Flex Space with
For Sale
$95,000
836 W Toy Storage Street, Billings, MT 59106
COMMERCIAL - Billings, MT
Property Size1,152 SF
Price / SF$82.47
Days on Market57
Property Features for 836 W Toy Storage Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Yochum Ventures Condo 23
Standard status
Active
APN
A36972J
Size
1,152 SF
Taxes and HOA fees
Tax Description
YOCHUM VENTURES CONDOMINIUMS (23), S14, T01 S, R24 E, UNIT 8 A, 1.4493% COMMON AREA INTEREST, LOC @ LT 8 SHOP WORLD 1 SUBD
Tax Annual Amount
389
Legal Description
YOCHUM VENTURES CONDOMINIUMS (23), S14, T01 S, R24 E, UNIT 8 A, 1.4493% COMMON AREA INTEREST, LOC @ LT 8 SHOP WORLD 1 SUBD
Building Details
Year built
2022
Floors in Building
1
Building materials
Frame
Roof type
Shingle, Asphalt
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Added: Jun 28
Changed: Aug 19
Last Checked: Aug 23 at 1:06PM
MLS# 360303
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 1,152-square-foot flex shop at Shop World was completed in 2022 and provides a versatile commercial footprint for a range of practical applications. The layout can support contractor operations, hobby use, small-business activities, or secure storage, with ample parking available on site.
Located at 836 W Toy Storage Street in Billings, the property offers convenient access throughout the city. Frame construction and a shingle and asphalt roof contribute to the building’s established physical profile.
Located at 836 W Toy Storage Street in Billings, the property offers convenient access throughout the city. Frame construction and a shingle and asphalt roof contribute to the building’s established physical profile.
Key Highlights
- 1,152 square feet of flex shop space
- Built in 2022
- Adaptable layout for contractors, hobbyists, small businesses, or secure storage
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
7.92%
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
Flex RnD
$128.5K
$112.4K – $149.9K
NOI $8,995 @ 7.0% cap · market cap 9.47%
Second Best
Warehouse
$107.5K
$94.1K – $125.4K
NOI $7,526 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 18.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - A newer shop offers adaptable commercial space for contractors, hobbyists, small businesses, or secure storage.
Where is this flex space located?
The property is located at 836 W Toy Storage Street Billings, MT.
What is the asking price?
The asking price for this property is $95,000.
What are key features of this property?
This property features: 1,152 square feet of flex shop space; Built in 2022; Adaptable layout for contractors, hobbyists, small businesses, or secure storage
