Office/Warehouse Flex Space
For Sale
Contact for pricing
815 Cerise Road, Billings, MT 59101
Clean, well-maintained flex space near downtown Billings and I-90.
Property Size3,200 SF
Price / SF$0.66
Days on Market343
Property Features for 815 Cerise Road
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Industrial
Lease Term
MG
Site & Location
Neighborhood
Lockwood
Building Details
Building Size
3,200 SF
Year Built
1977
Properties For Sale
at 815 Cerise Road
815 Cerise Road
Size
3,200 SF
Term
Negotiable
Listing Agency:
NAI Business Properties
Listed By:
Drew Smith CCIM · License #MT #14070
(406) 672-2698
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Oct 25
Last Checked: Oct 30 at 12:28PM
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 NAI Business Properties
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,200 square foot office/warehouse flex space is available for lease. The property is located east of Billings in Lockwood, just off Lockwood Road. The building includes approximately 600 square feet of office and restroom space. It features three overhead doors and overhead radiant heat. The property includes fenced and paved parking, a gravel wareyard, and a secure fence and camera system. The property is very clean and well maintained, situated in an area convenient to downtown Billings, Montana, and I-90. Secured and fenced parking is available.
Key Highlights
- Convenient location near downtown Billings and I‑90.
- Secure, fenced, and paved parking area.
- 3,200 SF total building with flexible office/warehouse space.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,446
Suggested Prices Based on Cap Rates
Cap Rate 5%
$368,920
$368.9K
Cap Rate 7%
$263,514
$263.5K
Cap Rate 9%
$204,956
$205.0K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$28.8K $9.00/SF
− Vacancy
−$2.4K −$0.77/SF
EGI
$26.4K $8.24/SF
− OpEx
−$7.9K −$2.47/SF
NOI
$18.4K $5.76/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$368,920
Cap Rate 7%
$263,514
Cap Rate 9%
$204,956
Alternative Uses
Best Use
Flex RnD
$356.9K
$312.3K – $416.4K
NOI $24,985 @ 7.0% cap · market cap 1,189.76%
Second Best
Warehouse
$298.7K
$261.3K – $348.4K
NOI $20,906 @ 7.0% cap · market cap 995.52%
Theoretical Best
Office A
$698.2K
$611.0K – $814.6K
NOI $48,876 @ 7.0% cap · market cap 2,327.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
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
Frequently Asked Questions
What type of property is this?
Flex space - Clean, well-maintained flex space near downtown Billings and I-90.
Where is this flex space located?
The property is located at 815 Cerise Road Billings, MT.
What are key features of this property?
This property features: Convenient location near downtown Billings and I‑90.; Secure, fenced, and paved parking area.; 3,200 SF total building with flexible office/warehouse space.**
