Duplex Property with Two
For Sale
Under Contract
$320,000
4640 Ruth Avenue, Billings, MT 59101
Residential, Billings, MT
Property Size1,831 SF
Lot Size0.19 Acres
Price / SF$174.77
Days on Market50
Property Features for 4640 Ruth Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
N2 - Mid-Century Neighborhood Residential
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2
Parking
2
Exterior features
Fence
Fencing
Fenced
Subdivision
VORK SUBD
Elementary school
Newman
Middle school
Riverside
High school
West
Standard status
Active Under Contract
APN
A17388
Size
1,831 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
VORK SUBD, S09, T01 S, R26 E, Lot 11
Tax Annual Amount
2442
Legal Description
VORK SUBD, S09, T01 S, R26 E, Lot 11
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1954
Floors in Building
1
Number of units
2
Building materials
Frame, VinylSiding
Roof type
Shingle, Asphalt
Listing Agency:
Metro, REALTORS L.L.P
(406) 245-9300
Listed By:
Polly Kovash · License #RRE-BRO-LIC-4133
(406) 591-5555
Added: Jul 15
Changed: Aug 29
Last Checked: Sep 2 at 4:06PM
MLS# 359221
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 duplex property includes two separate residences totaling 1,831 square feet on a 0.1918-acre lot. The primary home features recent interior updates, including fresh paint and a new bathroom, along with hardwood flooring, a picture window, and built-in cabinetry. Its kitchen accommodates dining, while the attached garage includes a laundry area and a partially finished attic for storage. A rear shed adds additional storage or workspace potential.
The second residence contains two bedrooms and one bathroom and is accessed from the alley. It is occupied by a month-to-month tenant who would like to remain. The property also includes a fenced yard, frame construction with vinyl siding, forced-air natural-gas heating, public water, and public sewer. Schools, shopping, and a sports center are located nearby.
The second residence contains two bedrooms and one bathroom and is accessed from the alley. It is occupied by a month-to-month tenant who would like to remain. The property also includes a fenced yard, frame construction with vinyl siding, forced-air natural-gas heating, public water, and public sewer. Schools, shopping, and a sports center are located nearby.
Key Highlights
- Two residences totaling 1,831 square feet on a 0.1918‑acre lot
- Primary home includes recent paint, a new bathroom, hardwood floors, and built‑in cabinetry
- Attached garage with laundry area and partially finished attic 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
$16,715
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
5.22%
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%
$334,300
$334.3K
Cap Rate 7%
$238,786
$238.8K
Cap Rate 9%
$185,722
$185.7K
Market Conditions
NOI Build-Up for 1,831 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
$25.3K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.9K $13.04/SF
− OpEx
−$7.2K −$3.91/SF
NOI
$16.7K $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%
$334,300
Cap Rate 7%
$238,786
Cap Rate 9%
$185,722
Alternative Uses
Best Use
Multifamily LT 5
$238.8K
$208.9K – $278.6K
NOI $16,715 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$221.4K
$193.7K – $258.3K
NOI $15,498 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$399.5K
$349.6K – $466.1K
NOI $27,966 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
332
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?
Duplex - Two separate residences offer flexible living arrangements with a fenced yard and alley access to the rear home.
Where is this duplex located?
The property is located at 4640 Ruth Avenue Billings, MT.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two residences totaling 1,831 square feet on a 0.1918‑acre lot; Primary home includes recent paint, a new bathroom, hardwood floors, and built‑in cabinetry; Attached garage with laundry area and partially finished attic storage
