Updated Two-Story
New
For Sale
$475,000
926 926.5 928 Custer, Billings, MT 59102
Fully leased three-unit property with recent interior improvements, separate utility metering, and off-street parking.
Property Size3,940 SF
Price / SF$120.56
Days on Market4
Property Features for 926 926.5 928 Custer
General Information
Standard status
Active
Size
3,940 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
Style: Two Story
0.00
Two Story
Building Details
Year Built
1960
Listing Agency:
Landmark of Billings, Inc.
(406) 861-3027
Listed By:
Jade Fuhrman · License #RRE-BRO-LIC-12138
Source:
Clearwaterproperties
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 5:54AM
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 Landmark of Billings, Inc.
Investment Insights
Based on property information with market context.
This two-story triplex contains 3,940 square feet and was built in 1960. Recent work includes new carpet, interior paint, blinds, a remodeled bathroom, updated appliances, and a replacement electrical panel in Unit 926. Unit 928 also received a new refrigerator and dishwasher. All three units include washer and dryer hookups, while Units 926 and 928 have basement laundry areas with additional storage. Each residence has one off-street parking space accessed from the alley, and Unit 928 includes use of a small garage and storage building.
All three units are currently leased. Water is paid by the owner, while gas and electric are separately metered and paid by the tenants. Additional property work includes new gutters scheduled for April 2026 and professionally cleaned ductwork.
All three units are currently leased. Water is paid by the owner, while gas and electric are separately metered and paid by the tenants. Additional property work includes new gutters scheduled for April 2026 and professionally cleaned ductwork.
Key Highlights
- 3,940 SF triplex with 3 leased units
- Two‑story building constructed in 1960
- Recent updates include carpet, paint, blinds, appliances, bathroom, and electrical panel work
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
$35,967
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
7.57%
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%
$719,340
$719.3K
Cap Rate 7%
$513,814
$513.8K
Cap Rate 9%
$399,633
$399.6K
Market Conditions
NOI Build-Up for 3,940 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
$54.4K $13.80/SF
− Vacancy
−$3.0K −$0.76/SF
EGI
$51.4K $13.04/SF
− OpEx
−$15.4K −$3.91/SF
NOI
$36.0K $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%
$719,340
Cap Rate 7%
$513,814
Cap Rate 9%
$399,633
Alternative Uses
Best Use
Multifamily LT 5
$513.8K
$449.6K – $599.5K
NOI $35,967 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$476.4K
$416.9K – $555.8K
NOI $33,350 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$859.7K
$752.2K – $1.00M
NOI $60,178 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
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?
Triplex - Fully leased three-unit property with recent interior improvements, separate utility metering, and off-street parking.
Where is this triplex located?
The property is located at 926 926.5 928 Custer Billings, MT.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 3,940 SF triplex with 3 leased units; Two‑story building constructed in 1960; Recent updates include carpet, paint, blinds, appliances, bathroom, and electrical panel work
