Steel Flex Space with Garage
For Sale
Under Contract
$113,000
8103 Rosebud Drive Unit 22D, Billings, MT 59106
CommercialSale, Billings, MT
Property Size1,152 SF
Price / SF$98.09
Days on Market22
Property Features for 8103 Rosebud Drive Unit 22D
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking
2
Subdivision
Shop World Condos
Directions
King Avenue West to 80th Street. Right on 80th Street W, Left on Stillwater Drive, Complex will be on the Left.
Standard status
Active Under Contract
APN
C07259T
Size
1,152 SF
Taxes and HOA fees
Tax Description
SHOP WORLD CONDOS (24), S11, T01 S, R24 E, BUILDING 22, UNIT D, 0.510% COMMON AREA INTEREST, LOC @ BLK 1, LT 5A1 PIKE SUB AMD (24)
Legal Description
SHOP WORLD CONDOS (24), S11, T01 S, R24 E, BUILDING 22, UNIT D, 0.510% COMMON AREA INTEREST, LOC @ BLK 1, LT 5A1 PIKE SUB AMD (24)
Utilities
Heating system
Natural Gas
Amenities
gated community
security cameras
paved roads
community bathrooms
Building Details
Year built
2025
Floors in Building
1
Building materials
Steel
Roof type
Metal
Listing Agency:
eXp Realty, LLC - Billings
(406) 578-4399
Listed By:
Jana May · License #RRE-BRO-LIC-63128
(406) 633-1655
Added: Jul 31
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 358794
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 under-construction flex property is part of a steel-frame development at 8103 Rosebud Drive, Unit 22D, in Billings. The available configuration is 1,152 square feet, with units arranged within buildings measuring 96'x96' or 72'x96'. Eight 24'x48' units can be combined into larger layouts, including 24'x96', 48'x48', 72'x96', or a fully open 96'x96' configuration.
Each finished unit includes a 14'x14' garage door with electric opener, a steel entry door, natural gas hanging heat, four LED ceiling fixtures, six 110V outlets, R-41 ceiling insulation, and white metal interior liners. Thirty-amp or 50-amp plugs can be added. The buildings sit on concrete foundations with 5" rebar-reinforced slabs and provide community bathrooms.
The property includes gated entry, perimeter fencing, cameras at each gate, and paved internal roads. Construction is scheduled for 2025, with a metal roof and natural gas heating.
Each finished unit includes a 14'x14' garage door with electric opener, a steel entry door, natural gas hanging heat, four LED ceiling fixtures, six 110V outlets, R-41 ceiling insulation, and white metal interior liners. Thirty-amp or 50-amp plugs can be added. The buildings sit on concrete foundations with 5" rebar-reinforced slabs and provide community bathrooms.
The property includes gated entry, perimeter fencing, cameras at each gate, and paved internal roads. Construction is scheduled for 2025, with a metal roof and natural gas heating.
Key Highlights
- 1,152 SF flex unit in an under‑construction steel‑frame development
- Unit layouts can combine 24'x48' bays into configurations up to 96'x96'
- Each finished unit includes one 14'x14' electric garage door
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
$8,995
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
7.96%
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%
$179,900
$179.9K
Cap Rate 7%
$128,500
$128.5K
Cap Rate 9%
$99,944
$99.9K
Market Conditions
NOI Build-Up for 1,152 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
$15.2K $13.20/SF
− Vacancy
−$1.4K −$1.19/SF
EGI
$13.8K $12.01/SF
− OpEx
−$4.8K −$4.20/SF
NOI
$9.0K $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%
$179,900
Cap Rate 7%
$128,500
Cap Rate 9%
$99,944
Alternative Uses
Best Use
Flex RnD
$128.5K
$112.4K – $149.9K
NOI $8,995 @ 7.0% cap · market cap 7.96%
Second Best
Warehouse
$107.5K
$94.1K – $125.4K
NOI $7,526 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
21
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?
Flex space - Under-construction steel units offer configurable storage or shop space within a secured, paved-access community.
Where is this flex space located?
The property is located at 8103 Rosebud Drive Unit 22D Billings, MT.
What is the asking price?
The asking price for this property is $113,000.
What are key features of this property?
This property features: 1,152 SF flex unit in an under‑construction steel‑frame development; Unit layouts can combine 24'x48' bays into configurations up to 96'x96'; Each finished unit includes one 14'x14' electric garage door
