Multi-Unit Warehouse
For Sale
$1,599,999
7605 N Leopard Ave, Billings, MT 59106
COMMERCIAL - Billings, MT
Property Size14,096 SF
Lot Size0.32 Acres
Price / SF$113.51
Days on Market71
Property Features for 7605 N Leopard Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Subdivision
80TH STREET ESTATES SUB 2ND FIL
Standard status
Active
APN
C16406
Size
14,096 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
80TH STREET ESTATES SUB 2ND FIL (09), S12, T01 S, R24 E, BLOCK 1, Lot 10
Tax Annual Amount
2132
Legal Description
80TH STREET ESTATES SUB 2ND FIL (09), S12, T01 S, R24 E, BLOCK 1, Lot 10
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Building Details
Year built
2023
Floors in Building
1
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Greg Judson · License #RRE-RBS-LIC-24238
(406) 294-2135
Added: Jun 17
Changed: Aug 19
Last Checked: Aug 26 at 10:06PM
MLS# 360055
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.
Built in 2023, the property contains 13 warehouse and shop units totaling 14,096 square feet across two separately deeded parcels. Unit configurations include eight 24-by-40-foot spaces, three 24-by-48-foot spaces, and two 24-by-60-foot spaces. Improvements include gas forced-air heating, insulation, ceiling fans, steel-lined walls and ceilings, paved driveways and aprons, rear parking, and a community bathroom. A fenced and gated area is under construction.
The property is located at 7605 N. Leopard Ave in Billings, Montana, with a second parcel identified as 7609 N. Leopard. Public sewer serves the property, and the units are mostly occupied. The two-parcel configuration allows the properties to be considered together or separately, subject to the offering terms.
The property is located at 7605 N. Leopard Ave in Billings, Montana, with a second parcel identified as 7609 N. Leopard. Public sewer serves the property, and the units are mostly occupied. The two-parcel configuration allows the properties to be considered together or separately, subject to the offering terms.
Key Highlights
- 13 warehouse/shop units totaling 14,096 SF across two separately deeded parcels
- Unit mix includes eight 24'x40', three 24'x48', and two 24'x60' spaces
- Built in 2023 with gas forced‑air heat, insulation, ceiling fans, and steel wall liners/ceilings
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
$92,091
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
5.76%
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%
$1,841,820
$1.8M
Cap Rate 7%
$1,315,586
$1.3M
Cap Rate 9%
$1,023,233
$1.0M
Market Conditions
NOI Build-Up for 14,096 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
$118.4K $8.40/SF
− Vacancy
−$10.1K −$0.71/SF
EGI
$108.3K $7.69/SF
− OpEx
−$16.3K −$1.15/SF
NOI
$92.1K $6.53/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,841,820
Cap Rate 7%
$1,315,586
Cap Rate 9%
$1,023,233
Alternative Uses
Best Use
Warehouse
$1.32M
$1.15M – $1.53M
NOI $92,091 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,297 @ 7.0% cap · market cap 13.46%
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
13
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Two separately deeded parcels offer flexible warehouse and shop configurations with mostly occupied units.
Where is this warehouse located?
The property is located at 7605 N Leopard Ave Billings, MT.
What is the asking price?
The asking price for this property is $1,599,999.
What are key features of this property?
This property features: 13 warehouse/shop units totaling 14,096 SF across two separately deeded parcels; Unit mix includes eight 24'x40', three 24'x48', and two 24'x60' spaces; Built in 2023 with gas forced‑air heat, insulation, ceiling fans, and steel wall liners/ceilings
