Mixed-Use Property with
New
For Sale
$329,900
715 Grand Avenue, Billings, MT 59101
Office, retail, showroom, and residential components are arranged across the main floor, lower level, and detached back house.
Property Size2,302 SF
Price / SF$143.31
Days on Market5
Property Features for 715 Grand Avenue
General Information
Standard status
Active
Size
2,302 SF
Additional Details
Floor
Main Floor
Building Details
Tenancy
Multi
Listing Agency:
McNeese McNeese
(406) 248-8999
Listed By:
Sheri Hilario · License #RRE-BRO-LIC-136680
(406) 690-2885
Source:
Patschindele
Added: Sep 11
Last Checked: Sep 14 at 12:01PM
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 combines commercial and residential components at 715 Grand Avenue. The main floor includes office space, a bathroom, and retail or showroom area. The lower level contains a one-bedroom, one-bath apartment, while a detached back house provides another one-bedroom, one-bath residence. A separate garage is also included, and the exterior of all buildings has been freshly painted.
The property offers high-traffic exposure along Grand Avenue with signage opportunities for the commercial space. Both residential units have long-term tenant histories, adding established occupancy to the office and retail configuration. The layout accommodates a range of owner-user and income-producing uses without combining the distinct commercial, residential, and accessory improvements into a single building.
The property offers high-traffic exposure along Grand Avenue with signage opportunities for the commercial space. Both residential units have long-term tenant histories, adding established occupancy to the office and retail configuration. The layout accommodates a range of owner-user and income-producing uses without combining the distinct commercial, residential, and accessory improvements into a single building.
Key Highlights
- Main floor includes office space, a bathroom, and retail or showroom area
- Two one‑bedroom, one‑bath residential units, including a lower‑level apartment and detached back house
- Both residential units have long‑term tenant histories
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
7.65%
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 7.65%
Second Best
Retail
$336.7K
$294.6K – $392.8K
NOI $23,567 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$502.3K
$439.5K – $586.0K
NOI $35,160 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, retail, showroom, and residential components are arranged across the main floor, lower level, and detached back house.
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 $329,900.
What are key features of this property?
This property features: Main floor includes office space, a bathroom, and retail or showroom area; Two one‑bedroom, one‑bath residential units, including a lower‑level apartment and detached back house; Both residential units have long‑term tenant histories
