Flex Space With Attached
For Sale
$260,000
9705 Shepherd Road, Shepherd, MT 59079
CommercialSale, Shepherd, MT
Property Size1,600 SF
Lot Size4.17 Acres
Price / SF$162.50
Days on Market17
Property Features for 9705 Shepherd Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Un-zoned
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Garage
Fireplace
1
Appliances
Dishwasher, Oven, Range, Refrigerator
Subdivision
S26, T03 N, R27 E, C.O.S. 1713, PARCEL A1, AMD (4.
Elementary school
Shepherd
Middle school
Shepherd
High school
Shepherd
Directions
Take HWY 312 to Shepherd Rd. Turn onto Shepherd Rd and follow for 5 miles. Property will be on your right, right after Scandia Rd.
Standard status
Active
APN
D08776
Size
1,600 SF
Lot size
4.17 Acres
Taxes and HOA fees
Tax Description
S26, T03 N, R27 E, C.O.S. 1713, PARCEL A1, AMD (4.169AC)
Tax Annual Amount
1928
Legal Description
S26, T03 N, R27 E, C.O.S. 1713, PARCEL A1, AMD (4.169AC)
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Electric (Heating)
Cooling system
Ductless
Building Details
Year built
1976
Floors in Building
2
Building materials
AluminumSiding, VinylSiding
Roof type
Aluminum
Listing Agency:
Magic City Real Estate
(406) 850-9858
Listed By:
Britin Cross · License #RRE-RBS-LIC-88947
(406) 390-0331
Added: Aug 19
Changed: Sep 4
Last Checked: Sep 4 at 7:06PM
MLS# 356091
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 flex-space property occupies 4.169 acres and pairs a substantial shop with an attached residence. The 1,600-square-foot home includes two bedrooms, two bathrooms, a bonus room with deck access, and two lower-level garages. The shop provides two large garage doors, shelving, and an office with an attached bathroom, creating a combined residential and work setting. Appliances include a dishwasher, oven, range, and refrigerator.
Built in 1976, the property has aluminum and vinyl siding, an aluminum roof, electric baseboard heat, ductless cooling, a fireplace, and septic service. The parcel is unzoned and situated off the highway near the Shepherd community, with access to Billings. A contract-for-deed option is available, and the property will not qualify for traditional financing.
Built in 1976, the property has aluminum and vinyl siding, an aluminum roof, electric baseboard heat, ductless cooling, a fireplace, and septic service. The parcel is unzoned and situated off the highway near the Shepherd community, with access to Billings. A contract-for-deed option is available, and the property will not qualify for traditional financing.
Key Highlights
- 4.169 unzoned acres
- Attached residence with 2 bedrooms and 2 baths
- Shop includes 2 large garage doors, shelving, and an office
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
$18,338
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
7.05%
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%
$366,760
$366.8K
Cap Rate 7%
$261,971
$262.0K
Cap Rate 9%
$203,756
$203.8K
Market Conditions
NOI Build-Up for 1,600 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
$30.3K $18.96/SF
− Vacancy
−$2.1K −$1.33/SF
EGI
$28.2K $17.63/SF
− OpEx
−$9.9K −$6.17/SF
NOI
$18.3K $11.46/SF
Area
Yellowstone County, MT
Vacancy
7.00%
Lease Rate
$18.96 /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%
$366,760
Cap Rate 7%
$261,971
Cap Rate 9%
$203,756
Alternative Uses
Best Use
Flex RnD
$262.0K
$229.2K – $305.6K
NOI $18,338 @ 7.0% cap · market cap 7.05%
Second Best
Warehouse
$167.0K
$146.1K – $194.8K
NOI $11,689 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$347.6K
$304.1K – $405.5K
NOI $24,330 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59079, MT
3,520
Population
1,647
Households
2.1
Avg Household Size
43
Median Age
23%
College-Educated
97%
High-School Grad
334.1 sq mi
ZIP Area
11
Density / Sq Mi
$65,851
Median Household Income
$34,597
Median Earnings
$1,516
Median Rent
$350,400
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 - Unzoned acreage combines a shop, residence, garages, and office space.
Where is this flex space located?
The property is located at 9705 Shepherd Road Shepherd, MT.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 4.169 unzoned acres; Attached residence with 2 bedrooms and 2 baths; Shop includes 2 large garage doors, shelving, and an office
