Grade-Level Office
For Sale
Contact for pricing
848 Main St, Billings, MT 59105
Grade-level office suite featuring a reception area, multiple private offices, and a conference room.
Property Size1,590 SF
Price / SF$125.16
Days on Market584
Property Features for 848 Main St
General Information
Standard status
Active
Size
1,590 SF
Property subtype
OFFICE
Additional Details
Floor
Grade Level
Amenities
Reception
4 large private offices
conference room
2 bathrooms
2 kitchenettes
Listing Agency:
NAI Business Properties
(406) 256-5000
Listed By:
Jake Hedge · License #88041
(406) 696-0395
Source:
Moodyscre
Added: Jan 29, 2025
Changed: Sep 4
Last Checked: Sep 4 at 6:08PM
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
Investment Insights
Based on property information with market context.
This grade-level office suite is configured with a reception area, four large private offices, and a conference room. The interior includes two bathrooms and two kitchenettes, supporting day-to-day office use.
Recent updates include new flooring, paint, ceiling, and lighting throughout the suite, helping streamline move-in readiness.
The suite is approximately 1,590 SF, and is well-suited for professional office operations that need a reception entry point along with dedicated private workspace and meeting space.
Recent updates include new flooring, paint, ceiling, and lighting throughout the suite, helping streamline move-in readiness.
The suite is approximately 1,590 SF, and is well-suited for professional office operations that need a reception entry point along with dedicated private workspace and meeting space.
Key Highlights
- Grade‑level office suite
- Reception area plus conference room
- Four large private offices
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
$17,430
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
8.76%
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%
$348,600
$348.6K
Cap Rate 7%
$249,000
$249.0K
Cap Rate 9%
$193,667
$193.7K
Market Conditions
NOI Build-Up for 1,590 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
$27.7K $17.40/SF
− Vacancy
−$4.4K −$2.78/SF
EGI
$23.2K $14.62/SF
− OpEx
−$5.8K −$3.65/SF
NOI
$17.4K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$348,600
Cap Rate 7%
$249,000
Cap Rate 9%
$193,667
Alternative Uses
Best Use
Office B
$249.0K
$217.9K – $290.5K
NOI $17,430 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$346.9K
$303.6K – $404.8K
NOI $24,285 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Grade-level office suite featuring a reception area, multiple private offices, and a conference room.
Where is this office units located?
The property is located at 848 Main St Billings, MT.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Grade‑level office suite; Reception area plus conference room; Four large private offices
