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 10:06AM

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MLS# 361993

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 project at 8103 Rosebud Drive includes steel-frame buildings on concrete foundations with 5-inch rebar-reinforced slabs. Each building is configured as 8 units measuring 24 by 48 feet, with the ability to combine units into larger layouts or create an open 96-by-96-foot configuration. Individual finished units are planned with a 14-by-14-foot garage door and electric opener, steel entry door, natural gas hanging heater, LED ceiling lighting, electrical outlets, R-41 ceiling insulation, and white metal interior liners. Community bathrooms serve the project.

The property is within a gated, perimeter-fenced community with cameras at each gated entrance and paved internal roads. Multiple units are available. Construction materials are steel, roofs are metal, and the project is scheduled for 2025 completion.

Key Highlights

• 8 units per building, each measuring 24' x 48'
• Units can combine into 24' x 96', 48' x 48', 72' x 96', or 96' x 96' layouts
• 5" thick rebar reinforced concrete slabs

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 warehouse space offers flexible unit configurations, individual garage access, natural gas heat, and insulated interiors.

Where is this warehouse located?

The property is located at 8103 Rosebud Drive Unit 25H 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: 8 units per building, each measuring 24' x 48'; Units can combine into 24' x 96', 48' x 48', 72' x 96', or 96' x 96' layouts; 5" thick rebar reinforced concrete slabs