Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    13 23Rd St Billings, MT 59101

    • Office buildings
    • 38,147 SF
    • 0.52 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US52-0109841
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Cushing Terrell - Architecture, Engineering, and Design Firm in Billings, MT / Marketing & Advertising / Advertising Agency
    • Wertman James / Architect

    Property Details for 13 23Rd St

    Year built
    1920
    Construction
    WOOD
    Lot size
    0.52 lot acres
    Property size
    38,147 SF
    Zone code
    CBD
    Property type
    Office buildings
    APN
    03-1033-33-3-10-04-0000
    APU
    3103333310040000

    Description

    This exceptional Class A office building, located at 13 N 23rd St in Billings, Montana's Central Business District (CBD), presents a unique leasing opportunity. Built in 1920 and extensively renovated in 2004, this four-story building offers a total of 41,503 square feet. Two contiguous office spaces are currently available, ranging from a minimum of 6,048 square feet to a maximum of 12,096 square feet, providing flexibility for various business needs. The property sits on a 22,155 square foot lot and is zoned for CBD use, ensuring convenient access to amenities and high visibility. The building's modern amenities include shared conference areas and break rooms, catering to the needs of multiple tenants. The customizable floor plans allow for efficient space utilization tailored to specific business requirements. This prime location in Billings, MT (zip code 59101) offers excellent accessibility and visibility within the city's thriving commercial core. The property's APN is 03103333310040000. This is an ideal opportunity for businesses seeking a prestigious and functional office space in a vibrant downtown setting.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.499
    Latitude
    45.785
    CBSA code
    13740
    CBSA name
    BILLINGS, MT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $58,197
    $0.00
    $0.00
    $4,657,900
    -
    $201,701
    $4,456,199
    $4,657,900

    Comparable in this City

    • Value Estimation by Request
      145,960 SF

      2900 4th N Ave

      OFFICE BUILDING • 145,960 SF
      2900 4th N Ave, Billings, MT 59101-1250
      View Details
    • Value Estimation by Request
      68,022 SF

      1810 6th N Ave

      OFFICE BUILDING • 68,022 SF
      1810 6th N Ave, Billings, MT 59101
      View Details
    • Value Estimation by Request
      3,324 SF

      Billings, MT 59101

      OFFICE BUILDING • 3,324 SF
      Billings, MT 59101
      View Details
    • Value Estimation by Request
      37,492 SF

      315 25th St

      OFFICE BUILDING • 37,492 SF
      315 25th St, Billings, MT 59101-1328
      View Details
    • Value Estimation by Request
      12,306 SF

      17 26th St

      OFFICE BUILDING • 12,306 SF
      17 26th St, Billings, MT 59101-2303
      View Details
    • Value Estimation by Request
      10,032 SF

      1120 27th St

      OFFICE BUILDING • 10,032 SF
      1120 27th St, Billings, MT 59101-4518
      View Details

    Similar Nearby for Sale

    • $679,000
      3,750 SF

      Historic Fargo Hotel Building

      Historic building in downtown Billings with development potential.
      14 North 24Th St, Billings, MT 59101
      View Details
    • Contact for pricing
      213,615 SF

      Remodeled Office Spaces For Sale

      Newly remodeled office spaces with incentives in downtown Billings.
      316 N 26Th St, Billings, MT 59101
      View Details
    • $5,900,000
      91,062 SF

      Mixed-Use Building in Downtown Billings

      91,000 sq ft mixed-use building in downtown Billings, MT.
      401 N 28Th St, Billings, MT 59101
      View Details
    • $850,000
      8 SF

      Professional Office Building on Grand

      High-visibility office building suitable for investors or owner-occupiers.
      145 Grand Ave Billings, Billings, MT 59101
      View Details
    • $998,000
      6 SF

      Adaptable Commercial Property For Sale

      Commercial property featuring office building and shop space for sale.
      2404 N 24Th St, Billings, MT 59101
      View Details
    • $2,500,000
      117,141 SF

      Downtown Billings High-Rise Opportunity

      Iconic 8-story building in downtown Billings with repositioning potential.
      303 North Broadway, Billings, MT 59101
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      12,864 SF

      Prime Billings Executive Office Space

      Downtown Billings Office, Ample Parking
      3333 2Nd Ave, Billings, MT 59101
      View Details
    • $8 SF/Yr
      10,455 SF

      Prime Billings Office/Industrial Space

      10,455 SF, Flexible Layout, Updated
      1123 3Rd Ave, Billings, MT 59101
      View Details
    • $5 SF/Yr
      6,249 SF

      Billings Office Space for Lease

      Flexible Workspace Solutions in Montana
      208 29Th St, Billings, MT 59101
      View Details
    • $2,647 /Mo
      1,750 SF

      1,750 SF of Professional Office Space For Lease

      1,750 SF of Professional Office Space For Lease
      2223 Montana Ave Suite 102, Billings, MT 59101
      View Details
    • $12 SF/Yr
      700 SF

      Harnish Trade Center Office Space

      Second floor office space in Harnish Trade Center.
      2110 Harnish Blvd, Billings, MT 59101
      View Details
    • $8 SF/Yr
      11,085 SF

      Downtown Billings Office Space

      Flexible office spaces in a high visibility downtown location.
      1413 4Th Ave N, Billings, MT 59101
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    13 23Rd St
    Billings, MT 59101
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.