Freestanding Flex
For Sale
$95,000
836 W Toy Storage St, Billings, MT
Well-maintained 2022-built shop with a flexible interior layout and ample parking.
Property Size1,152 SF
Price / SF$82.47
Days on Market55
Property Features for 836 W Toy Storage St
General Information
Standard status
Active
Size
1,152 SF
Taxes and HOA fees
Annual Taxes
$389
Listing Agency:
Century 21 Americana
(406) 860-6881
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Source:
Exprealty
Added: Jun 28
Changed: Aug 14
Last Checked: Aug 20 at 1:27PM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
This well-maintained flex shop was built in 2022 and offers a flexible layout suited to a variety of uses. The property includes a dedicated shop space configured for practical work and/or secure storage, with quality construction throughout.
The shop is located at 836 W Toy Storage St in Billings, MT, with convenient access for use throughout the area. The offering also includes ample parking to support everyday arrivals and operations.
Whether you’re looking for an owner-user setup or considering an investment position, this freestanding shop provides a straightforward, purpose-built commercial space that’s ready for occupancy.
The shop is located at 836 W Toy Storage St in Billings, MT, with convenient access for use throughout the area. The offering also includes ample parking to support everyday arrivals and operations.
Whether you’re looking for an owner-user setup or considering an investment position, this freestanding shop provides a straightforward, purpose-built commercial space that’s ready for occupancy.
Key Highlights
- Well‑maintained 1,152 SF shop built in 2022
- Flexible interior layout suited to contractor, hobby, small business, or secure storage use
- Quality construction
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
$6,641
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
6.99%
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%
$132,820
$132.8K
Cap Rate 7%
$94,871
$94.9K
Cap Rate 9%
$73,789
$73.8K
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
$10.4K $9.00/SF
− Vacancy
−$881 −$0.77/SF
EGI
$9.5K $8.24/SF
− OpEx
−$2.8K −$2.47/SF
NOI
$6.6K $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 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%
$132,820
Cap Rate 7%
$94,871
Cap Rate 9%
$73,789
Alternative Uses
Best Use
Flex RnD
$128.5K
$112.4K – $149.9K
NOI $8,995 @ 7.0% cap · market cap 9.47%
Second Best
Industrial
$94.9K
$83.0K – $110.7K
NOI $6,641 @ 7.0% cap · market cap 6.99%
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
Current Use
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 - Well-maintained 2022-built shop with a flexible interior layout and ample parking.
Where is this flex space located?
The property is located at 836 W Toy Storage St 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: Well‑maintained 1,152 SF shop built in 2022; Flexible interior layout suited to contractor, hobby, small business, or secure storage use; Quality construction
