Five-Plex Apartment Building with
For Sale
$495,000
105 Yellowstone Avenue, Billings, MT 59101
Five 2-bedroom, 1-bath units plus seven separately rented garage units are sold as-is by estate.
Property Size5,310 SF
Price / SF$93.22
Days on Market230
Property Features for 105 Yellowstone Avenue
General Information
Standard status
Active
Size
5,310 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$3,129
Building Details
Building Size
5,310 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Meridian Real Estate LLC
Listed By:
Lauraleah Griffin · License #RRE-BRO-LIC-98920
(406) 208-4003
Source:
Careychapman
Added: Jan 9
Changed: Aug 21
Last Checked: Aug 26 at 1:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Meridian Real Estate LLC
Investment Insights
Based on property information with market context.
This five-plex apartment property features five units with two bedrooms and one bathroom each. The property also includes seven individual garage units that are rented separately. The basement unit has been rented at $550 per month, and other units have been rented at $850 per month, based on available information.
Sold as-is as part of an estate, the seller will make no repairs and will provide no income or expense statements. The property is described as a one-of-a-kind, centrally located 1910 Victorian-style investment opportunity, and the configuration may have potential to be converted back to a single-family dwelling.
All information should be verified by the buyer, as the sellers have little to no knowledge of the property.
Sold as-is as part of an estate, the seller will make no repairs and will provide no income or expense statements. The property is described as a one-of-a-kind, centrally located 1910 Victorian-style investment opportunity, and the configuration may have potential to be converted back to a single-family dwelling.
All information should be verified by the buyer, as the sellers have little to no knowledge of the property.
Key Highlights
- 1910 Victorian‑style five‑plex with five units, each with 2 bedrooms and 1 bathroom
- Current or prior rents reported at $850/month per unit, with a basement unit reported at $550/month
- Includes 7 individually rented garage units, each reported renting for $95/month
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
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five 2-bedroom, 1-bath units plus seven separately rented garage units are sold as-is by estate.
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: 1910 Victorian‑style five‑plex with five units, each with 2 bedrooms and 1 bathroom; Current or prior rents reported at $850/month per unit, with a basement unit reported at $550/month; Includes 7 individually rented garage units, each reported renting for $95/month
