Duplex With Detached
For Sale
Under Contract
$380,000
615 Rimrock Road, Billings, MT 59102
MULTI_FAMILY - Ranch - Billings, MT
Property Size1,373 SF
Lot Size0.25 Acres
Price / SF$276.77
Days on Market16
Property Features for 615 Rimrock Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N3 - Suburban Neighborhood Residential
Bedrooms
4
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 4
Parking features
RV
Patio and Porch features
Deck, Patio
Subdivision
Salsbury
Lot features
Corner Lot
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A13757
Size
1,373 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
SALSBURY SUBD, S30, T01 N, R26 E, Lot 9
Tax Annual Amount
2568
Legal Description
SALSBURY SUBD, S30, T01 N, R26 E, Lot 9
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
fenced yard
covered patio
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Steve Wells · License #RRE-RBS-LIC-54012
(406) 794-6465
Added: Aug 7
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 361174
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-style duplex includes two separately accessed residences, each with its own kitchen, living room, and laundry access. The upper unit offers two bedrooms and two bathrooms, while the lower unit includes two bedrooms and one bathroom. Vinyl siding, an asphalt shingle roof, central air, and natural-gas forced-air heat are among the property improvements.
Set on a 0.2541-acre corner lot in Billings, the property includes a fenced yard, covered patio, deck, and a detached four-car garage. Public water and public sewer serve the property. Built in 1953, the duplex also offers RV parking and separate entrances for each residence.
Set on a 0.2541-acre corner lot in Billings, the property includes a fenced yard, covered patio, deck, and a detached four-car garage. Public water and public sewer serve the property. Built in 1953, the duplex also offers RV parking and separate entrances for each residence.
Key Highlights
- Two separate units with private entrances, kitchens, living rooms, and laundry access
- Upper residence has 2 bedrooms and 2 bathrooms
- Lower residence has 2 bedrooms and 1 bathroom
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
$12,534
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
3.30%
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%
$250,680
$250.7K
Cap Rate 7%
$179,057
$179.1K
Cap Rate 9%
$139,267
$139.3K
Market Conditions
NOI Build-Up for 1,373 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
$18.9K $13.80/SF
− Vacancy
−$1.0K −$0.76/SF
EGI
$17.9K $13.04/SF
− OpEx
−$5.4K −$3.91/SF
NOI
$12.5K $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%
$250,680
Cap Rate 7%
$179,057
Cap Rate 9%
$139,267
Alternative Uses
Best Use
Multifamily LT 5
$179.1K
$156.7K – $208.9K
NOI $12,534 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$166.0K
$145.3K – $193.7K
NOI $11,622 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$299.6K
$262.1K – $349.5K
NOI $20,971 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
285
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 - Two independent residences include private entrances, kitchens, living areas, and laundry access.
Where is this duplex located?
The property is located at 615 Rimrock Road Billings, MT.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two separate units with private entrances, kitchens, living rooms, and laundry access; Upper residence has 2 bedrooms and 2 bathrooms; Lower residence has 2 bedrooms and 1 bathroom
