6-Unit Apartment
For Sale
$1,990,000
4633 King Avenue W, Billings, MT 59106
Residential, Billings, MT
Property Size7,864 SF
Lot Size1.84 Acres
Price / SF$253.05
Days on Market65
Property Features for 4633 King Avenue W
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
NX2 - Mixed Residential 2
Bedrooms
7
Full bathrooms
5
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 3, Bathroom 5, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 2, Bathroom 6, Bedroom 2
Subdivision
Ridgeline Subdivision
Lot features
Landscaped, Level
Elementary school
Meadowlark
Middle school
Ben Steele
High school
West
Standard status
Active
APN
A37969
Size
7,864 SF
Lot size
1.84 Acres
Taxes and HOA fees
Tax Description
RIDGELINE SUBD (24), S10, T01 S, R25 E, BLOCK 2, Lot 1 (4633 King Avenue W)
Legal Description
RIDGELINE SUBD (24), S10, T01 S, R25 E, BLOCK 2, Lot 1 (4633 King Avenue W)
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2024
Number of units
3
Building materials
ModularPrefab
Roof type
Shingle, Asphalt
Listing Agency:
Metro, REALTORS L.L.P
(406) 245-9300
Listed By:
James Coleman · License #RRE-RBS-LIC-79063
(406) 671-0475
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 3 at 12:06PM
MLS# 354777
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 6-unit apartment building is under construction with 7,864 square feet of residential space. The unit mix includes two 2-bedroom/1-bath units, two 2-bedroom/2-bath units, and two 3-bedroom/2.5-bath units. Planned interiors feature open-concept living areas and contemporary finishes, with natural gas forced-air heating, central air conditioning, modular prefab construction, and an asphalt shingle roof.
The property is located at 4633 King Avenue W in Billings, Montana, within Ridgeline Subdivision. Shopping, restaurants, schools, parks, and other West End amenities are identified nearby. Public water and public sewer serve the property.
Four matching 6-plex buildings are available, allowing the purchase of one or multiple buildings. Across the 24 units, 20 are currently leased. The property was built in 2024 and occupies 1.841 acres.
The property is located at 4633 King Avenue W in Billings, Montana, within Ridgeline Subdivision. Shopping, restaurants, schools, parks, and other West End amenities are identified nearby. Public water and public sewer serve the property.
Four matching 6-plex buildings are available, allowing the purchase of one or multiple buildings. Across the 24 units, 20 are currently leased. The property was built in 2024 and occupies 1.841 acres.
Key Highlights
- 6‑unit apartment building with 7,864 square feet
- Unit mix includes two 2‑bedroom/1‑bath, two 2‑bedroom/2‑bath, and two 3‑bedroom/2.5‑bath units
- 20 of 24 total units are currently leased
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
$66,565
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
3.34%
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%
$1,331,300
$1.3M
Cap Rate 7%
$950,929
$950.9K
Cap Rate 9%
$739,611
$739.6K
Market Conditions
NOI Build-Up for 7,864 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
$127.4K $16.20/SF
− Vacancy
−$6.4K −$0.81/SF
EGI
$121.0K $15.39/SF
− OpEx
−$54.5K −$6.93/SF
NOI
$66.6K $8.46/SF
Area
Billings, 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%
$1,331,300
Cap Rate 7%
$950,929
Cap Rate 9%
$739,611
Alternative Uses
Best Use
Apartment 5plus
$950.9K
$832.1K – $1.11M
NOI $66,565 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,112 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
83.3%
Occupancy
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 59106, MT
20,681
Population
8,164
Households
2.5
Avg Household Size
40
Median Age
52%
College-Educated
98%
High-School Grad
112.0 sq mi
ZIP Area
185
Density / Sq Mi
$122,374
Median Household Income
$52,380
Median Earnings
$1,380
Median Rent
$483,100
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 - Under-construction multifamily property with modern interiors, varied floor plans, and public water and sewer service.
Where is this apartment building located?
The property is located at 4633 King Avenue W Billings, MT.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: 6‑unit apartment building with 7,864 square feet; Unit mix includes two 2‑bedroom/1‑bath, two 2‑bedroom/2‑bath, and two 3‑bedroom/2.5‑bath units; 20 of 24 total units are currently leased
