Building Details

Year built 2025

Floors in Building 1

Building materials Steel

Roof type Metal

Listing Agency: eXp Realty, LLC - Billings m***@exprealty.net Show Phone

Listed By: Jana May · License #RRE-BRO-LIC-63128 Show Phone

Added: Sep 20 Last Checked: Sep 27 at 1:06PM

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MLS# 361982

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 property is built with steel framing on a concrete foundation and a 5-inch rebar-reinforced slab. Each 1,152-square-foot unit measures 24 feet by 48 feet and includes a 14-foot by 14-foot garage door with electric opener, a steel entry door, natural gas hanging heat, four LED ceiling lights, and six 110V outlets. The ceiling is insulated to R-41, and white metal liners finish the interior walls. Units may be combined into larger configurations, including 24-foot by 96-foot, 48-foot by 48-foot, 72-foot by 96-foot, or fully open 96-foot by 96-foot layouts.

The property is located at 8103 Rosebud Drive in Billings and includes paved internal roads, perimeter fencing, cameras at each gated entrance, and community bathrooms. Multiple units are available. Construction is scheduled for 2025, with metal roofing and natural gas heating specified for the property.

Key Highlights

• 1,152‑square‑foot warehouse units measuring 24' x 48'
• Steel construction on concrete foundations with 5‑inch rebar‑reinforced slabs
• Each unit includes a 14' x 14' garage door with electric opener

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 (±1% cap)

NOI $8,995 @ 7.0% cap · market cap 7.96%

Second Best

Warehouse

$107.5K

$94.1K – $125.4K (±1% cap)

NOI $7,526 @ 7.0% cap · market cap 6.66%

Theoretical Best

Office A

$251.4K

$219.9K – $293.3K (±1% cap)

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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Current Use

Flex space

Suggested Use

Top Pick Building Supply HVAC Service Electrical Service Auto Parts Store Storage Facility Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

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

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - Under-construction steel warehouse unit with a garage door, natural gas heat, reinforced slab, and secured community access.

Where is this warehouse located?

The property is located at 8103 Rosebud Drive Unit 24C 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 units measuring 24' x 48'; Steel construction on concrete foundations with 5‑inch rebar‑reinforced slabs; Each unit includes a 14' x 14' garage door with electric opener