Current Use by Public Records
- 2912 3rd Ave N Garage / Parking Lot & Garage
- Park One Parking Garage / Parking Lot & Garage
Property Details for 2912 3Rd Ave
- Year built
- 1980
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional 16,044 square foot retail property in Billings, Montana's Central Business District presents a compelling investment opportunity. Located at 2912 3rd Ave N, this fully leased, multi-tenant building boasts six condo suites, offering a mix of retail and office spaces. Built in 1980, the property sits on a 40,500 square foot lot (APN A00352) and is currently operating at 100% occupancy, generating a strong Net Operating Income (NOI) of $66,895, representing a 5.69% cap rate. The asking price is $1,175,000, translating to $73.24 per square foot. Suite sizes range from 1,677 to 4,179 square feet, offering flexibility for future tenants. Below-market lease rates provide significant potential for value appreciation. This is a first-time offering for private ownership, presenting a rare chance to acquire a well-positioned, income-producing asset in a thriving Montana market. The property's NNN lease structure minimizes landlord responsibilities. Projections indicate a potential 11.59% proforma cap rate, highlighting the significant upside potential. This is a value-add opportunity with substantial long-term growth prospects. The property is zoned for Central Business District use.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Billings
- County
- Yellowstone
- State
- Montana
- Longitude
- -108.509
- Latitude
- 45.7827
