Duplex with Attached
For Sale
$405,000
1424 Avenue D, Billings, MT 59102
Residential, Billings, MT
Property Size2,128 SF
Lot Size0.13 Acres
Price / SF$190.32
Days on Market14
Property Features for 1424 Avenue D
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
N2 - Mid-Century Neighborhood Residential
Bedrooms
5
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 5, Bedroom 4
Patio and Porch features
Deck, Patio
Interior features
SecondKitchen
Exterior features
Fence
Fencing
Fenced
Subdivision
Evergreen
Lot features
Interior Lot
Elementary school
Rosepark
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A06738
Size
2,128 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
EVERGREEN SUBD, S36, T01 N, R25 E, BLOCK 6, Lot 27, E55 FT LT 27 W4.88 FT LT 28
Tax Annual Amount
2059
Legal Description
EVERGREEN SUBD, S36, T01 N, R25 E, BLOCK 6, Lot 27, E55 FT LT 27 W4.88 FT LT 28
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1956
Floors in Building
2
Number of units
2
Building materials
Hardboard
Roof type
Asphalt, Shingle
Listing Agency:
PureWest Real Estate - Billings
(406) 601-4210
Listed By:
Kerry Martinson · License #RRE-BRO-LIC-71385
(406) 690-5737
Added: Sep 14
Changed: Sep 25
Last Checked: Sep 27 at 2:06PM
MLS# 361852
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 1956 duplex in Billings provides 2,128 square feet on a 0.1278-acre lot. The main floor includes a living room with hardwood flooring, while the lower level contains a non-conforming apartment with egress bedrooms, a full kitchen, living area, and bathroom. Each level has its own kitchen and bath, supporting flexible occupancy arrangements. An attached garage adds enclosed parking and storage, and the home also features central air, natural-gas forced-air heat, public water, and public sewer.
Outdoor improvements include a covered back porch, deck, patio, fenced yard, shingle and asphalt roofing, and hardboard construction. The property sits directly across from Evergreen Park, which includes a playground and basketball court. The address is 1424 Avenue D, Billings, MT 59102.
Outdoor improvements include a covered back porch, deck, patio, fenced yard, shingle and asphalt roofing, and hardboard construction. The property sits directly across from Evergreen Park, which includes a playground and basketball court. The address is 1424 Avenue D, Billings, MT 59102.
Key Highlights
- Duplex totaling 2,128 square feet, built in 1956
- 0.1278‑acre fenced lot at 1424 Avenue D, Billings, MT 59102
- Non‑conforming basement apartment with egress bedrooms
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
$19,426
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
4.80%
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%
$388,520
$388.5K
Cap Rate 7%
$277,514
$277.5K
Cap Rate 9%
$215,844
$215.8K
Market Conditions
NOI Build-Up for 2,128 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
$29.4K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.8K $13.04/SF
− OpEx
−$8.3K −$3.91/SF
NOI
$19.4K $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%
$388,520
Cap Rate 7%
$277,514
Cap Rate 9%
$215,844
Alternative Uses
Best Use
Multifamily LT 5
$277.5K
$242.8K – $323.8K
NOI $19,426 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$257.3K
$225.2K – $300.2K
NOI $18,012 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$464.3K
$406.3K – $541.7K
NOI $32,502 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,028
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level layout includes separate kitchens, living areas, baths, and a covered rear porch across from Evergreen Park.
Where is this duplex located?
The property is located at 1424 Avenue D Billings, MT.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Duplex totaling 2,128 square feet, built in 1956; 0.1278‑acre fenced lot at 1424 Avenue D, Billings, MT 59102; Non‑conforming basement apartment with egress bedrooms
