Flex Industrial
For Sale
$2,990,000
751 South 18th Street West, Billings, MT 59102
Adaptable office and training improvements support administrative, collaborative, and customer-facing functions.
Property Size30,000 SF
Days on Market12
Property Features for 751 South 18th Street West
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Industrial
Building Details
Building Size
30,000 SF
Listing Agency:
Coldwell Banker Commercial CBS
Listed By:
Ben Linkenhoker · License #MT #RRE-RBS-LIC-126856
(406) 369-0815
Source:
Cbcmontana
Added: Sep 16
Last Checked: Sep 26 at 4:30AM
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 Coldwell Banker Commercial CBS
Investment Insights
Based on property information with market context.
This 30,000 SF flex industrial facility combines a modern office environment with dedicated training and collaboration capabilities. The interior includes an open classroom-style area, high ceilings, recessed LED lighting, neutral finishes, and a layout that can accommodate staff workstations. Conference and training functions are supported by a projector setup, while a break area with kitchenette serves the office component. Class A men's and women's restrooms and professionally finished entry and common areas complete the front-office improvements.
The property is located at 751 South 18th Street West in Billings, Montana. Its office and training configuration provides a range of functional areas within the larger flex-space format, including administrative workspace, meeting areas, employee amenities, and customer-facing space.
The property is located at 751 South 18th Street West in Billings, Montana. Its office and training configuration provides a range of functional areas within the larger flex-space format, including administrative workspace, meeting areas, employee amenities, and customer-facing space.
Key Highlights
- 30,000 SF flex industrial facility
- Open training and classroom area with projector setup
- High ceilings with recessed LED lighting
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
$234,234
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
7.83%
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%
$4,684,680
$4.7M
Cap Rate 7%
$3,346,200
$3.3M
Cap Rate 9%
$2,602,600
$2.6M
Market Conditions
NOI Build-Up for 30,000 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
$396.0K $13.20/SF
− Vacancy
−$35.6K −$1.19/SF
EGI
$360.4K $12.01/SF
− OpEx
−$126.1K −$4.20/SF
NOI
$234.2K $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%
$4,684,680
Cap Rate 7%
$3,346,200
Cap Rate 9%
$2,602,600
Alternative Uses
Best Use
Flex RnD
$3.35M
$2.93M – $3.90M
NOI $234,234 @ 7.0% cap · market cap 7.83%
Second Best
Warehouse
$2.80M
$2.45M – $3.27M
NOI $195,993 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$6.55M
$5.73M – $7.64M
NOI $458,208 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable office and training improvements support administrative, collaborative, and customer-facing functions.
Where is this flex space located?
The property is located at 751 South 18th Street West Billings, MT.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 30,000 SF flex industrial facility; Open training and classroom area with projector setup; High ceilings with recessed LED lighting
