Ranch Duplex with Detached
For Sale
Under Contract
$464,900
1019 Poly Drive, Billings, MT 59102
MULTI_FAMILY - Ranch - Billings, MT
Property Size2,846 SF
Lot Size0.16 Acres
Price / SF$163.35
Days on Market51
Property Features for 1019 Poly Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N1 - First Neighborhood Residential
Bedrooms
5
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 3
Patio and Porch features
Patio, Deck
Exterior features
Fence, Storage
Fencing
Fenced
Appliances
GasRange, Stove
Subdivision
College
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A05163
Size
2,846 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
COLLEGE SUBD 1ST FILING Block: 3 Lot: 10
Tax Annual Amount
2513
Legal Description
COLLEGE SUBD 1ST FILING Block: 3 Lot: 10
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Asphalt, Shingle
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
Meridian Real Estate LLC
(406) 671-6955
Listed By:
Sara Alexander · License #RRE-RBS-LIC-82397
(406) 860-0653
Added: Jul 8
Changed: Aug 4
Last Checked: Aug 27 at 2:06AM
MLS# 360517
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 up/down duplex at 1019 Poly Drive offers two separate living levels with dedicated laundry rooms. Upstairs features a large living room and eat-in kitchen, two bedrooms with built-in storage, and 1.5 baths. Downstairs includes three bedrooms, one bath, its own spacious living room and eat-in kitchen, a dedicated laundry room, and substantial storage, along with a private entrance.
The home sits on a 0.1607-acre lot and includes a detached 2-car garage. Outdoor space is fenced and features a deck and a fire pit area, along with patio space. Additional exterior features include storage, and the property is served by public water and public sewer. Heating is natural gas forced air with central air cooling.
Built in 1953 and totaling 2,846 square feet, the layout supports flexible occupancy and rental use while keeping both levels comfortable with spacious, light-filled rooms.
The home sits on a 0.1607-acre lot and includes a detached 2-car garage. Outdoor space is fenced and features a deck and a fire pit area, along with patio space. Additional exterior features include storage, and the property is served by public water and public sewer. Heating is natural gas forced air with central air cooling.
Built in 1953 and totaling 2,846 square feet, the layout supports flexible occupancy and rental use while keeping both levels comfortable with spacious, light-filled rooms.
Key Highlights
- Up/down duplex with separate living levels and private downstairs entrance
- Upstairs: large living room, eat‑in kitchen, 2 bedrooms, 1.5 baths, dedicated laundry
- Downstairs: 3 bedrooms, spacious living room, eat‑in kitchen, 1 bath, dedicated laundry
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
$25,980
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
5.59%
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%
$519,600
$519.6K
Cap Rate 7%
$371,143
$371.1K
Cap Rate 9%
$288,667
$288.7K
Market Conditions
NOI Build-Up for 2,846 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
$39.3K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$37.1K $13.04/SF
− OpEx
−$11.1K −$3.91/SF
NOI
$26.0K $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%
$519,600
Cap Rate 7%
$371,143
Cap Rate 9%
$288,667
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.8K – $433.0K
NOI $25,980 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$344.1K
$301.1K – $401.5K
NOI $24,090 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$621.0K
$543.4K – $724.5K
NOI $43,469 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
167
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 - Up/down duplex with separate entries, central air, fenced yard, and a detached two-car garage on a small lot.
Where is this duplex located?
The property is located at 1019 Poly Drive Billings, MT.
What is the asking price?
The asking price for this property is $464,900.
What are key features of this property?
This property features: Up/down duplex with separate living levels and private downstairs entrance; Upstairs: large living room, eat‑in kitchen, 2 bedrooms, 1.5 baths, dedicated laundry; Downstairs: 3 bedrooms, spacious living room, eat‑in kitchen, 1 bath, dedicated laundry
