Ranch-Style Duplex with
For Sale
$389,900
1127 Harvard Avenue, Billings, MT 59102
Residential, Billings, MT
Property Size2,108 SF
Lot Size0.16 Acres
Price / SF$184.96
Days on Market48
Property Features for 1127 Harvard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N1 - First Neighborhood Residential
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2
Subdivision
College Sub
Lot features
Interior Lot, Level
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A05251
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
College Subd 2nd Filing, S31, T01N, R26E, Block 7, Lot 14-15
Tax Annual Amount
2102
Legal Description
College Subd 2nd Filing, S31, T01N, R26E, Block 7, Lot 14-15
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
alley access
off-street parking
single detached garage
partial fencing
covered back patio
shared laundry room
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Building materials
Masonite
Architectural style
Ranch
Listing Agency:
Montana Real Estate Brokers
(406) 869-2000
Listed By:
Chris Dunn · License #RRE-RBS-LIC-13083
(406) 698-3531
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 2 at 8:06AM
MLS# 360732
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 up-and-down duplex includes two independently arranged residences, each with two bedrooms, one bathroom, a living area, and kitchen space. The main-level unit adds a dining area and pantry, while the lower residence combines its kitchen and dining functions. Both units connect to a shared laundry room, and the ranch-style property includes a covered rear patio, partial fencing, and a detached single-car garage.
The property occupies a 7,000-square-foot lot at 1127 Harvard Avenue in Billings, Montana, with alley access and off-street parking. The building contains approximately 2,108 total square feet, divided between 1,054 square feet on the main level and 1,054 square feet in the lower unit. Built in 1948, it has Masonite construction, natural-gas forced-air heat, public water, and public sewer.
The property occupies a 7,000-square-foot lot at 1127 Harvard Avenue in Billings, Montana, with alley access and off-street parking. The building contains approximately 2,108 total square feet, divided between 1,054 square feet on the main level and 1,054 square feet in the lower unit. Built in 1948, it has Masonite construction, natural-gas forced-air heat, public water, and public sewer.
Key Highlights
- Up/down duplex with 2 bedrooms and 1 bathroom in each unit
- Approximately 2,108 total square feet, split evenly between two 1,054‑square‑foot levels
- 7,000‑square‑foot lot with 0.1607 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
$19,243
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
4.94%
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%
$384,860
$384.9K
Cap Rate 7%
$274,900
$274.9K
Cap Rate 9%
$213,811
$213.8K
Market Conditions
NOI Build-Up for 2,108 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
$29.1K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.5K $13.04/SF
− OpEx
−$8.2K −$3.91/SF
NOI
$19.2K $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%
$384,860
Cap Rate 7%
$274,900
Cap Rate 9%
$213,811
Alternative Uses
Best Use
Multifamily LT 5
$274.9K
$240.5K – $320.7K
NOI $19,243 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.4K
NOI $17,843 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$460.0K
$402.5K – $536.6K
NOI $32,197 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
251
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 separate two-bedroom units share laundry, outdoor space, alley access, and off-street parking.
Where is this duplex located?
The property is located at 1127 Harvard Avenue Billings, MT.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Up/down duplex with 2 bedrooms and 1 bathroom in each unit; Approximately 2,108 total square feet, split evenly between two 1,054‑square‑foot levels; 7,000‑square‑foot lot with 0.1607 acres
