Multi-Tenant Warehouse
For Sale
$1,599,999
7605 North Leopard Ave, Billings, MT 59106
Newer warehouse property with flexible shop units, commercial zoning, and separate parcel options.
Property Size14,096 SF
Price / SF$113.51
Days on Market75
Property Features for 7605 North Leopard Ave
General Information
Standard status
Active
Size
14,096 SF
Property subtype
Commercial
Zoning
General Commercial
Additional Details
Asking Price
$1,599,999
Taxes and HOA fees
Annual Taxes
$2,132
Building Details
Building Size
14,096 SF
Year Built
2023
Stories
1
Tenancy
Multi
Listing Agency:
Century 21 Americana
(406) 294-2135
Listed By:
Greg Judson · License #RRE-RBS-LIC-24238
(406) 294-2135
Source:
Pinnacleproperty
Added: Jun 16
Changed: Aug 28
Last Checked: Aug 28 at 6:46AM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
Built in 2023, this General Commercial warehouse property contains 13 shop and storage units totaling 14,096 SF across two separately deeded parcels. The units are currently mostly occupied and can be acquired together or by parcel. Unit configurations include eight 24' x 40' spaces, three 24' x 48' spaces, and two 24' x 60' spaces, providing a range of usable layouts for warehouse and shop operations.
Property improvements include paved driveways and aprons, gas forced-air heat, insulation, ceiling fans, steel wall liners and ceilings, rear parking, and a community bathroom. A fenced and gated area is under construction. The two parcels are located at 7605 North Leopard Ave and 7609 North Leopard Ave in Billings, Montana, with 7,680 SF and 6,416 SF of warehouse area, respectively.
Property improvements include paved driveways and aprons, gas forced-air heat, insulation, ceiling fans, steel wall liners and ceilings, rear parking, and a community bathroom. A fenced and gated area is under construction. The two parcels are located at 7605 North Leopard Ave and 7609 North Leopard Ave in Billings, Montana, with 7,680 SF and 6,416 SF of warehouse area, respectively.
Key Highlights
- 13 units totaling 14,096 SF across two separately deeded parcels
- Constructed in 2023 with General Commercial zoning
- 7605 North Leopard Ave includes 8 units totaling 7,680 SF
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 - Newer warehouse property with flexible shop units, commercial zoning, and separate parcel options.
Where is this warehouse located?
The property is located at 7605 North 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 units totaling 14,096 SF across two separately deeded parcels; Constructed in 2023 with General Commercial zoning; 7605 North Leopard Ave includes 8 units totaling 7,680 SF
