Ranch-Style Side-by-Side
For Sale
$400,000
130-132 Stillwater Ln, Billings, MT 59105
MULTI_FAMILY - Ranch - Billings, MT
Property Size2,368 SF
Lot Size0.30 Acres
Price / SF$168.92
Days on Market76
Property Features for 130-132 Stillwater Ln
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Mid-Century Neighborhood Residential
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 5
Patio and Porch features
Deck, Patio
Exterior features
Fence
Fencing
Fenced
Subdivision
Happy Hollow
Lot features
Interior Lot, Landscaped
Elementary school
Bench
Middle school
Medicine Crow
High school
Skyview
Standard status
Active
APN
C00419B
Size
2,368 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
HAPPY HOLLOW SUBD, S15, T01 N, R26 E, BLOCK 11, Lot 12, AMD
Tax Annual Amount
2455
Legal Description
HAPPY HOLLOW SUBD, S15, T01 N, R26 E, BLOCK 11, Lot 12, AMD
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Amenities
patios
backyard
open space behind
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Real Estate Hub LLLP
(406) 206-4886
Listed By:
Heather Kavran · License #RRE-BRO-LIC-32411
(406) 671-6690
Added: Jun 7
Changed: Aug 4
Last Checked: Aug 21 at 7:06AM
MLS# 359354
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.
130-132 Stillwater Ln in Billings, MT offers a well-maintained ranch-style side-by-side duplex with a proven rental history. Built in 1977, the property includes two attached units under a brick exterior, with electric baseboard heat. The home is served by public water and public sewer.
Recent improvements include a newer roof, paint, flooring, and more. Exterior features include fencing, spacious patios, and deck and patio areas for outdoor use. An attached garage is complemented by extra driveway parking and street parking.
The home totals 2,368 square feet on a 0.2996-acre lot and includes six bedrooms and four bathrooms, providing flexible living space for tenants or owner-occupants. Spacious outdoor areas and an open space setting behind the property add to the overall feel of the home.
Recent improvements include a newer roof, paint, flooring, and more. Exterior features include fencing, spacious patios, and deck and patio areas for outdoor use. An attached garage is complemented by extra driveway parking and street parking.
The home totals 2,368 square feet on a 0.2996-acre lot and includes six bedrooms and four bathrooms, providing flexible living space for tenants or owner-occupants. Spacious outdoor areas and an open space setting behind the property add to the overall feel of the home.
Key Highlights
- 0.2996‑acre lot with fenced yard and open space behind
- 2,368 SF ranch‑style side‑by‑side duplex
- Built in 1977 with brick exterior
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
$21,617
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
5.40%
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%
$432,340
$432.3K
Cap Rate 7%
$308,814
$308.8K
Cap Rate 9%
$240,189
$240.2K
Market Conditions
NOI Build-Up for 2,368 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
$32.7K $13.80/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$30.9K $13.04/SF
− OpEx
−$9.3K −$3.91/SF
NOI
$21.6K $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%
$432,340
Cap Rate 7%
$308,814
Cap Rate 9%
$240,189
Alternative Uses
Best Use
Multifamily LT 5
$308.8K
$270.2K – $360.3K
NOI $21,617 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$286.3K
$250.6K – $334.1K
NOI $20,044 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$516.7K
$452.1K – $602.8K
NOI $36,168 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
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?
Duplex - Well-maintained ranch duplex with proven rental history, newer roof and interior updates, fenced yard, and deck/patio space.
Where is this duplex located?
The property is located at 130-132 Stillwater Ln Billings, MT.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.2996‑acre lot with fenced yard and open space behind; 2,368 SF ranch‑style side‑by‑side duplex; Built in 1977 with brick exterior
