Three-Tenant Light Industrial
923 2nd Ave N Billings, MT 59101
923 2nd Ave N, Billings, MT, 59101
$3,525,000
For Sale
$3,525,000
Three-tenant light industrial building with grade-level and dock-high loading, south-facing windows, and 93% occupancy.
Property Size33,542 SF
Price / SF$105.09
Days on Market155
Property Features for 923 2nd Ave N
General Information
- Standard status
- Active
- Size
- 33,542 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1957
Listing agency
Sterling Commercial Real Estate Advisors
(406) 203-4547
Listed by
Claire Matten
(406) 203-4547
Source
Thebrokerlist
Added: Feb 18 Updated: Jul 22 at 9:03AM Checked: Jul 22 at 9:03AM
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 Sterling Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
923 2nd Ave N is a three-tenant industrial building built for flexibility within a light industrial (IL) zoning framework. The property totals 33,542 square feet and includes three grade-level doors and one dock-high loading door. Flat topography supports dedicated parking, storage, and multiple ingress/egress opportunities, while south-facing windows at the corner retail/office area are designed to provide showroom-style front-of-house visibility.
The building is located off South Main Street and within approximately 0.5 miles of Interstate 90, offering practical access to major Billings arterials. The property has established long-term triple net (NNN) leasing in place, with two long-term triple net leases currently in service.
At 93% occupancy, active leasing efforts are in place for the remaining 2,413 square feet. The asset is described as professionally managed and well-maintained, with an occupancy history noted as solid.
The building is located off South Main Street and within approximately 0.5 miles of Interstate 90, offering practical access to major Billings arterials. The property has established long-term triple net (NNN) leasing in place, with two long-term triple net leases currently in service.
At 93% occupancy, active leasing efforts are in place for the remaining 2,413 square feet. The asset is described as professionally managed and well-maintained, with an occupancy history noted as solid.
Key Highlights
- Three‑tenant light industrial building (93,542 SF) built in 1957 in the North Park Commercial neighborhood
- 93% occupancy with established long‑term triple net (NNN) leases in place
- Loading includes three (3) grade‑level doors and one (1) dock‑high loading door
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $442.8k | $13.20 |
| − Vacancy | −$39.8k | −$1.19 |
| EGI | $402.9k | $12.01 |
| − OpEx | −$141.0k | −$4.20 |
| NOI | $261.9k | $7.81 |
33,542 SF · lease $13.20/SF/yr · vacancy 9.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$3.74M
$3.27M – $4.36M
NOI $261,889 @ 7.0% cap · market cap 7.43%
Second Best
Warehouse
$3.13M
$2.74M – $3.65M
NOI $219,133 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$7.32M
$6.40M – $8.54M
NOI $512,307 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Nwestco LLC
Auto Repair Shop
Similar For Sale Nearby
Similar Off Market Nearby
- Cotta Custom Catering/Pizza Cotta — 310 N 13th St, Billings, MT 59101
FAQs
What type of property is this?
Flex space - Three-tenant light industrial building with grade-level and dock-high loading, south-facing windows, and 93% occupancy.
Where is this flex space located?
The property is located at 923 2nd Ave N Billings, MT.
What is the asking price?
The asking price for this property is $3,525,000.
What are key features of this property?
This property features: Three‑tenant light industrial building (93,542 SF) built in 1957 in the North Park Commercial neighborhood; 93% occupancy with established long‑term triple net (NNN) leases in place; Loading includes three (3) grade‑level doors and one (1) dock‑high loading door
