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    Gas Station/Retail Redevelopment Opportunity Title is generated by Realmo AI

    523 Hilltop Road, Billings, MT 59105

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    Claim this Listing
    For Sale
    $2,495,000

    6,746 SF gas station/retail building on 67,947 SF lot.

    Type:Retail
    Property size:
    6,746 SF
    Lot size:
    1.56 Acres
    Price / SF:
    $369/SF
    Added:
    Apr 1, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 1 at 11:46 am

    Property Features for 523 Hilltop Road

    General Information

    Standard status
    Active
    Size
    6,746 SF
    Lot size
    1.56 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1996

    We can help!

    Listing Contact
    Ethan Kanning
    Ethan Kanning

    Listing agent Ethan Kanning License #R​R​E​-​R​B​S​-​L​I​C​-​4​5​6​8​2

    Listing office NAI Business Properties

    Listing date Apr 1, 2026

    Source Naiglobal

    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

    HighLights

    • 6,746 SF Gas Station/Retail Building on a 67,947 SF Lot suitable for Gas User or Retail Redevelopment.
    • Includes a 4,120 SF Owner Operated C Store (2,936 SF Retail + 1,184 SF storage/office).
    • Features 1,250 SF of Restaurant space.
    • Includes a 1,376 SF Casino (Owner Operated).
    • Buyer can continue Cenex fuel contract or Seller to terminate fuel contract.
    • Built in 1996.

    Overview

    The subject property features 6,746 square feet of retail space, situated on a 67,947 square foot lot. The retail space is divided into a 4,120 square foot convenience store, which includes 2,936 square feet of retail space and 1,184 square feet of storage and office space. Additionally, there is a 1,250 square foot restaurant space and a 1,376 square foot casino. The property also includes 1,110 square feet of basement space, previously used for lube shop operations with vehicle access, though this area is not included in the total building square footage. The basement has an estimated ceiling height of 7 feet. The seller is open to removing the tanks and canopies at their own expense. The buyer has the option to continue the Cenex fuel contract, or the seller can terminate it at closing if desired by the buyer. The casino is currently owner-operated, and the seller has a strong preference for a sale-leaseback arrangement on the casino space. The property is available for gas user or retail redevelopment.
    Location Intelligence

    Current Use by Public Records

    Blues BBQ Restaurant Hilltop Station Casino Hotel & Motel Cenex Gas Station Town Country Supply ... Grocery & Convenience Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.4731178
    Latitude
    45.8132705

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    FAQs

    What type of property is this?
    Gas station - 6,746 SF gas station/retail building on 67,947 SF lot.
    Where is this gas station located?
    The property is located at 523 Hilltop Road Billings, MT.
    What is the asking price?
    The asking price for this property is $2,495,000.
    What are key features of this property?
    This property features: 6,746 SF Gas Station/Retail Building on a 67,947 SF Lot suitable for Gas User or Retail Redevelopment.; Includes a **4,120 SF Owner Operated C Store** (2,936 SF Retail + 1,184 SF storage/office).; Features 1,250 SF of Restaurant space.
    (406) 672-0435
    We can help!
    Listing Contact
    Ethan Kanning
    Ethan Kanning
    Real Estate License ID: R​R​E​-​R​B​S​-​L​I​C​-​4​5​6​8​2
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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