Flex Space with
For Sale
$650,000
5 Washington St, Billings, MT 59101
Fenced commercial property with workshops, office space, covered storage, and multiple gated entrances.
Property Size8,697 SF
Lot Size1.30 Acres
Price / SF$74.74
Days on Market22
Property Features for 5 Washington St
General Information
Standard status
Active
Size
8,697 SF
Lot size
1.30 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$5,760
Amenities
five main buildings
multiple sheds
lean-to covered storage
office space
workshop areas
sandblasting rooms
large air compressor systems
residential living space
three large gated entrances
off-street customer parking
Building Details
Buildings
5
Listing Agency:
eXp Realty, LLC - Billings
(406) 839-7294
Listed By:
Caleb Benson · License #RRE-RBS-LIC-127147
(406) 839-7294
Source:
Exprealty
Added: Jul 21
Changed: Aug 11
Last Checked: Aug 11 at 3:18AM
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 eXp Realty, LLC - Billings
Investment Insights
Based on property information with market context.
This flex property spans 1.3 acres and includes five main buildings, multiple sheds, lean-to covered storage, office areas, workshops, sandblasting rooms, and large air compressor systems. The improvements were previously used for automotive restoration and body work. An office has been converted into residential living space and is leased month-to-month.
The fully fenced yard provides three large gated entrances, outdoor storage, equipment space, and off-street customer parking. The property has access to I-90 and visibility from State Avenue. Its existing combination of buildings, work areas, storage, and yard space supports automotive, fabrication, contractor, industrial, and service-business applications identified for the property.
The fully fenced yard provides three large gated entrances, outdoor storage, equipment space, and off-street customer parking. The property has access to I-90 and visibility from State Avenue. Its existing combination of buildings, work areas, storage, and yard space supports automotive, fabrication, contractor, industrial, and service-business applications identified for the property.
Key Highlights
- 1.3‑acre commercial property with access to I‑90
- Five main buildings plus multiple sheds and lean‑to covered storage
- Workshops, sandblasting rooms, office areas, 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
$56,818
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
8.74%
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%
$1,136,360
$1.1M
Cap Rate 7%
$811,686
$811.7K
Cap Rate 9%
$631,311
$631.3K
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
$73.1K $8.40/SF
− Vacancy
−$6.2K −$0.71/SF
EGI
$66.8K $7.69/SF
− OpEx
−$10.0K −$1.15/SF
NOI
$56.8K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,136,360
Cap Rate 7%
$811,686
Cap Rate 9%
$631,311
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
Property Profile
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
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?
Flex space - Fenced commercial property with workshops, office space, covered storage, and multiple gated entrances.
Where is this flex space located?
The property is located at 5 Washington St 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 property with access to I‑90; Five main buildings plus multiple sheds and lean‑to covered storage; Workshops, sandblasting rooms, office areas, and large air compressor systems
