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    Laurel Duplex with Income Potential Title is generated by Realmo AI

    516 Pennsylvania Avenue, Laurel, MT 59044

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    Claim this Listing
    For Sale
    Under Contract
    $280,000

    MULTI_FAMILY - Bungalow - Laurel, MT

    Property size:
    1,934 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $144/SF
    Added:
    May 11, 2026
    Days on Market:
    24
    Last Refresh:
    Jun 3 at 12:06 pm

    Property Features for 516 Pennsylvania Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Rooms
    Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active Under Contract
    APN
    B01127
    Size
    1,934 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Description
    LAUREL REALTY SECOND SUBD, S09, T02 S, R24 E, BLOCK 23, Lot 18, & N2 LT 19
    Tax Annual Amount
    2220

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    2
    Roof type
    Asphalt
    Architectural style
    Bungalow

    We can help!

    Listing Contact
    Penny Presby

    Listing agent Penny Presby License #RRE-BRO-LIC-7063434

    Listing office Meridian Real Estate LLC 2116 Broadwater Ave., Ste. 205, Billings, MT

    Listing date May 11, 2026

    MLS# 356453 Listing URL

    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.

    HighLights

    • Rental income potential with a separate 1‑bedroom upper level including a kitchen area and bonus room.
    • Recently updated with a newer roof, siding, and gutters, and windows.
    • Remodeled main floor kitchen featuring custom cabinets and wood floors.
    • Stylish, tiled bathrooms.
    • Charming 2‑bedroom main floor layout.
    • Located in the heart of Laurel, close to parks and schools.

    Overview

    This duplex in Laurel presents an opportunity for either owner-occupancy or investment. The main floor unit is a 2-bedroom, 1-bathroom home featuring a remodeled kitchen with custom cabinets and wood floors, along with updated bathrooms. The upper level is a 1-bedroom, 1-bathroom unit with a separate entrance, a kitchen area, and a bonus room, suitable for extended family, guests, or rental income. The property has recent improvements including a newer roof, siding, gutters, and windows. Situated in the heart of Laurel, the property is close to parks and schools. The building size is 1934 square feet, and the lot size is 0.1446 acres.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $27.6k $14.28
    − Vacancy −$1.7k −$0.87
    EGI $25.9k $13.41
    − OpEx −$7.8k −$4.02
    NOI $18.2k $9.39
    1,934 SF · lease $14.28/SF/yr · vacancy 6.08% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $259.4K
    $227.0K – $302.6K (±1% cap)
    NOI $18,157 @ 7.0% cap · market cap 6.48%
    Second Best
    Apartment 5plus
    $244.1K
    $213.6K – $284.8K (±1% cap)
    NOI $17,085 @ 7.0% cap · market cap 6.10%
    Theoretical Best
    Office A
    $420.1K
    $367.6K – $490.2K (±1% cap)
    NOI $29,409 @ 7.0% cap · market cap 10.50%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Laurel
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.767546
    Latitude
    45.674182

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    FAQs

    What type of property is this?
    Duplex - Charming Laurel duplex with updates, rental income potential.
    Where is this duplex located?
    The property is located at 516 Pennsylvania Avenue Laurel, MT.
    What is the asking price?
    The asking price for this property is $280,000.
    What are key features of this property?
    This property features: Rental income potential with a separate 1‑bedroom upper level including a kitchen area and bonus room.; Recently updated with a newer roof, siding, and gutters, and windows.; Remodeled main floor kitchen featuring custom cabinets and wood floors.
    (406) 855-5725
    We can help!
    Listing Contact
    Penny Presby
    Real Estate License ID: RRE-BRO-LIC-7063434
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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