Stabilized Multifamily Investment
For Sale
$3,167,350
1439 Flathead Street, 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 Market138
Property Features for 1439 Flathead Street
General Information
Standard status
Active
Size
13,324 SF
Lot size
0.93 Acres
Property subtype
Multifamily
Building Details
Building Size
13,324 SF
Year Built
1983
Listed By:
Nathan Matelich, SIOR, CCIM · License #MT #RRE-BRO-LIC-69991
(406) 781-6889
Source:
Cbcmontana
Added: May 27
Changed: Oct 2
Last Checked: Oct 11 at 4:32AM
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 Nathan Matelich, SIOR, CCIM
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 / Yr
$112,781
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
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?
Apartment building - 16-unit apartment complex with garages in established residential area.
Where is this apartment building located?
The property is located at 1439 Flathead Street 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.
