Stabilized Multifamily Investment
For Sale
Contact for pricing
1439 & 1447 Flathead St, Billings, MT 59105
16-unit apartment complex with garages in established residential area.
Property Size13,324 SF
Lot Size0.93 Acres
Price / SF$237.72
Days on Market92
Property Features for 1439 & 1447 Flathead St
General Information
Standard status
Active
Size
13,324 SF
Class
B
Lot size
0.93 Acres
Property subtype
Multifamily
Zoning
NX2-Mixed Residential 2 - 2 to 8 units
Occupancy
100%
Net Operating Income
$140,954
Building Details
Year Built
1983
Buildings
2
Units
16
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial CBS
(406) 570-8961
Listed By:
Nathan Matelich, SIOR, CCIM · License #RRE-BRO-LIC-69991
Source:
Crexi
Added: May 23
Changed: Aug 21
Last Checked: Aug 22 at 10:05AM
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 Coldwell Banker Commercial CBS
Investment Insights
Based on property information with market context.
This is a stabilized 16-unit multifamily investment property located at 1439 & 1447 Flathead St, Billings, MT. Constructed in 1983, the property consists of two matching buildings totaling approximately 13,324 square feet on a 40,500 square foot lot. Each of the 16 apartments features one bedroom and one bathroom, with each unit measuring 529 square feet. A detached 275 square foot garage is provided for each unit. The property also includes two on-site wash/utility rooms. The units are tenant-paid all electric. The property is zoned NX2-Mixed Residential 2 - 2 to 8 units. The property is fully occupied and stabilized, offering a uniform unit mix for simplified management. The current cap rate is 4.45% with a net operating income (NOI) of $140,954, based on current rents of $895 per unit per month. Pro forma, the cap rate is 6.25% with an NOI of $197,959, based on rents of $1,195 per unit per month. Pro forma short-term rental cap rate is 8.67% with an NOI of $274,759, based on rents of $1,595 per unit per month.
Key Highlights
- Fully occupied and stabilized 16‑unit multifamily investment property.
- Pro Forma 6.25% cap rate with potential for higher returns through short‑term rentals (8.67% cap rate).
- Each unit includes a private detached garage, a highly desirable amenity.
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
$112,781
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
3.56%
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%
$2,255,620
$2.3M
Cap Rate 7%
$1,611,157
$1.6M
Cap Rate 9%
$1,253,122
$1.3M
Market Conditions
NOI Build-Up for 13,324 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
$215.8K $16.20/SF
− Vacancy
−$10.8K −$0.81/SF
EGI
$205.1K $15.39/SF
− OpEx
−$92.3K −$6.93/SF
NOI
$112.8K $8.46/SF
Area
Billings, 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%
$2,255,620
Cap Rate 7%
$1,611,157
Cap Rate 9%
$1,253,122
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,781 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.91M
$2.54M – $3.39M
NOI $203,505 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit apartment complex with garages in established residential area.
Where is this apartment building located?
The property is located at 1439 & 1447 Flathead St Billings, MT.
What is the asking price?
The asking price for this property is $3,167,350.
What are key features of this property?
This property features: Fully occupied and stabilized 16‑unit multifamily investment property.; Pro Forma 6.25% cap rate with potential for higher returns through short‑term rentals (8.67% cap rate).; Each unit includes a **private detached garage**, a highly desirable amenity.
