Bungalow Quadplex with Rental
For Sale
$375,000
12 14 16 18 Montana Avenue, Absarokee, MT 59001
Residential, Absarokee, MT
Property Size2,640 SF
Lot Size0.43 Acres
Price / SF$142.05
Days on Market49
Property Features for 12 14 16 18 Montana Avenue
General Information
Property type
Residential
Property subtype
Quadruplex
Zoning description
RMF - Residential Multi-Family
Bedrooms
7
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bathroom 5, Bedroom 2, Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 3
Parking
8
Exterior features
Fence, SprinklerIrrigation
Fencing
Fenced
Subdivision
Absarokee Original Townsite
Lot features
Level
Elementary school
Absarokee
Middle school
Absarokee
High school
Absarokee
Directions
As you enter Absarokee from Columbus turn LEFT on Montana Ave at the Yellowstone Bank sign. Look for Heavenly Homes sign just across from the post office and water department.
Standard status
Active
APN
0200158
Size
2,640 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Description
ABSAROKEE ORIGINAL TOWNSITE, S01, T04 S, R18 E, BLOCK 1, LT 26 & 27, & S 33 2/3' LT 28
Tax Annual Amount
4317
Legal Description
ABSAROKEE ORIGINAL TOWNSITE, S01, T04 S, R18 E, BLOCK 1, LT 26 & 27, & S 33 2/3' LT 28
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public, Well
Building Details
Year built
1942
Floors in Building
1
Number of units
4
Building materials
Stucco, WoodSiding
Roof type
Asphalt, Metal, Shingle
Architectural style
Bungalow
Listing Agency:
Heavenly Homes, Inc.
(406) 656-4774
Listed By:
Jacque Lorang · License #RRE-BRO-LIC-16393
(406) 690-5277
Added: Jul 18
Changed: Aug 29
Last Checked: Sep 4 at 4:06PM
MLS# 360557
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 quadplex comprises four separate residences totaling 2,640 square feet on 0.43 acres. The mix includes a 1BR cottage with 336 square feet built in 1943, a 2BR/1BA house with 1,104 square feet built in 1942, a 1BR cabin built in 2020, and a 3BR/2BA mobile home. The residences combine short-term and long-term rental use, with Airbnb activity and established guest ratings noted for the short-term units.
Improvements include stucco and wood siding, forced-air natural gas heating, window-unit cooling, public sewer, public water, and a well. The grounds are fenced and include sprinkler irrigation, while roofing materials include asphalt, metal, and shingles. The property is located in Absarokee near the Stillwater River, Absarokee Beartooth Wilderness, Red Lodge Ski Resort, and Stillwater Mine.
Improvements include stucco and wood siding, forced-air natural gas heating, window-unit cooling, public sewer, public water, and a well. The grounds are fenced and include sprinkler irrigation, while roofing materials include asphalt, metal, and shingles. The property is located in Absarokee near the Stillwater River, Absarokee Beartooth Wilderness, Red Lodge Ski Resort, and Stillwater Mine.
Key Highlights
- Four‑residence quadplex with short‑term and long‑term rental use
- Unit mix includes 1BR cottage, 2BR/1BA house, 1BR cabin, and 3BR/2BA mobile home
- 2,640 square feet of property improvements on 0.43 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
$24,100
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
6.43%
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%
$482,000
$482.0K
Cap Rate 7%
$344,286
$344.3K
Cap Rate 9%
$267,778
$267.8K
Market Conditions
NOI Build-Up for 2,640 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
$36.4K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$34.4K $13.04/SF
− OpEx
−$10.3K −$3.91/SF
NOI
$24.1K $9.13/SF
Area
Stillwater County, 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%
$482,000
Cap Rate 7%
$344,286
Cap Rate 9%
$267,778
Alternative Uses
Best Use
Multifamily LT 5
$344.3K
$301.3K – $401.7K
NOI $24,100 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$319.2K
$279.3K – $372.4K
NOI $22,346 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$576.0K
$504.0K – $672.0K
NOI $40,322 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 59001, MT
1,392
Population
807
Households
1.7
Avg Household Size
51
Median Age
34%
College-Educated
95%
High-School Grad
142.8 sq mi
ZIP Area
10
Density / Sq Mi
$75,938
Median Household Income
$33,200
Median Earnings
$1,011
Median Rent
$312,400
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?
Quadplex - Fenced parcel supports a mix of short-term and long-term rental residences.
Where is this quadplex located?
The property is located at 12 14 16 18 Montana Avenue Absarokee, MT.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑residence quadplex with short‑term and long‑term rental use; Unit mix includes 1BR cottage, 2BR/1BA house, 1BR cabin, and 3BR/2BA mobile home; 2,640 square feet of property improvements on 0.43 acres
