Two-Home Multifamily
New
For Sale
$479,000
7604 & 7604 1/2 Neibauer Road, Billings, MT 59106
Residential, Billings, MT
Property Size1,784 SF
Lot Size4.21 Acres
Price / SF$268.50
Days on Market2
Property Features for 7604 & 7604 1/2 Neibauer Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Greenwood Subd
Lot features
Interior Lot, Level, Secluded
Elementary school
Laurel
Middle school
Laurel
High school
Laurel
Standard status
Active
APN
C11962
Size
1,784 SF
Lot size
4.21 Acres
Taxes and HOA fees
Tax Description
GREENWOOD SUBD, S25, T01 S, R24 E, BLOCK 1, Lot 1, ACRES 4.215 - & - TAX ID 1007940
Tax Annual Amount
973
Legal Description
GREENWOOD SUBD, S25, T01 S, R24 E, BLOCK 1, Lot 1, ACRES 4.215 - & - TAX ID 1007940
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Natural Gas, Forced Air, Baseboard, Electric (Heating)
Cooling system
Central Air, Window Unit(s)
Water source
Well
Building Details
Year built
1990
Building materials
Masonite
Roof type
Asphalt, Shingle
Listing Agency:
Montana Real Estate Advisors
(406) 698-6690
Listed By:
Dustin Texley · License #RRE-BRO-LIC-72014
(406) 698-6690
Added: Aug 20
Last Checked: Aug 21 at 5:06PM
MLS# 361398
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 multifamily property includes two residences totaling 1,784 square feet on 4.21 acres. The smaller stick-built home offers 552 square feet with one bedroom and one bathroom, electric baseboard heat, and a window AC unit. The second residence is a 1,232-square-foot manufactured home with three bedrooms, two bathrooms, gas forced-air heat, and central air conditioning. Both homes were built in 1990 and use Masonite construction, asphalt shingle roofing, a shared well, and septic systems.
The land includes nearly three acres of fencing arranged with cross-fenced sections, a separated loafing shed, storage sheds, and a large yard area. The residences are separately metered. The manufactured home is not placed on an engineered foundation, a condition that affects conventional financing eligibility. Current leases are in place, and documentation and disclosures are available through the listing representative.
The land includes nearly three acres of fencing arranged with cross-fenced sections, a separated loafing shed, storage sheds, and a large yard area. The residences are separately metered. The manufactured home is not placed on an engineered foundation, a condition that affects conventional financing eligibility. Current leases are in place, and documentation and disclosures are available through the listing representative.
Key Highlights
- 4.21‑acre multifamily property with two residences
- 1,784 square feet across a 552‑square‑foot stick‑built home and 1,232‑square‑foot manufactured home
- One‑bedroom, one‑bathroom stick‑built residence with electric baseboard heat and window AC
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
$15,101
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
3.15%
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%
$302,020
$302.0K
Cap Rate 7%
$215,729
$215.7K
Cap Rate 9%
$167,789
$167.8K
Market Conditions
NOI Build-Up for 1,784 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
$28.9K $16.20/SF
− Vacancy
−$1.4K −$0.81/SF
EGI
$27.5K $15.39/SF
− OpEx
−$12.4K −$6.93/SF
NOI
$15.1K $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%
$302,020
Cap Rate 7%
$215,729
Cap Rate 9%
$167,789
Alternative Uses
Best Use
Apartment 5plus
$215.7K
$188.8K – $251.7K
NOI $15,101 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$389.3K
$340.6K – $454.1K
NOI $27,248 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
9
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?
Multifamily property - Two separate residences on a fenced acreage tract with shared well, septic, and individual utility meters.
Where is this multifamily property located?
The property is located at 7604 & 7604 1/2 Neibauer Road Billings, MT.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 4.21‑acre multifamily property with two residences; 1,784 square feet across a 552‑square‑foot stick‑built home and 1,232‑square‑foot manufactured home; One‑bedroom, one‑bathroom stick‑built residence with electric baseboard heat and window AC
