Victorian-Style Five-Plex with
For Sale
$495,000
105 Yellowstone Avenue, Billings, MT 59101
MULTI_FAMILY - Billings, MT
Property Size5,310 SF
Lot Size0.32 Acres
Price / SF$93.22
Days on Market67
Property Features for 105 Yellowstone Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
NX2 - Mixed Residential 2
Bedrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Parking
12
Subdivision
West Side Add
Lot features
Corner Lot
Elementary school
Broadwater
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A17863
Size
5,310 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
WEST SIDE ADD, S04, T01 S, R26 E, BLOCK 12, Lot 1 - 4
Tax Annual Amount
3129
Legal Description
WEST SIDE ADD, S04, T01 S, R26 E, BLOCK 12, Lot 1 - 4
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
1
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Listing Agency:
Meridian Real Estate LLC
(406) 671-6955
Listed By:
Lauraleah Griffin · License #RRE-BRO-LIC-98920
(406) 208-4003
Added: Jun 15
Changed: Aug 10
Last Checked: Aug 20 at 11:06PM
MLS# 357090
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 1910 apartment building contains five multifamily units within a 5,310-square-foot property. Four units are configured with two bedrooms and one bathroom each, while the property also includes seven individually separated garage units. The building has vinyl siding, an asphalt shingle roof, natural-gas forced-air heating, public water, and public sewer. The structure is situated on 0.3214 acres at 105 Yellowstone Avenue in Billings, Montana.
The property is being conveyed as-is through an estate, with no repairs or income and expense statements to be provided by the seller. The existing multifamily layout has also been identified as potentially convertible to a single-family residence. Buyers are responsible for independently verifying property information and condition.
The property is being conveyed as-is through an estate, with no repairs or income and expense statements to be provided by the seller. The existing multifamily layout has also been identified as potentially convertible to a single-family residence. Buyers are responsible for independently verifying property information and condition.
Key Highlights
- Five‑plex with four two‑bedroom, one‑bathroom units
- Seven individual garage units included
- 5,310 square feet on 0.3214 acres
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
$44,946
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
9.08%
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%
$898,920
$898.9K
Cap Rate 7%
$642,086
$642.1K
Cap Rate 9%
$499,400
$499.4K
Market Conditions
NOI Build-Up for 5,310 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
$86.0K $16.20/SF
− Vacancy
−$4.3K −$0.81/SF
EGI
$81.7K $15.39/SF
− OpEx
−$36.8K −$6.93/SF
NOI
$44.9K $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%
$898,920
Cap Rate 7%
$642,086
Cap Rate 9%
$499,400
Alternative Uses
Best Use
Apartment 5plus
$642.1K
$561.8K – $749.1K
NOI $44,946 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,103 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,178
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with separate garage units, public utilities, and a two-bedroom unit layout.
Where is this apartment building located?
The property is located at 105 Yellowstone Avenue Billings, MT.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Five‑plex with four two‑bedroom, one‑bathroom units; Seven individual garage units included; 5,310 square feet on 0.3214 acres
