Stabilized Multifamily Investment
1439 & 1447 Flathead St Billings, MT 59105
1439 & 1447 Flathead St, Billings, MT, 59105
Contact for pricing
For Sale
Contact for pricing
16-unit apartment complex with garages in established residential area.
Property Size13,324 SF
Lot Size0.93 Acres
Price / SF$237.72
Days on Market57
Property Features for 1439 & 1447 Flathead St
General Information
- Standard status
- Active
- Size
- 13,324 SF
- Lot size
- 0.93 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1983
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 Checked: Jul 17 at 8:33 am
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $215.8k | $16.20 |
| − Vacancy | −$10.8k | −$0.81 |
| EGI | $205.1k | $15.39 |
| − OpEx | −$92.3k | −$6.93 |
| NOI | $112.8k | $8.46 |
13,324 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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.
