Multi-Unit Shop Warehouse
For Sale
$389,000
916 Man Cave St Units A-C, Billings, MT 59106
Three commercial shop units include overhead door access within a combined 3,888 sq. ft. shop complex.
Property Size3,888 SF
Price / SF$100.05
Days on Market69
Property Features for 916 Man Cave St Units A-C
General Information
Standard status
Active
Size
3,888 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$442
Amenities
0.00
Building Details
Year Built
2022
Tenancy
Multi
Listing Agency:
Century 21 Americana
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
Source:
Clearwaterproperties
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 23 at 4:22AM
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 for-sale property includes all three commercial shop units (A, B, and C) in a single complex, totaling 3,888 square feet of versatile shop space. Each unit offers functional shop area with overhead door access, supporting a range of commercial uses. The layout allows for one unit to be occupied while other units may generate income, providing flexibility for owner-users and investors.
The property is listed as a multi-unit warehouse/flex offering on W Man Cave St in Billings, MT, and is presented as a cohesive shop complex rather than individual standalone spaces.
With three separate units included in the sale, the asset is designed to support multiple tenants or flexible owner occupancy within the same building complex.
The property is listed as a multi-unit warehouse/flex offering on W Man Cave St in Billings, MT, and is presented as a cohesive shop complex rather than individual standalone spaces.
With three separate units included in the sale, the asset is designed to support multiple tenants or flexible owner occupancy within the same building complex.
Key Highlights
- Three commercial shop units (A, B, and C) included in the sale
- Combined 3,888 sq. ft. of shop space across units A, B, and C
- Each unit has overhead door access for shop/industrial use
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
$30,357
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
7.80%
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%
$607,140
$607.1K
Cap Rate 7%
$433,671
$433.7K
Cap Rate 9%
$337,300
$337.3K
Market Conditions
NOI Build-Up for 3,888 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
$51.3K $13.20/SF
− Vacancy
−$4.6K −$1.19/SF
EGI
$46.7K $12.01/SF
− OpEx
−$16.3K −$4.20/SF
NOI
$30.4K $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 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%
$607,140
Cap Rate 7%
$433,671
Cap Rate 9%
$337,300
Alternative Uses
Best Use
Flex RnD
$433.7K
$379.5K – $506.0K
NOI $30,357 @ 7.0% cap · market cap 7.80%
Second Best
Warehouse
$362.9K
$317.5K – $423.4K
NOI $25,401 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$848.3K
$742.3K – $989.7K
NOI $59,384 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three commercial shop units include overhead door access within a combined 3,888 sq. ft. shop complex.
Where is this flex space located?
The property is located at 916 Man Cave St Units A-C Billings, MT.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Three commercial shop units (A, B, and C) included in the sale; Combined 3,888 sq. ft. of shop space across units A, B, and C; Each unit has overhead door access for shop/industrial use
