Building Details

Building Size 3,456 SF

Year Built 2022

Buildings 1

Listing Agency: NAI Business Properties

Listed By: Cole Mort · License #RRE-RBS-LIC-123489 Show Phone

Source: Naiglobal

Added: Oct 23 Last Checked: Oct 23 at 5:41PM

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Investment Insights

Based on property information with market context.

Built in 2022, this 3,456-square-foot flex building contains three 1,152-square-foot bays, each measuring 24 by 48 feet. Separate utility meters serve each unit, and the property is fully occupied. The reported cap rate is 6.53%, excluding insurance, which varies by buyer.

The building is at 904 E Toy Storage St in Shop World, west Billings, near 80th St W and King Ave W. Its three-bay configuration and individual utility metering define the property’s operating layout.

Key Highlights

• 3,456‑square‑foot flex building with three 1,152‑square‑foot bays
• Each bay measures 24' x 48'
• All three units are leased; property is 100% occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,984

Cap Rate

6.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$539,680 $539.7K

Cap Rate 7%

$385,486 $385.5K

Cap Rate 9%

$299,822 $299.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,456 SF

Gross rent

$45.6K $13.20/SF

− Vacancy

−$4.1K −$1.19/SF

EGI

$41.5K $12.01/SF

− OpEx

−$14.5K −$4.20/SF

NOI

$27.0K $7.81/SF

Area

Billings, MT

Vacancy

9.00%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$539,680

Cap Rate 7%

$385,486

Cap Rate 9%

$299,822

Alternative Uses

Best Use

Flex RnD

$385.5K

$337.3K – $449.7K (±1% cap)

NOI $26,984 @ 7.0% cap · market cap 6.91%

Second Best

Industrial

$284.6K

$249.0K – $332.0K (±1% cap)

NOI $19,922 @ 7.0% cap · market cap 5.10%

Theoretical Best

Office A

$754.1K

$659.8K – $879.8K (±1% cap)

NOI $52,786 @ 7.0% cap · market cap 13.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Parts Store Storage Facility Pharmacy Auto Repair Shop Electrical Service Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - All three units are leased, with separately metered utilities serving each bay.

Where is this flex space located?

The property is located at 904 E Toy Storage St Billings, MT.

What is the asking price?

The asking price for this property is $390,550.

What are key features of this property?

This property features: 3,456‑square‑foot flex building with three 1,152‑square‑foot bays; Each bay measures 24' x 48'; All three units are leased; property is 100% occupied