Two-Unit Flex
For Sale
$399,000
6936 All Terrain Avenue, Billings, MT 59106
COMMERCIAL - Billings, MT
Property Size2,688 SF
Lot Size0.18 Acres
Price / SF$122.24
Days on Market144
Property Features for 6936 All Terrain Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
UNZON
Subdivision
Shop World 406
Standard status
Active
APN
C18872
Size
3,264 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
SHOP WORLD 406 SUBD (24), S07, T01 S, R25 E, Lot 48
Legal Description
SHOP WORLD 406 SUBD (24), S07, T01 S, R25 E, Lot 48
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Ductless
Building Details
Year built
2024
Floors in Building
1
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Yellowstone Properties · Keller Williams Realty
(406) 655-0005
Listed By:
Pat Schindele · License #RRE-BRO-LIC-8806
(406) 591-2551
Added: Apr 2
Changed: Aug 19
Last Checked: Aug 23 at 12:06PM
MLS# 358484
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,264-square-foot flex property, constructed in 2024, is configured as two separate units with divider-wall separation. Each side includes a bathroom, kitchen area, 12-by-21-foot mezzanine with finished office space, independent electrical panels and gas meters, and a 125,000 BTU natural-gas heater. The building also features 16-foot walls, a metal exterior and roof, ductless cooling, and insulated 14-by-14-foot garage doors. Four bollards protect the garage-door areas, while a 10-by-10-foot header is installed for a future west-side door.
Each bay has twenty 110-volt outlets and three 30-amp RV outlets, including two exterior outlets and one interior outlet. Unit A is offered for lease, and Unit B is leased, providing a two-unit configuration with existing occupancy and additional leasing availability.
Each bay has twenty 110-volt outlets and three 30-amp RV outlets, including two exterior outlets and one interior outlet. Unit A is offered for lease, and Unit B is leased, providing a two-unit configuration with existing occupancy and additional leasing availability.
Key Highlights
- 3,264 SF flex building completed in 2024
- Two separately metered units, each with a bathroom, kitchen area, and finished office mezzanine
- Each unit includes a 12' x 21' mezzanine with windows, carpeting, and mini splits
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
$25,485
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
6.39%
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%
$509,700
$509.7K
Cap Rate 7%
$364,071
$364.1K
Cap Rate 9%
$283,167
$283.2K
Market Conditions
NOI Build-Up for 3,264 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
$43.1K $13.20/SF
− Vacancy
−$3.9K −$1.19/SF
EGI
$39.2K $12.01/SF
− OpEx
−$13.7K −$4.20/SF
NOI
$25.5K $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%
$509,700
Cap Rate 7%
$364,071
Cap Rate 9%
$283,167
Alternative Uses
Best Use
Flex RnD
$364.1K
$318.6K – $424.8K
NOI $25,485 @ 7.0% cap · market cap 6.39%
Second Best
Warehouse
$304.6K
$266.6K – $355.4K
NOI $21,324 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$712.2K
$623.2K – $830.9K
NOI $49,853 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
56
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Divided commercial space offers separate utility service, mezzanine offices, and dedicated restrooms and kitchen areas.
Where is this flex space located?
The property is located at 6936 All Terrain Avenue Billings, MT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3,264 SF flex building completed in 2024; Two separately metered units, each with a bathroom, kitchen area, and finished office mezzanine; Each unit includes a 12' x 21' mezzanine with windows, carpeting, and mini splits
