Ranch Duplex with Central
For Sale
$699,000
351 - 353 Montclair Drive, Billings, MT 59102
MULTI_FAMILY - Ranch - Billings, MT
Property Size5,088 SF
Lot Size0.24 Acres
Price / SF$137.38
Days on Market53
Property Features for 351 - 353 Montclair Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Mixed Residential 2
Bedrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 3, Bedroom 1
Patio and Porch features
Patio, Deck
Interior features
HandicapAccess
Exterior features
SprinklerIrrigation, Storage
Accessibility
Accessible Approach with Ramp
Subdivision
Aspen Grove 1st Filing
Lot features
Level, Sprinklers In Ground
Elementary school
Meadowlark
Middle school
Will James
High school
West
Standard status
Active
APN
C08125
Size
5,088 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
ASPEN GROVE 1ST FILING, S01, T01 S, R25 E, BLOCK 7, Lot 2
Tax Annual Amount
3350
Legal Description
ASPEN GROVE 1ST FILING, S01, T01 S, R25 E, BLOCK 7, Lot 2
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
Landmark of Billings, Inc.
(406) 248-3101
Listed By:
Mike Ormsby · License #RRE-RBS-LIC-39280
(406) 248-3101
Added: Jun 30
Changed: Aug 2
Last Checked: Aug 21 at 8:06AM
MLS# 360336
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 ranch duplex (Units 351 and 353) is offered as a two-unit residential property with 5,088 sq ft overall. Unit 351 features 2 bedrooms, 2 baths, and a laundry room on the main level. The basement includes a bathroom, finished non-egress room, an unfinished storage room, and a laundry/utility area.
Unit 353 offers 3 bedrooms and 2 baths on the main level. Its basement includes a finished living/family area, a non-egress room, and a large unfinished storage room. Built in 1976, the property is served by public water and public sewer, and the roof is asphalt.
Recent exterior and system updates include a new roof, gutters, and siding in 2020, electrical upgrades in 2024, and new garage doors in 2026. Amenities and site features include central air cooling, a patio and deck, sprinkler irrigation, storage, and handicap access with an accessible approach and ramp.
Unit 353 offers 3 bedrooms and 2 baths on the main level. Its basement includes a finished living/family area, a non-egress room, and a large unfinished storage room. Built in 1976, the property is served by public water and public sewer, and the roof is asphalt.
Recent exterior and system updates include a new roof, gutters, and siding in 2020, electrical upgrades in 2024, and new garage doors in 2026. Amenities and site features include central air cooling, a patio and deck, sprinkler irrigation, storage, and handicap access with an accessible approach and ramp.
Key Highlights
- 5,088 sq ft overall ranch duplex at 351‑353 Montclair Drive, built in 1976
- Unit 351: main‑level 2 bedrooms, 2 baths, laundry; basement bathroom + finished non‑egress room + storage + laundry/utility
- Unit 353: main‑level 3 bedrooms, 2 baths; basement finished living/family area + non‑egress room + large unfinished storage
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
$46,447
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
6.64%
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%
$928,940
$928.9K
Cap Rate 7%
$663,529
$663.5K
Cap Rate 9%
$516,078
$516.1K
Market Conditions
NOI Build-Up for 5,088 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
$70.2K $13.80/SF
− Vacancy
−$3.9K −$0.76/SF
EGI
$66.4K $13.04/SF
− OpEx
−$19.9K −$3.91/SF
NOI
$46.4K $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%
$928,940
Cap Rate 7%
$663,529
Cap Rate 9%
$516,078
Alternative Uses
Best Use
Multifamily LT 5
$663.5K
$580.6K – $774.1K
NOI $46,447 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$615.2K
$538.3K – $717.8K
NOI $43,067 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$1.11M
$971.4K – $1.30M
NOI $77,712 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
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 - Ranch duplex with central air and handicap-accessible approach with ramp.
Where is this duplex located?
The property is located at 351 - 353 Montclair Drive Billings, MT.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5,088 sq ft overall ranch duplex at 351‑353 Montclair Drive, built in 1976; Unit 351: main‑level 2 bedrooms, 2 baths, laundry; basement bathroom + finished non‑egress room + storage + laundry/utility; Unit 353: main‑level 3 bedrooms, 2 baths; basement finished living/family area + non‑egress room + large unfinished storage
