Engineered Steel Warehouse
For Sale
$113,000
8103 Rosebud Drive Unit 24B, Billings, MT 59106
CommercialSale, Billings, MT
Property Size1,152 SF
Price / SF$98.09
Days on Market8
Property Features for 8103 Rosebud Drive Unit 24B
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
APN
C07260E
Size
1,152 SF
Taxes and HOA fees
Tax Description
SHOP WORLD CONDOS (24), S11, T01 S, R24 E, BUILDING 24, UNIT B, 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 24, UNIT B, 0.510% COMMON AREA INTEREST, LOC @ BLK 1, LT 5A1 PIKE SUB AMD (24)
Utilities
Heating system
Natural Gas
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: Sep 20
Last Checked: Sep 27 at 2:06PM
MLS# 361981
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 warehouse unit is part of an engineered steel building completed in 2025. The 1,152-square-foot space measures 24 by 48 feet and includes a 14-by-14-foot overhead garage door with electric opener, a steel personnel door, natural gas hanging heat, LED ceiling fixtures, electrical outlets, R-41 ceiling insulation, and finished metal interior wall liners. A 5-inch rebar-reinforced concrete slab supports the unit, and community restrooms are provided.
Units may be combined into larger configurations, including 24-by-96 feet, 48-by-48 feet, 72-by-96 feet, or a fully open 96-by-96-foot layout. The property includes paved internal roads, perimeter fencing, camera monitoring at each gated entrance, and multiple units available. Thirty-amp or 50-amp electrical receptacles can be added to suit operational requirements.
Units may be combined into larger configurations, including 24-by-96 feet, 48-by-48 feet, 72-by-96 feet, or a fully open 96-by-96-foot layout. The property includes paved internal roads, perimeter fencing, camera monitoring at each gated entrance, and multiple units available. Thirty-amp or 50-amp electrical receptacles can be added to suit operational requirements.
Key Highlights
- 1,152‑square‑foot warehouse unit measuring 24 by 48 feet
- 14‑by‑14‑foot garage door with electric opener
- 5‑inch rebar‑reinforced concrete slab
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
$7,526
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
6.66%
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%
$150,520
$150.5K
Cap Rate 7%
$107,514
$107.5K
Cap Rate 9%
$83,622
$83.6K
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
$9.7K $8.40/SF
− Vacancy
−$823 −$0.71/SF
EGI
$8.9K $7.69/SF
− OpEx
−$1.3K −$1.15/SF
NOI
$7.5K $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%
$150,520
Cap Rate 7%
$107,514
Cap Rate 9%
$83,622
Alternative Uses
Best Use
Warehouse
$107.5K
$94.1K – $125.4K
NOI $7,526 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
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
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
20
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
- Shop World Storage — 936 West Toy Storage Street, Billings, MT 59106
Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction warehouse space offers reinforced concrete flooring, natural gas heat, dedicated garage access, and secured gated entry.
Where is this warehouse located?
The property is located at 8103 Rosebud Drive Unit 24B 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‑square‑foot warehouse unit measuring 24 by 48 feet; 14‑by‑14‑foot garage door with electric opener; 5‑inch rebar‑reinforced concrete slab
