Three-Unit Warehouse
For Sale
$389,000
916 W Man Cave St Units A-C, Billings, MT 59106
CommercialSale, Billings, MT
Property Size3,888 SF
Price / SF$100.05
Days on Market86
Property Features for 916 W Man Cave St Units A-C
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Yochum Ventures Condo 23
Standard status
Active
APN
A36972T
Size
3,888 SF
Taxes and HOA fees
Tax Description
YOCHUM VENTURES CONDOMINIUMS (23), S14, T01 S, R24 E, UNIT 62 A-C, 1.4493% COMMON AREA INTEREST, LOC @ LT 62 SHOP WORLD 1 SUBD
Tax Annual Amount
442
Legal Description
YOCHUM VENTURES CONDOMINIUMS (23), S14, T01 S, R24 E, UNIT 62 A-C, 1.4493% COMMON AREA INTEREST, LOC @ LT 62 SHOP WORLD 1 SUBD
Utilities
Heating system
Electric (Heating)
Building Details
Year built
2022
Floors in Building
1
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Added: Jun 12
Changed: Sep 3
Last Checked: Sep 5 at 5:06PM
MLS# 359978
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial warehouse property includes three shop units identified as A, B, and C, with a combined 3,888 square feet of space. Each unit provides functional shop area and overhead door access, supporting a range of commercial operations. Electric heating serves the property, which was built in 2022.
The property is located at 916 W Man Cave St in Billings, Montana, within Yellowstone County. The multi-unit configuration provides separate shop spaces within one commercial asset.
The property is located at 916 W Man Cave St in Billings, Montana, within Yellowstone County. The multi-unit configuration provides separate shop spaces within one commercial asset.
Key Highlights
- Three commercial shop units, identified as A, B, and C
- Combined property size of 3,888 square feet
- Overhead door access at each unit
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
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
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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Similar Off Market Nearby
- Shop World Storage — 936 West Toy Storage Street, Billings, MT 59106
Frequently Asked Questions
What type of property is this?
Warehouse - A 2022-built commercial property with overhead door access and electric heating.
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, identified as A, B, and C; Combined property size of 3,888 square feet; Overhead door access at each unit
