Multifamily Investment Opportunity in
1920 Old Hardin Rd Billings, MT 59101
1920 Old Hardin Rd, Billings, MT, 59101
$1,850,000
For Sale
$1,850,000
Two buildings, 13 units, potential for rent increases.
Property Size9,016 SF
Price / SF$205.19
Days on Market138
Property Features for 1920 Old Hardin Rd
General Information
- Standard status
- Active
- Size
- 9,016 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2024
Listing agency
NAI Business Properties
(406) 696-0395
Listed by
Jake Hedge, CCIM · License #88041
(406) 696-0395
Source
Naiglobal
Added: Mar 6 Updated: Jul 6 at 10:31AM Checked: Jul 21 at 6:36AM
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 NAI Business Properties
Investment Insights
Based on property information with market context.
This multifamily investment opportunity is located in the Billings area. The property includes a new construction 8-plex built in 2024, comprising 9,016 square feet, and a 5-plex built in 1973 and remodeled in 2005, offering 4,864 square feet. The property, consisting of 13 units total, is professionally managed and recently stabilized, with potential for rent increases as move-in special pricing turns over. The location is on Old Hardin Road near Lockwood IGA. The gross potential income is $215,400, with a 7.83% pro forma cap rate.
Key Highlights
- Brand new 8‑Plex construction (2024) offering modern amenities and appeal.
- High Gross Potential Income of $215,400.
- Attractive 7.83% pro forma cap rate.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.1k | $16.20 |
| − Vacancy | −$7.3k | −$0.81 |
| EGI | $138.8k | $15.39 |
| − OpEx | −$62.4k | −$6.93 |
| NOI | $76.3k | $8.46 |
9,016 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.0K – $1.27M
NOI $76,316 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,707 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Two buildings, 13 units, potential for rent increases.
Where is this apartment building located?
The property is located at 1920 Old Hardin Rd Billings, MT.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Brand new 8‑Plex construction (2024) offering modern amenities and appeal.; High Gross Potential Income of $215,400.; Attractive 7.83% pro forma cap rate.
