Building Details

Year Built 1986

Tenancy Multi

Listing Agency: Two Rivers Realty Team r***@gmail.com Show Phone

Listed By: Penny Pitts · License #RRE-RBS-LIC-119482

Source: Shonnakeyteam

Added: Jul 27 Changed: Aug 13 Last Checked: Aug 20 at 9:26AM

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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 Two Rivers Realty Team

Investment Insights

Based on property information with market context.

Newly renovated 5-plex for sale featuring updated appliances and interior improvements including fresh vinyl flooring, carpet, and paint. The property is configured with one 5-bedroom/3-bath unit, one 3-bedroom/2-bath unit, one 2-bedroom/2-bath unit, and two 2-bedroom/1-bath units.

Each unit includes its own garage and backyard area, providing dedicated outdoor and parking space for tenants.

Current unit mix supports strong rental performance as reflected in consistently high occupancy, and recent upgrades are intended to help keep operating expenses comparatively low. Seller financing may be available with 25% down, or the listing notes an option for an exchange with an agent related to the seller.

Key Highlights

• Newly renovated 5‑plex built in 1986 with updated interior finishes throughout.
• Unit mix: one 5BD/3BA, one 3BD/2BA, one 2BD/2BA, and two 2BD/1BA units.
• Each unit includes its own garage and backyard area for tenant use.

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

$52,818

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

6.70%

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%

$1,056,360 $1.1M

Cap Rate 7%

$754,543 $754.5K

Cap Rate 9%

$586,867 $586.9K

Market Conditions

NOI Build-Up for 6,240 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

$101.1K $16.20/SF

− Vacancy

−$5.1K −$0.81/SF

EGI

$96.0K $15.39/SF

− OpEx

−$43.2K −$6.93/SF

NOI

$52.8K $8.46/SF

Area

Stillwater County, MT

Vacancy

5.00%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

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%

$1,056,360

Cap Rate 7%

$754,543

Cap Rate 9%

$586,867

Alternative Uses

Best Use

Apartment 5plus

$754.5K

$660.2K – $880.3K (±1% cap)

NOI $52,818 @ 7.0% cap · market cap 6.70%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,307 @ 7.0% cap · market cap 12.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Lease Details

5

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Newly renovated 5-plex with updated interior finishes and unit garages and yard areas.

Where is this apartment building located?

The property is located at 117 E Church St Absarokee, MT.

What is the asking price?

The asking price for this property is $788,500.

What are key features of this property?

This property features: Newly renovated 5‑plex built in 1986 with updated interior finishes throughout.; Unit mix: one 5BD/3BA, one 3BD/2BA, one 2BD/2BA, and two 2BD/1BA units.; Each unit includes its own garage and backyard area for tenant use.