Building Details

Year built 2020

Floors in Building 1

Listing Agency: U Bar S Real Estate j**@ubars.net

Listed By: Carlos Davey · License #14186 Show Phone

Added: Sep 1 Changed: Oct 15 Last Checked: Oct 19 at 9:06PM

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MLS# 361608

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.

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Investment Insights

Based on property information with market context.

This 3,600-square-foot flex property in Billings’ West End contains two shop units on a 0.483-acre lot. Unit A measures 24 by 50 feet and has central air conditioning, heat, plumbing provisions for a bathroom, and drive-through access through 14-foot overhead doors. Unit B measures 48 by 50 feet and has heat, bathroom plumbing provisions, and two 14-foot overhead doors. Both units have 220V power. The building was constructed in 2020, and the lot has approval for a septic system. Unit A is occupied under a month-to-month tenancy.

Key Highlights

• Two shop units totaling 3,600 square feet on a 0.483‑acre lot
• Unit A: 24' x 50', central air conditioning, heat, and drive‑through access
• Unit B: 48' x 50' with two 14‑foot overhead doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,108

Cap Rate

7.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$562,160 $562.2K

Cap Rate 7%

$401,543 $401.5K

Cap Rate 9%

$312,311 $312.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,600 SF

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 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 (±1% cap)

NOI $28,108 @ 7.0% cap · market cap 7.62%

Second Best

Industrial

$296.5K

$259.4K – $345.9K (±1% cap)

NOI $20,752 @ 7.0% cap · market cap 5.62%

Theoretical Best

Office A

$785.5K

$687.3K – $916.4K (±1% cap)

NOI $54,985 @ 7.0% cap · market cap 14.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Parts Store Storage Facility Pharmacy Auto Repair Shop Big Box & Wholesale Store Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Drive-in doors

Location Intelligence

Trade Area within ½ mile

23

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Two shop units provide overhead-door access, 220V power, and plumbing provisions for future bathrooms.

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: Two shop units totaling 3,600 square feet on a 0.483‑acre lot; Unit A: 24' x 50', central air conditioning, heat, and drive‑through access; Unit B: 48' x 50' with two 14‑foot overhead doors