Flex/Storage Warehouse
For Sale
$113,000
8103 Rosebud Drive Unit 23b, Billings, MT 59106
Engineered steel buildings offer divisible shop or storage units with electric garage doors and paved access.
Property Size1,152 SF
Price / SF$98.09
Days on Market149
Property Features for 8103 Rosebud Drive Unit 23b
General Information
Standard status
Active
Size
1,152 SF
Site & Location
Road Access
Yes
Fenced Yard
Yes
Listing Agency:
eXp Realty, LLC - Billings
(406) 633-1655
Listed By:
Jana May · License #RRE-BRO-LIC-63128
(406) 633-1655
Source:
Exprealty
Added: Mar 26
Changed: Aug 14
Last Checked: Aug 20 at 10:22AM
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 eXp Realty, LLC - Billings
Investment Insights
Based on property information with market context.
This property consists of large engineered steel frame buildings on concrete foundations with 5" thick rebar reinforced slabs. Each building is divided into multiple units sized at approximately 24' x 48' with options to combine units for larger configurations, including 24' x 96', 48' x 48', 72' x 96', or an all-open 96' x 96'. Finished units include a 10' x 14' garage door with an electric opener, a steel door, a natural gas hanging heater, bright LED ceiling lights, and ceiling insulation described as R-41. Interior walls feature white metal liners. Each unit also includes multiple 110V electrical plug outlets, with the option to add 30-amp or 50-amp plugs, and the property provides community bathrooms.
The site operates as a gated community with fenced perimeter access and cameras at each gated entrance. Paved roads serve the property, and the annual HOA is stated as $625/year and includes structural insurance.
For buyers seeking flexible use space, these warehouse-style units can function as shop or storage configurations, with the ability to co-join units for larger footprints when needed. Multiple units are available within the community, supported by on-site access control, paved circulation, and unit-ready utility and lighting features.
The site operates as a gated community with fenced perimeter access and cameras at each gated entrance. Paved roads serve the property, and the annual HOA is stated as $625/year and includes structural insurance.
For buyers seeking flexible use space, these warehouse-style units can function as shop or storage configurations, with the ability to co-join units for larger footprints when needed. Multiple units are available within the community, supported by on-site access control, paved circulation, and unit-ready utility and lighting features.
Key Highlights
- Engineered steel frame buildings on concrete foundations with 5 in. rebar‑reinforced slabs
- Buildings can be configured as 96'x96' or 72'x96', divided into 8‑24'x48' units that can be co‑joined for larger spaces
- Each finished unit includes a 14'x14' garage door with electric opener plus a steel 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
Industrial
$94.9K
$83.0K – $110.7K
NOI $6,641 @ 7.0% cap · market cap 5.88%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Flex space - Engineered steel buildings offer divisible shop or storage units with electric garage doors and paved access.
Where is this flex space located?
The property is located at 8103 Rosebud Drive Unit 23b 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: Engineered steel frame buildings on concrete foundations with 5 in. rebar‑reinforced slabs; Buildings can be configured as 96'x96' or 72'x96', divided into 8‑24'x48' units that can be co‑joined for larger spaces; Each finished unit includes a 14'x14' garage door with electric opener plus a steel door
