Mixed-Use Property with
For Sale
$339,900
715 Grand Avenue, Billings, MT 59101
Multi-component property combines commercial space, two one-bedroom residences, and on-site garage storage.
Property Size2,302 SF
Price / SF$147.65
Days on Market42
Property Features for 715 Grand Avenue
General Information
Standard status
Active
Size
2,302 SF
Property subtype
CommercialSale
Additional Details
Floor
Main Floor
Road Access
Yes
Amenities
signage space
Listing Agency:
McNeese McNeese
(406) 690-2885
Listed By:
Sheri Hilario · License #RRE-RBS-LIC-14358
(406) 690-2885
Source:
Patschindele
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 5:24PM
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 McNeese McNeese
Investment Insights
Based on property information with market context.
This mixed-use property contains 2,302 square feet and combines several functional components. The main building includes office and showroom space, a lower-level one-bedroom apartment, and a single garage. A separate one-bedroom home is positioned at the rear of the property, creating a residential component alongside the commercial areas.
Located at 715 Grand Avenue in Billings, the property offers exposure along Grand Avenue and includes space for signage. Additional parking may be possible in the alley. Tenants are currently in place across the property, providing an existing occupancy component for an owner or investor.
Located at 715 Grand Avenue in Billings, the property offers exposure along Grand Avenue and includes space for signage. Additional parking may be possible in the alley. Tenants are currently in place across the property, providing an existing occupancy component for an owner or investor.
Key Highlights
- 2,302‑square‑foot mixed‑use property at 715 Grand Avenue
- Main‑floor office and showroom space
- Lower‑level 1 bedroom apartment
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
$25,235
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
7.42%
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%
$504,700
$504.7K
Cap Rate 7%
$360,500
$360.5K
Cap Rate 9%
$280,389
$280.4K
Market Conditions
NOI Build-Up for 2,302 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
$40.1K $17.40/SF
− Vacancy
−$6.4K −$2.78/SF
EGI
$33.6K $14.62/SF
− OpEx
−$8.4K −$3.65/SF
NOI
$25.2K $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%
$504,700
Cap Rate 7%
$360,500
Cap Rate 9%
$280,389
Alternative Uses
Best Use
Office B
$360.5K
$315.4K – $420.6K
NOI $25,235 @ 7.0% cap · market cap 7.42%
Second Best
Retail
$336.7K
$294.6K – $392.8K
NOI $23,567 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$502.3K
$439.5K – $586.0K
NOI $35,160 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
539
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-component property combines commercial space, two one-bedroom residences, and on-site garage storage.
Where is this mixed-use property located?
The property is located at 715 Grand Avenue Billings, MT.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 2,302‑square‑foot mixed‑use property at 715 Grand Avenue; Main‑floor office and showroom space; Lower‑level 1 bedroom apartment
