Warehouse with Fenced
For Sale
Contact for pricing
5229 King Ave W, Billings, MT 59106
Warehouse with 1,200 sf fenced yard, 14-foot overhead door, and finished office space with private restroom.
Property Size1,800 SF
Price / SF$149
Days on Market67
Property Features for 5229 King Ave W
General Information
Standard status
Active
Size
1,800 SF
Property subtype
INDUSTRIAL
Zoning
Community Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Listing Agency:
Coldwell Banker Commercial CBS
(406) 656-2001
Listed By:
Todd Sherman · License #54530
(406) 570-8961
Source:
Moodyscre
Added: Jul 23
Changed: Sep 11
Last Checked: Sep 26 at 12:52PM
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 Coldwell Banker Commercial CBS
Investment Insights
Based on property information with market context.
This for-sale warehouse includes a 1,200 square foot fenced yard and an insulated interior finished with durable metal. The building has finished office space with a private restroom, interior gas heating, and 16-foot side walls for added vertical space. Vehicle and equipment access is supported by a 14-foot overhead door, along with a separate walk-in door for pedestrian entry.
The property is equipped with a well for water supply, while water and sewer are provided by cistern and septic. It is zoned for Community Commercial use.
The combination of yard storage, office improvements, and large overhead access makes the space well-suited for businesses needing on-site work space and secured outdoor area.
The property is equipped with a well for water supply, while water and sewer are provided by cistern and septic. It is zoned for Community Commercial use.
The combination of yard storage, office improvements, and large overhead access makes the space well-suited for businesses needing on-site work space and secured outdoor area.
Key Highlights
- Warehouse includes a 1,200 SF fenced yard
- 14‑foot overhead door provides large vehicle or equipment access
- Finished office space with a private restroom
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
$14,054
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
5.24%
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%
$281,080
$281.1K
Cap Rate 7%
$200,771
$200.8K
Cap Rate 9%
$156,156
$156.2K
Market Conditions
NOI Build-Up for 1,800 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
$23.8K $13.20/SF
− Vacancy
−$2.1K −$1.19/SF
EGI
$21.6K $12.01/SF
− OpEx
−$7.6K −$4.20/SF
NOI
$14.1K $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%
$281,080
Cap Rate 7%
$200,771
Cap Rate 9%
$156,156
Alternative Uses
Best Use
Flex RnD
$200.8K
$175.7K – $234.2K
NOI $14,054 @ 7.0% cap · market cap 5.24%
Second Best
Warehouse
$168.0K
$147.0K – $196.0K
NOI $11,760 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$392.7K
$343.7K – $458.2K
NOI $27,492 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59106, MT
20,681
Population
8,164
Households
2.5
Avg Household Size
40
Median Age
52%
College-Educated
98%
High-School Grad
112.0 sq mi
ZIP Area
185
Density / Sq Mi
$122,374
Median Household Income
$52,380
Median Earnings
$1,380
Median Rent
$483,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse with 1,200 sf fenced yard, 14-foot overhead door, and finished office space with private restroom.
Where is this flex space located?
The property is located at 5229 King Ave W Billings, MT.
What is the asking price?
The asking price for this property is $268,200.
What are key features of this property?
This property features: Warehouse includes a 1,200 SF fenced yard; 14‑foot overhead door provides large vehicle or equipment access; Finished office space with a private restroom
