Newly Renovated 5-Plex Apartment
For Sale
$788,500
117 E Church Street, Absarokee, MT 59001
MULTI_FAMILY - Absarokee, MT
Property Size6,240 SF
Lot Size0.27 Acres
Price / SF$126.36
Days on Market29
Property Features for 117 E Church Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RMF - Residential Multi-Family
Parking
9
Exterior features
Fence
Fencing
Fenced
Subdivision
Hillside Condominium
Elementary school
Absarokee
Middle school
Absarokee
High school
Absarokee
Directions
HWY 78 to Absarokee, Left on E Church street, Property on the left side of the street. Agent related to seller/PP
Standard status
Active
APN
0200567
Size
6,240 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
HILLSIDE CONDOMINIUM S01, T04 S, R18 E, CONDO MASTER IN LOT9A OF COS 210959
Tax Annual Amount
9127
Legal Description
HILLSIDE CONDOMINIUM S01, T04 S, R18 E, CONDO MASTER IN LOT9A OF COS 210959
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1986
Number of units
1
Listing Agency:
Two Rivers Realty Team
(406) 328-4289
Listed By:
Penny Pitts · License #RRE-RBS-LIC-119482
(406) 290-4150
Added: Jul 24
Changed: Aug 3
Last Checked: Aug 21 at 5:06AM
MLS# 360850
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.
Newly renovated 5-plex apartment building offering five residential units across one property. The building includes updated appliances and refreshed interior finishes such as fresh vinyl flooring, carpet, and paint. Heating is electric with baseboard units, and cooling is provided by wall unit(s). Exterior features include fencing, and each unit is supported by public water and public sewer services.
The unit mix includes one 5-bedroom 3-bath unit, one 3-bedroom 2-bath unit, one 2-bedroom 2-bath unit, and two 2-bedroom 1-bath units. Each unit comes with its own garage and backyard area, designed to provide tenant convenience and additional outdoor space.
Built in 1986, the property totals 6,240 square feet on a 0.271-acre lot. An investment-focused buyer will appreciate the apartment-style layout and the recent improvements that support ongoing operations with efficient management and upgrades.
The unit mix includes one 5-bedroom 3-bath unit, one 3-bedroom 2-bath unit, one 2-bedroom 2-bath unit, and two 2-bedroom 1-bath units. Each unit comes with its own garage and backyard area, designed to provide tenant convenience and additional outdoor space.
Built in 1986, the property totals 6,240 square feet on a 0.271-acre lot. An investment-focused buyer will appreciate the apartment-style layout and the recent improvements that support ongoing operations with efficient management and upgrades.
Key Highlights
- Newly renovated 5‑plex apartment building
- Updated finishes including appliances, vinyl flooring, carpet, and paint
- Unit mix: one 5 bed/3 bath, one 3 bed/2 bath, one 2 bed/2 bath, two 2 bed/1 bath
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
$52,818
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
6.70%
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%
$1,056,360
$1.1M
Cap Rate 7%
$754,543
$754.5K
Cap Rate 9%
$586,867
$586.9K
Market Conditions
NOI Build-Up for 6,240 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
$101.1K $16.20/SF
− Vacancy
−$5.1K −$0.81/SF
EGI
$96.0K $15.39/SF
− OpEx
−$43.2K −$6.93/SF
NOI
$52.8K $8.46/SF
Area
Stillwater County, MT
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,056,360
Cap Rate 7%
$754,543
Cap Rate 9%
$586,867
Alternative Uses
Best Use
Apartment 5plus
$754.5K
$660.2K – $880.3K
NOI $52,818 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,307 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Explore this area
Business Placement
Demographics for 59001, MT
1,392
Population
807
Households
1.7
Avg Household Size
51
Median Age
34%
College-Educated
95%
High-School Grad
142.8 sq mi
ZIP Area
10
Density / Sq Mi
$75,938
Median Household Income
$33,200
Median Earnings
$1,011
Median Rent
$312,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly renovated 5-plex with updated finishes, each unit with a garage and private backyard areas.
Where is this apartment building located?
The property is located at 117 E Church Street Absarokee, MT.
What is the asking price?
The asking price for this property is $788,500.
What are key features of this property?
This property features: Newly renovated 5‑plex apartment building; Updated finishes including appliances, vinyl flooring, carpet, and paint; Unit mix: one 5 bed/3 bath, one 3 bed/2 bath, one 2 bed/2 bath, two 2 bed/1 bath
