Duplex with Private Fenced
For Sale
$550,000
1322 Babcock Circle, Billings, MT 59105
MULTI_FAMILY - Other - Billings, MT
Property Size3,276 SF
Lot Size0.22 Acres
Price / SF$167.89
Days on Market25
Property Features for 1322 Babcock Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R7500 - Residential-7500
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bedroom 3
Parking
4
Fireplace
1
Subdivision
Eagles Nest
Lot features
Cul De Sac
Elementary school
Sandstone
Middle school
Castle Rock
High school
Skyview
Directions
Main St, left on Hilltop Rd, Right on Nutter Blvd, right on Babcock Blvd, Left on Babcock Circ.
Standard status
Active
APN
A22856M
Size
3,276 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
EAGLES NEST SUBD, S21, T01 N, R26 E, BLOCK 1A, LOT 4, 2ND AMND LT 17
Tax Annual Amount
4313
Legal Description
EAGLES NEST SUBD, S21, T01 N, R26 E, BLOCK 1A, LOT 4, 2ND AMND LT 17
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
fireplace
stainless steel appliances
granite counters
LVP flooring
laundry room
fenced backyard
Building Details
Year built
1979
Floors in Building
2
Number of units
2
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Western Skies Real Estate
(406) 591-5889
Listed By:
SaraBeth Owens · License #RRE-BRO-LIC-90118
(406) 694-2234
Added: Jul 18
Changed: Aug 5
Last Checked: Aug 11 at 8:06PM
MLS# 356459
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 offers two split-level units built in brick, with central air and natural gas forced-air heating. Each unit features upper-level living/dining with a wood fireplace, a kitchen with stainless appliances and granite counters, two bedrooms, and a full bath. The lower level adds a second family room with a wood fireplace, a large walk-in laundry room, an additional bedroom and a 3/4 bath, and an exterior access door to the attached 1-car garage. Both units have private fenced back yards, providing an outdoor space for each side.
The property is located in the Eagles Nest subdivision in the Heights on a cul-de-sac. Public water and public sewer services support the home, and the roof is composition. Both units are currently under leases until July.
Built in 1979, the duplex is served by natural gas and forced-air systems and includes fireplaces in both upper and lower levels across the two units.
The property is located in the Eagles Nest subdivision in the Heights on a cul-de-sac. Public water and public sewer services support the home, and the roof is composition. Both units are currently under leases until July.
Built in 1979, the duplex is served by natural gas and forced-air systems and includes fireplaces in both upper and lower levels across the two units.
Key Highlights
- Two split‑level units with wood fireplaces on upper and lower levels
- Each unit has a private fenced back yard
- Leased through July for both units
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
$29,906
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
5.44%
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%
$598,120
$598.1K
Cap Rate 7%
$427,229
$427.2K
Cap Rate 9%
$332,289
$332.3K
Market Conditions
NOI Build-Up for 3,276 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
$45.2K $13.80/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$42.7K $13.04/SF
− OpEx
−$12.8K −$3.91/SF
NOI
$29.9K $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%
$598,120
Cap Rate 7%
$427,229
Cap Rate 9%
$332,289
Alternative Uses
Best Use
Multifamily LT 5
$427.2K
$373.8K – $498.4K
NOI $29,906 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$396.1K
$346.6K – $462.2K
NOI $27,730 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$714.8K
$625.5K – $833.9K
NOI $50,036 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
166
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 - Split-level duplex with two private fenced back yards, brick construction, and central air, with both units leased until July.
Where is this duplex located?
The property is located at 1322 Babcock Circle Billings, MT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two split‑level units with wood fireplaces on upper and lower levels; Each unit has a private fenced back yard; Leased through July for both units
