Flex Warehouse with Overhead
For Sale
Contact for pricing
6512 WAGON TR, Billings, MT
Pre-engineered steel construction supports a three-unit commercial layout with bathrooms and flexible operational space.
Property Size8,400 SF
Lot Size0.53 Acres
Price / SF$130.95
Days on Market9
Property Features for 6512 WAGON TR
General Information
Standard status
Active
Size
8,400 SF
Class
B
Lot size
0.53 Acres
Property subtype
Office, Industrial, Mixed Use
Occupancy
75%
Lease Type
NNN
Investment Type
Owner/User
Net Operating Income
$64,588
Additional Details
Clear Height
16 ft
Building Details
Year Built
2014
Buildings
1
Stories
1
Units
3
Tenancy
Single
Construction
pre-engineered steel
Listing Agency:
U Bar S Real Estate
(406) 652-1151
Listed By:
Jon Ussin · License #MT 4106
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 8:43AM
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 U Bar S Real Estate
Investment Insights
Based on property information with market context.
Located at 6512 Wagon Trail in Billings, Montana, this flex space contains 8,400 square feet within a three-unit configuration. The property was built in 2014 using pre-engineered steel construction and includes bathrooms, three overhead doors measuring 12 by 14 feet, three man doors, and 16-foot ceilings.
The 0.532-acre site is served by a cistern and septic tanks. Unit A is currently used by the owner, while Units B and C are occupied by one tenant with living quarters. The combination of industrial-style improvements and separate unit configuration provides a practical setting for commercial operations.
The 0.532-acre site is served by a cistern and septic tanks. Unit A is currently used by the owner, while Units B and C are occupied by one tenant with living quarters. The combination of industrial-style improvements and separate unit configuration provides a practical setting for commercial operations.
Key Highlights
- 8,400‑square‑foot flex warehouse on a 0.532‑acre lot
- Three‑unit configuration with bathrooms
- Pre‑engineered steel construction built in 2014
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
$92,081
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
8.37%
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%
$1,841,620
$1.8M
Cap Rate 7%
$1,315,443
$1.3M
Cap Rate 9%
$1,023,122
$1.0M
Market Conditions
NOI Build-Up for 8,400 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
$146.2K $17.40/SF
− Vacancy
−$23.4K −$2.78/SF
EGI
$122.8K $14.62/SF
− OpEx
−$30.7K −$3.65/SF
NOI
$92.1K $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%
$1,841,620
Cap Rate 7%
$1,315,443
Cap Rate 9%
$1,023,122
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.53M
NOI $92,081 @ 7.0% cap · market cap 8.37%
Second Best
Flex RnD
$936.9K
$819.8K – $1.09M
NOI $65,586 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,298 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
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 - Pre-engineered steel construction supports a three-unit commercial layout with bathrooms and flexible operational space.
Where is this flex space located?
The property is located at 6512 WAGON TR Billings, MT.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,400‑square‑foot flex warehouse on a 0.532‑acre lot; Three‑unit configuration with bathrooms; Pre‑engineered steel construction built in 2014
