Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Stabilized Multifamily Investment Opportunity Title is generated by Realmo AI

    1439 & 1447 Flathead St, Billings, MT 59105

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    16-unit apartment complex with garages in established residential area.

    Type:Multifamily
    Property size:
    13,324 SF
    Lot size:
    0.93 Acres
    Price / SF:
    $237/SF
    Added:
    May 23, 2026
    Days on Market:
    12
    Last Refresh:
    May 27 at 8:24 am

    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

    We can help!

    Listing Contact
    Nathan Matelich, SIOR, CCIM
    Nathan Matelich, SIOR, CCIM

    Listing agent Nathan Matelich, SIOR, CCIM License #RRE-BRO-LIC-69991

    Listing office Coldwell Banker Commercial CBS

    Listing date May 23, 2026

    Source Crexi

    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

    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.
    • Efficient, uniform unit mix (all 1 bed/1 bath) simplifies management and maintenance.
    • Tenant‑paid all electric utilities.
    • Located in an established residential corridor in Billings.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.4724813
    Latitude
    45.8253252

    Nearby Similar for Sale

    • $550,000
      3,276 SF

      Remodeled Duplex Investment Opportunity

      Remodeled duplex with leases in place until July.
      1322 Babcock Circle, Billings, MT 59105
      View Details
    • $779,900
      4,125 SF

      Billings Grow Facility with Shop

      State-of-the-art grow facility with commercial shop on 1.45 acres.
      6 89th Street S, Billings, MT 59106
      View Details
    • $575,000
      6,811 SF

      Mixed-Use Property in Billings, MT

      Versatile mixed-use property with high traffic exposure in Billings.
      1315 6th Ave. N, Billings, MT 59101
      View Details
    • $390,000
      2,929 SF

      Westend Industrial Condo/Flex Space

      Versatile industrial condo/flex space in prime Westend location.
      2697 Enterprise Avenue, Billings, MT 59102
      View Details
    • $999,000
      7,145 SF

      Prime Office/Flex Space Opportunity

      Versatile office and flex space near King Ave retail corridor.
      2747 Enterprise #5 Avenue, Billings, MT 59102
      View Details
    • $825,000
      5,600 SF

      Billings Heights 5-Plex Investment

      Five 2-bed units near Lake Elmo with income potential.
      405 Roxy Lane, Billings, MT 59105
      View Details
    • $800,000
      3,420 SF

      New-Build Triplex in Billings, MT

      Investor-focused triplex near hospital corridor, projected completion June 2026.
      2310 11th Avenue N, Billings, MT 59101
      View Details
    • $2,900
      3,480 SF

      Office/Warehouse Space For Sale

      Versatile office and warehouse space with secure storage.
      707 Wagon Trail E - NNN LEASE LISTING, Billings, MT 59106
      View Details
    • $495,000
      5,310 SF

      Victorian Five-Plex in Central Billings

      Unique investment opportunity: five units, garages, potential single-family conversion.
      105 Yellowstone Avenue, Billings, MT 59101
      View Details
    • $355,000
      5,879 SF

      Retail and Warehouse Building with Overhead Doors

      Flexible retail-forward layout connects to rear warehouse and storage, with overhead doors for convenient access.
      3407 Montana Avenue, Billings, MT 59101
      View Details
    • $500,000
      5,144 SF

      Billings Multifamily Sober Living Home

      Turn-key sober living home in Billings' West End.
      3320 Ravalli Pl, Billings, MT 59102
      View Details
    • $500,000
      5,144 SF

      West End Billings Business Opportunity

      Turn-key sober living home or duplex opportunity in Billings' West End.
      3320 Ravalli Pl, Billings, MT 59102
      View Details

    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.
    (406) 570-8961 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nathan Matelich, SIOR, CCIM
    Nathan Matelich, SIOR, CCIM
    Real Estate License ID: RRE-BRO-LIC-69991
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1439 & 1447 Flathead St, Billings, MT 59105
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!