New-Construction
For Sale
$800,000
2310 11th Avenue N, Billings, MT 59101
Residential, Billings, MT
Property Size3,420 SF
Lot Size0.16 Acres
Price / SF$233.92
Days on Market43
Property Features for 2310 11th Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Property condition
Under Construction
Zoning description
NX1 - Mixed Residential 1
Bedrooms
7
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1
Parking
6
Subdivision
23rd Street
Elementary school
Mckinley
Middle school
Riverside
High school
Senior High
Directions
North on 27th to 11th Ave. N. Turn right. 3 blocks on the right. No sign in yard.
Standard status
Active
APN
A16392A
Size
3,420 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
23RD STREET SUBD (17), S32, T01 N, R26 E, BLOCK 8, Lot 1A
Tax Annual Amount
562
Legal Description
23RD STREET SUBD (17), S32, T01 N, R26 E, BLOCK 8, Lot 1A
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Natural Gas, Forced Air
Cooling system
Central Air, Ductless
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
3
Building materials
CementSiding
Roof type
Shingle, Asphalt
Listing Agency:
Keller Williams Yellowstone Properties · Keller Williams Realty
(406) 655-0005
Listed By:
Shawn Johnston · License #RRE-BRO-LIC-98527
(406) 702-3949
Added: Jul 18
Changed: Aug 22
Last Checked: Aug 29 at 12:06AM
MLS# 360311
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 under-construction triplex contains 3,420 square feet across three residences. The upper level includes two two-bedroom, one-bath units, while the lower residence provides three bedrooms and two bathrooms. Interior features include gas fireplaces, contemporary cabinetry, stainless steel appliances, and durable finish materials. The property is scheduled as a 2025 build and occupies 0.1607 acres.
Located in Billings’ hospital corridor, the property is positioned for the rental uses identified in the listing, including long-term, furnished, mid-term, and traveling medical rentals. Public water and public sewer serve the property. Heating includes ductless, natural gas, and forced-air systems, with central air and ductless cooling. Current projections indicate a 6% pro forma cap rate, subject to verification of the underlying assumptions and intended use.
Located in Billings’ hospital corridor, the property is positioned for the rental uses identified in the listing, including long-term, furnished, mid-term, and traveling medical rentals. Public water and public sewer serve the property. Heating includes ductless, natural gas, and forced-air systems, with central air and ductless cooling. Current projections indicate a 6% pro forma cap rate, subject to verification of the underlying assumptions and intended use.
Key Highlights
- 3,420 SF triplex under construction on 0.1607 acres
- Two upper units include 2 bedrooms and 1 bathroom each
- Lower unit offers 3 bedrooms and 2 bathrooms
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
$31,220
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
3.90%
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%
$624,400
$624.4K
Cap Rate 7%
$446,000
$446.0K
Cap Rate 9%
$346,889
$346.9K
Market Conditions
NOI Build-Up for 3,420 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
$47.2K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$44.6K $13.04/SF
− OpEx
−$13.4K −$3.91/SF
NOI
$31.2K $9.13/SF
Area
Billings, MT
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$624,400
Cap Rate 7%
$446,000
Cap Rate 9%
$346,889
Alternative Uses
Best Use
Multifamily LT 5
$446.0K
$390.3K – $520.3K
NOI $31,220 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$413.6K
$361.9K – $482.5K
NOI $28,949 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$746.2K
$653.0K – $870.6K
NOI $52,236 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,336
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
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?
Triplex - Three residential units offer modern finishes, private fireplaces, and a mix of two- and three-bedroom layouts.
Where is this triplex located?
The property is located at 2310 11th Avenue N Billings, MT.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 3,420 SF triplex under construction on 0.1607 acres; Two upper units include 2 bedrooms and 1 bathroom each; Lower unit offers 3 bedrooms and 2 bathrooms
