Mixed-Use Property with Apartment
New
For Sale
$329,900
715 Grand Avenue, Billings, MT 59101
CommercialSale, Billings, MT
Property Size2,302 SF
Lot Size0.12 Acres
Price / SF$143.31
Days on Market2
Property Features for 715 Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
NMU - Neighborhood Mixed-Use
Subdivision
Billings Heights
Lot features
Alley
Standard status
Active
APN
A03018
Size
2,302 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
Lot 7, Block 1, Billings Heights Subdivision
Tax Annual Amount
1853
Legal Description
Lot 7, Block 1, Billings Heights Subdivision
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
signage opportunities
Building Details
Year built
1946
Floors in Building
2
Roof type
Shingle, Asphalt
Listing Agency:
McNeese McNeese
(406) 248-8999
Listed By:
Sheri Hilario · License #RRE-BRO-LIC-136680
(406) 690-2885
Added: Sep 8
Last Checked: Sep 9 at 2:06AM
MLS# 361758
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 mixed-use property at 715 Grand Avenue contains 2,302 square feet on a 0.1195-acre parcel. The principal building includes office space, a bathroom, and a retail or showroom area on the main level, with a one-bedroom, one-bath apartment below. A second one-bedroom, one-bath residence is located in the rear building, and the property also includes a detached garage.
Built in 1946, the buildings have fresh exterior paint and use forced-air heating with natural gas service. Public water and public sewer serve the property. The Grand Avenue location provides exposure for commercial operations, with signage opportunities noted in the property information. Existing residential components and commercial areas create a combination of business and rental accommodations within one property.
Built in 1946, the buildings have fresh exterior paint and use forced-air heating with natural gas service. Public water and public sewer serve the property. The Grand Avenue location provides exposure for commercial operations, with signage opportunities noted in the property information. Existing residential components and commercial areas create a combination of business and rental accommodations within one property.
Key Highlights
- 2,302‑square‑foot mixed‑use property on a 0.1195‑acre parcel
- Main level includes office space, 1 bathroom, and retail/showroom area
- Lower‑level apartment has 1 bedroom and 1 bathroom
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
Property Profile
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial layout combines office and showroom functions with residential accommodations.
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: 2,302‑square‑foot mixed‑use property on a 0.1195‑acre parcel; Main level includes office space, 1 bathroom, and retail/showroom area; Lower‑level apartment has 1 bedroom and 1 bathroom
