Shop and Flex Building with
For Sale
$268,200
5229 King Ave W Unit C3, Billings, MT 59106
A versatile flex shop with a fenced yard, finished office, and large overhead door for light commercial or industrial use.
Property Size1,800 SF
Price / SF$149
Days on Market50
Property Features for 5229 King Ave W Unit C3
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Industrial
Zoning
Community Commercial
Additional Details
Fenced Yard
Yes
Drive-In Doors
1
Building Details
Building Size
1,800 SF
Year Built
2014
Listing Agency:
Coldwell Banker Commercial CBS
(406) 570-8961
Listed By:
Todd Sherman · License #MT #RRE-RBS-LIC-54530
(406) 570-8961
Source:
Cbcmontana
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 12 at 4:02AM
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 well-equipped shop and flex building offers a practical mix of workspace and finished office. The property includes insulated interior walls with a durable metal finish, a finished office area with a private restroom, and interior gas heating for year-round comfort. Vehicle and equipment access is supported by a 14-foot overhead door, while 16-foot side walls provide added vertical clearance. Pedestrian access is available through a separate walk-in door, and the building is equipped with a well for water supply. Water and sewer service are provided by cistern and septic, supporting self-contained operations. A fenced 1,200-square-foot yard is included for outside storage or work staging.
Located at 5229 King Ave W, Unit C3 in Billings, the property is positioned in a growing commercial area. The offering is presented as a 1,800-square-foot unit configured for flex-style users who need both functional shop space and an office component.
Zoned for Community Commercial use, this facility is suited for a range of light commercial and light industrial needs that benefit from yard storage, overhead loading, and on-site office space. Buyers looking for a self-sufficient property with dedicated office amenities and dependable building access will find the layout well-matched to day-to-day operations.
Located at 5229 King Ave W, Unit C3 in Billings, the property is positioned in a growing commercial area. The offering is presented as a 1,800-square-foot unit configured for flex-style users who need both functional shop space and an office component.
Zoned for Community Commercial use, this facility is suited for a range of light commercial and light industrial needs that benefit from yard storage, overhead loading, and on-site office space. Buyers looking for a self-sufficient property with dedicated office amenities and dependable building access will find the layout well-matched to day-to-day operations.
Key Highlights
- 1,800 SF shop and flex building built in 2014 in a growing commercial area of Billings
- Finished office space with a private restroom
- 16‑ft side walls and a 14‑ft overhead door for large vehicle or equipment access
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
$19,732
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
7.36%
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%
$394,640
$394.6K
Cap Rate 7%
$281,886
$281.9K
Cap Rate 9%
$219,244
$219.2K
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
$31.3K $17.40/SF
− Vacancy
−$5.0K −$2.78/SF
EGI
$26.3K $14.62/SF
− OpEx
−$6.6K −$3.65/SF
NOI
$19.7K $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%
$394,640
Cap Rate 7%
$281,886
Cap Rate 9%
$219,244
Alternative Uses
Best Use
Office B
$281.9K
$246.7K – $328.9K
NOI $19,732 @ 7.0% cap · market cap 7.36%
Second Best
Flex RnD
$200.8K
$175.7K – $234.2K
NOI $14,054 @ 7.0% cap · market cap 5.24%
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
Property Profile
Current Use
Lease Details
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
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 - A versatile flex shop with a fenced yard, finished office, and large overhead door for light commercial or industrial use.
Where is this flex space located?
The property is located at 5229 King Ave W Unit C3 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: 1,800 SF shop and flex building built in 2014 in a growing commercial area of Billings; Finished office space with a private restroom; 16‑ft side walls and a 14‑ft overhead door for large vehicle or equipment access
