Shop/Warehouse Property For
For Sale
$2,100,000
831 Cerise Rd, Billings, MT 59101
21,932 SF shop/warehouse on 5.08 acres near I-90.
Property Size21,932 SF
Lot Size5.08 Acres
Price / SF$95.75
Days on Market169
Property Features for 831 Cerise Rd
General Information
Standard status
Active
Size
21,932 SF
Lot size
5.08 Acres
Property subtype
Industrial
Building Details
Year Built
2025
Listing Agency:
Coldwell Banker Commercial CBS
(406) 656-2001
Listed By:
Nathan Matelich
(406) 656-2001
Source:
Cbcworldwide
Added: Mar 5
Changed: Jul 10
Last Checked: Aug 3 at 5:39AM
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 Coldwell Banker Commercial CBS
Investment Insights
Based on property information with market context.
Located at 831 Cerise Rd in Billings, MT, this shop/warehouse property offers 21,932 square feet of space on 5.08 acres. The property includes 10,732 square feet of office space, featuring 21 private offices, 2 conference rooms, a truck driver's lounge, 6 bathrooms, a kitchenette, multiple storage rooms, and a reception area. The shop/warehouse area totals 11,200 square feet, with an 8,000-square-foot shop consisting of 4 drive-through bays with 14 ft overhead doors, and a 3,200-square-foot warehouse with 4 qty 10 ft overhead doors and a loading dock. Constructed in 1977 and remodeled in 2025, the property is equipped with Lockwood water and sewer services, as well as fiber internet. The site is paved and fenced, zoned for light industrial use, and provides easy access to Interstate I-90, located less than 1 mile away. The detached 3,200 SF shop is suitable for parts and equipment storage. The property is suitable for trucking and logistics companies, RV dealers, trailer sales, construction equipment rental, heavy equipment sales/service, car sales, and motorsports sales/service.
Key Highlights
- Large 21,932 SF shop/warehouse property on 5.08 acres.
- Newly remodeled (2025) 10,732 SF office space featuring 21 private offices, 2 conference rooms, and a driver's lounge.
- 11,200 SF shop/warehouse space with drive‑through bays, 14 ft overhead doors, and loading dock.
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
$143,284
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
6.82%
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%
$2,865,680
$2.9M
Cap Rate 7%
$2,046,914
$2.0M
Cap Rate 9%
$1,592,044
$1.6M
Market Conditions
NOI Build-Up for 21,932 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
$184.2K $8.40/SF
− Vacancy
−$15.7K −$0.71/SF
EGI
$168.6K $7.69/SF
− OpEx
−$25.3K −$1.15/SF
NOI
$143.3K $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%
$2,865,680
Cap Rate 7%
$2,046,914
Cap Rate 9%
$1,592,044
Alternative Uses
Best Use
Warehouse
$2.05M
$1.79M – $2.39M
NOI $143,284 @ 7.0% cap · market cap 6.82%
Second Best
Industrial
$1.81M
$1.58M – $2.11M
NOI $126,427 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$4.79M
$4.19M – $5.58M
NOI $334,981 @ 7.0% cap · market cap 15.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
154
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- u-LOCKED Mini Storage — 803 Cerise Rd, Billings, MT 59101
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- Stor-It Mini Warehouses — 400 Lomond Ln, Billings, MT 59101
- Metra Storage - 401 Bonnie Lane — 401 Bonnie Ln, Billings, MT 59101
- Apple Storage — 575 Lincoln Ln, Billings, MT 59105
Frequently Asked Questions
What type of property is this?
Warehouse - 21,932 SF shop/warehouse on 5.08 acres near I-90.
Where is this warehouse located?
The property is located at 831 Cerise Rd Billings, MT.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Large 21,932 SF shop/warehouse property on 5.08 acres.; Newly remodeled (2025) 10,732 SF office space featuring 21 private offices, 2 conference rooms, and a driver's lounge.; 11,200 SF shop/warehouse space with drive‑through bays, 14 ft overhead doors, and loading dock.
