered storage; Workshop areas, sandblasting rooms, and large air‑compressor systems
