Ranch Duplex with Public
For Sale
Under Contract
$365,000
2646 Rimrock Road, Billings, MT 59102
Residential, Billings, MT
Property Size2,005 SF
Lot Size0.22 Acres
Price / SF$182.04
Days on Market39
Property Features for 2646 Rimrock Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 9600
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Subdivision
HENTON SUBD
Lot features
Interior Lot, Secluded
Elementary school
Poly Drive
Middle school
Will James
High school
Senior High
Directions
Between 24th and 25th on Rimrock Road.
Standard status
Active Under Contract
APN
A08644
Size
2,005 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
HENTON SUBD 715, S35, T01 N, R25 E, BLOCK 1, Lot 5
Tax Annual Amount
2614
Legal Description
HENTON SUBD 715, S35, T01 N, R25 E, BLOCK 1, Lot 5
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Building materials
WoodSiding
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
eXp Realty, LLC - Billings
(406) 578-4399
Listed By:
Jamie Lee Rindahl · License #RRE-BRO-LIC-119004
(406) 591-0500
Added: Jul 14
Changed: Aug 19
Last Checked: Aug 21 at 12:06PM
MLS# 353596
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 fully rented ranch duplex is set up for immediate rental income. The home features wood siding, an asphalt shingle roof, and natural gas forced-air heating. Public water and public sewer provide utility service to the property.
The property is located at 2646 Rimrock Road in Billings, MT, in Yellowstone County. It was built in 1956.
The duplex includes four bedrooms and two bathrooms across the available rooms: Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, and Bathroom 2. With 2,005 square feet of property size, it offers a straightforward layout for an owner-operator or investor seeking a rental property with tenants already in place.
The property is located at 2646 Rimrock Road in Billings, MT, in Yellowstone County. It was built in 1956.
The duplex includes four bedrooms and two bathrooms across the available rooms: Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, and Bathroom 2. With 2,005 square feet of property size, it offers a straightforward layout for an owner-operator or investor seeking a rental property with tenants already in place.
Key Highlights
- Fully rented duplex with rental income from day one
- 2,005 SF ranch duplex
- Built in 1956
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
$18,303
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
5.01%
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%
$366,060
$366.1K
Cap Rate 7%
$261,471
$261.5K
Cap Rate 9%
$203,367
$203.4K
Market Conditions
NOI Build-Up for 2,005 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
$27.7K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.1K $13.04/SF
− OpEx
−$7.8K −$3.91/SF
NOI
$18.3K $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%
$366,060
Cap Rate 7%
$261,471
Cap Rate 9%
$203,367
Alternative Uses
Best Use
Multifamily LT 5
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.9K
NOI $16,971 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$437.5K
$382.8K – $510.4K
NOI $30,624 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
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?
Duplex - Fully rented ranch duplex with public water and sewer and natural gas forced-air heating.
Where is this duplex located?
The property is located at 2646 Rimrock Road Billings, MT.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Fully rented duplex with rental income from day one; 2,005 SF ranch duplex; Built in 1956
