Historic Quadplex with Coin-Op
For Sale
Under Contract
$300,000
24 Broadwater Avenue, Billings, MT 59101
MULTI_FAMILY - Other - Billings, MT
Property Size3,021 SF
Lot Size0.12 Acres
Price / SF$99.30
Days on Market26
Property Features for 24 Broadwater Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RMF - Residential Multi-Family
Bedrooms
4
Full bathrooms
5
Rooms
Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 2
Subdivision
Suburban Sub
Elementary school
Broadview
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A15722
Size
3,021 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 1, Lot 34, & W2 LT 35
Tax Annual Amount
2325
Legal Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 1, Lot 34, & W2 LT 35
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
shared coin-op laundry
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Architectural style
Other
Listing Agency:
NextHome Peaks to Prairie
(406) 970-4034
Listed By:
Jeff Berger · License #RRE-RBS-LIC-98963
(406) 970-4034
Added: Jul 18
Changed: Aug 9
Last Checked: Aug 12 at 7:06AM
MLS# 359122
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.
Historic charm meets practical income use in this quadplex built in 1910 at 24 Broadwater Avenue in Billings, MT. The property contains four residential units and features off-street parking for tenants, along with a shared coin-op laundry to support day-to-day convenience.
Set on a 0.1205-acre lot with a total property size of 3,021 square feet, the home is served by public water and public sewer. Heating is provided via natural gas hot water.
With period details and functional layouts across the units, the building is positioned for steady long-term occupancy, supported by its convenient access to downtown Billings amenities, dining, and employment centers.
Set on a 0.1205-acre lot with a total property size of 3,021 square feet, the home is served by public water and public sewer. Heating is provided via natural gas hot water.
With period details and functional layouts across the units, the building is positioned for steady long-term occupancy, supported by its convenient access to downtown Billings amenities, dining, and employment centers.
Key Highlights
- 4‑plex built in 1910
- 0.1205‑acre lot
- 3,021 SF total property size
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
$27,578
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
9.19%
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%
$551,560
$551.6K
Cap Rate 7%
$393,971
$394.0K
Cap Rate 9%
$306,422
$306.4K
Market Conditions
NOI Build-Up for 3,021 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
$41.7K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.4K $13.04/SF
− OpEx
−$11.8K −$3.91/SF
NOI
$27.6K $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%
$551,560
Cap Rate 7%
$393,971
Cap Rate 9%
$306,422
Alternative Uses
Best Use
Multifamily LT 5
$394.0K
$344.7K – $459.6K
NOI $27,578 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$365.3K
$319.6K – $426.2K
NOI $25,571 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$659.2K
$576.8K – $769.0K
NOI $46,142 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,521
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?
Quadplex - Built in 1910 quadplex with off-street parking and a shared coin-op laundry.
Where is this quadplex located?
The property is located at 24 Broadwater Avenue Billings, MT.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 4‑plex built in 1910; 0.1205‑acre lot; 3,021 SF total property size
