Duplex with Two Single-Family
For Sale
Under Contract
$464,500
129 Custer Avenue, Billings, MT 59101
MULTI_FAMILY - Billings, MT
Property Size1,572 SF
Price / SF$295.48
Days on Market44
Property Features for 129 Custer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
First Neighborhood Residential
Bedrooms
6
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 1
Parking
6
Security features
Security
Exterior features
Fence
Fencing
Fenced
Subdivision
Suburban Sub
Lot features
Level
Elementary school
Broadwater
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A15734
Size
1,572 SF
Taxes and HOA fees
Tax Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 2, Lot 14 - 15
Tax Annual Amount
2303
Legal Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 2, Lot 14 - 15
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1905
Floors in Building
1
Number of units
2
Building materials
WoodSiding
Roof type
Shingle
Listing Agency:
Billings Real Estate Professionals
(406) 248-4409
Listed By:
Kolden Hoversland · License #RRE-RBS-LIC-109586
(406) 392-7640
Added: Jul 14
Changed: Aug 2
Last Checked: Aug 26 at 11:06PM
MLS# 360551
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 duplex features two single-family homes on one lot. Built in 1905, the property includes wood siding construction and a shingle roof. Interiors are served by forced-air heating with natural gas, and central air cooling.
The exterior includes fencing, and the homes connect to public water and public sewer. The room mix in the data includes multiple bedrooms and bathrooms across the property, supporting a range of resident needs.
Located in Billings, the property is positioned for tenants and owner-occupants who want convenient access to major hospitals and everyday amenities, including dining and shopping.
The exterior includes fencing, and the homes connect to public water and public sewer. The room mix in the data includes multiple bedrooms and bathrooms across the property, supporting a range of resident needs.
Located in Billings, the property is positioned for tenants and owner-occupants who want convenient access to major hospitals and everyday amenities, including dining and shopping.
Key Highlights
- Two single‑family homes on one lot
- Built in 1905
- Wood siding exterior and shingle roof
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
$14,350
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
3.09%
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%
$287,000
$287.0K
Cap Rate 7%
$205,000
$205.0K
Cap Rate 9%
$159,444
$159.4K
Market Conditions
NOI Build-Up for 1,572 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
$21.7K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$20.5K $13.04/SF
− OpEx
−$6.2K −$3.91/SF
NOI
$14.4K $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%
$287,000
Cap Rate 7%
$205,000
Cap Rate 9%
$159,444
Alternative Uses
Best Use
Multifamily LT 5
$205.0K
$179.4K – $239.2K
NOI $14,350 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$190.1K
$166.3K – $221.8K
NOI $13,306 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$343.0K
$300.1K – $400.2K
NOI $24,010 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
906
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?
Duplex - Duplex on one lot with two single-family homes featuring wood siding, forced-air natural gas heat, and central air.
Where is this duplex located?
The property is located at 129 Custer Avenue Billings, MT.
What is the asking price?
The asking price for this property is $464,500.
What are key features of this property?
This property features: Two single‑family homes on one lot; Built in 1905; Wood siding exterior and shingle roof
