Two-Unit Flex
For Sale
$369,000
948 W Toy Storage Street, Billings, MT 59106
Two shop units offer heated and air-conditioned space, 220V power, overhead doors, and bathroom plumbing provisions.
Property Size3,600 SF
Price / SF$102.50
Days on Market12
Property Features for 948 W Toy Storage Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Office
Additional Details
Voltage
220 V
Taxes and HOA fees
Annual Taxes
$1,073
Building Details
Building Size
3,600 SF
Year Built
2020
Listing Agency:
U Bar S Real Estate
Listed By:
Carlos Davey · License #14186
(406) 652-1151
Source:
Careychapman
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 5 at 6:19AM
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 U Bar S Real Estate
Investment Insights
Based on property information with market context.
Built in 2020, this 3,600-square-foot flex property at Shop World comprises two shop units suited to commercial, storage, shop, or owner-user applications. Unit A includes central air conditioning and heat, plumbing in place for a bathroom, drive-through access, and 14-foot overhead doors. Unit B provides heated shop space, two 14-foot overhead doors, and bathroom plumbing provisions. Both units have 220V power.
The property is located on the West End of Billings at 948 W Toy Storage Street. The lot has approval for a septic system, supporting future improvement flexibility. Unit A is currently leased on a month-to-month basis.
The property is located on the West End of Billings at 948 W Toy Storage Street. The lot has approval for a septic system, supporting future improvement flexibility. Unit A is currently leased on a month-to-month basis.
Key Highlights
- 3,600‑square‑foot flex property with two shop units
- Constructed in 2020
- Unit A includes central air, heat, bathroom plumbing, and drive‑through access
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
$28,108
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
7.62%
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%
$562,160
$562.2K
Cap Rate 7%
$401,543
$401.5K
Cap Rate 9%
$312,311
$312.3K
Market Conditions
NOI Build-Up for 3,600 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
$47.5K $13.20/SF
− Vacancy
−$4.3K −$1.19/SF
EGI
$43.2K $12.01/SF
− OpEx
−$15.1K −$4.20/SF
NOI
$28.1K $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%
$562,160
Cap Rate 7%
$401,543
Cap Rate 9%
$312,311
Alternative Uses
Best Use
Flex RnD
$401.5K
$351.4K – $468.5K
NOI $28,108 @ 7.0% cap · market cap 7.62%
Second Best
Warehouse
$336.0K
$294.0K – $392.0K
NOI $23,519 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$785.5K
$687.3K – $916.4K
NOI $54,985 @ 7.0% cap · market cap 14.90%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two shop units offer heated and air-conditioned space, 220V power, overhead doors, and bathroom plumbing provisions.
Where is this flex space located?
The property is located at 948 W Toy Storage Street Billings, MT.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 3,600‑square‑foot flex property with two shop units; Constructed in 2020; Unit A includes central air, heat, bathroom plumbing, and drive‑through access
