1935 Main st - Heights Mini Storage 13,386 SF Specialty Building Offered at $1,160,811 CAD in Billings, MT 59105

This facility totals ~13,400 NRSF on 2.55 acres and is being offered at $850,000 (~$63.50/NRSF), a meaningful discount to comparable sales in the Billings market, completely disregarding the available room to expand.
The property is currently 78% occupied with in-place rates ranging from 40–72% below market, creating a clear path to drive revenue through rate increases and improved management. The asset is currently operated by a third-party residential/multifamily management company, presenting a strong opportunity for a dedicated self-storage operator to optimize performance.
With conservative underwriting including a Year 1 push to market rent, with a 25% economic vacancy and projected expense ratio of 36%, the deal supports a projected 9.25% CAP by Year 2.
Additionally, the site’s 2.55-acre footprint provides significant expansion potential, further enhancing long-term upside.
Demand drivers remain strong, with 23 housing developments underway within a 5-mile radius, including 4 within 1 mile of the property.