Multi-Unit Shop Warehouse with Overhead
For Sale
$389,000
916 W Man Cave St Units A-C, Billings, MT 59106
Three commercial shop units (A–C) total 3,888 SF and each includes overhead door access.
Property Size3,888 SF
Price / SF$100.05
Days on Market72
Property Features for 916 W Man Cave St Units A-C
General Information
Standard status
Active
Size
3,888 SF
Property subtype
Warehouse
Taxes and HOA fees
Annual Taxes
$442
Building Details
Building Size
3,888 SF
Year Built
2022
Listing Agency:
Century 21 Americana
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Source:
Careychapman
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 8 at 9:29AM
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 purchase, providing a combined 3,888 square feet of versatile shop space. Each unit is designed for functional warehouse-style operations, with overhead door access and the ability to accommodate a variety of commercial uses. The layout supports flexible occupancy, including occupying one unit while generating income from the others.
Located at 916 W Man Cave St in Billings, Montana, the shop complex offers a multi-unit configuration that can serve owner-users, investors, contractors and trades, and businesses needing practical storage and shop access.
For additional property details and income information, contact the agent.
Located at 916 W Man Cave St in Billings, Montana, the shop complex offers a multi-unit configuration that can serve owner-users, investors, contractors and trades, and businesses needing practical storage and shop access.
For additional property details and income information, contact the agent.
Key Highlights
- Three commercial shop units (A–C) included in the sale
- Total of 3,888 SF of shop space across units A, B, and C
- Each unit has overhead door access for convenient loading and entry
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
$25,401
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
6.53%
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%
$508,020
$508.0K
Cap Rate 7%
$362,871
$362.9K
Cap Rate 9%
$282,233
$282.2K
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
$32.7K $8.40/SF
− Vacancy
−$2.8K −$0.71/SF
EGI
$29.9K $7.69/SF
− OpEx
−$4.5K −$1.15/SF
NOI
$25.4K $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%
$508,020
Cap Rate 7%
$362,871
Cap Rate 9%
$282,233
Alternative Uses
Best Use
Warehouse
$362.9K
$317.5K – $423.4K
NOI $25,401 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
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
Current Use
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?
Warehouse - Three commercial shop units (A–C) total 3,888 SF and each includes overhead door access.
Where is this warehouse located?
The property is located at 916 W 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–C) included in the sale; Total of 3,888 SF of shop space across units A, B, and C; Each unit has overhead door access for convenient loading and entry
