Up/Down Duplex with
For Sale
$396,900
1508 11th Street W, Billings, MT 59102
Residential, Billings, MT
Property Size2,108 SF
Lot Size0.16 Acres
Price / SF$188.28
Days on Market47
Property Features for 1508 11th Street W
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N2 - Mid-Century Neighborhood Residential
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Subdivision
Cellan Acre Tracts
Lot features
Interior Lot, Level
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A04188
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Cellan Acre Tracts, S31, T01N, T26E, Block 4, Lot 2
Tax Annual Amount
1451
Legal Description
Cellan Acre Tracts, S31, T01N, T26E, Block 4, Lot 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
partially fenced yard
storage shed
deck
shared laundry area
off-street parking
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Montana Real Estate Brokers
(406) 869-2000
Listed By:
Chris Dunn · License #RRE-RBS-LIC-13083
(406) 698-3531
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 1 at 10:06PM
MLS# 360735
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 1977 ranch-style duplex contains two separate 2-bedroom, 1-bath residences totaling 2,108 square feet. Each unit measures approximately 1,054 square feet and provides a living room, kitchen, dining area, two bedrooms, and a full bathroom. Patio-door access serves the main-level residence, while the lower-level unit offers its own living areas. A shared laundry space supports both households.
The property occupies a 7,000-square-foot lot, equivalent to 0.1607 acres, at 1508 11th Street W in Billings. Exterior features include a deck, partially fenced yard, storage shed, and off-street parking. Construction is Masonite with an asphalt roof, forced-air natural-gas heating, public water, and public sewer.
The property occupies a 7,000-square-foot lot, equivalent to 0.1607 acres, at 1508 11th Street W in Billings. Exterior features include a deck, partially fenced yard, storage shed, and off-street parking. Construction is Masonite with an asphalt roof, forced-air natural-gas heating, public water, and public sewer.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 2,108 square feet total; approximately 1,054 square feet per unit
- 7,000‑square‑foot lot measuring 0.1607 acres
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
$19,243
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
4.85%
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%
$384,860
$384.9K
Cap Rate 7%
$274,900
$274.9K
Cap Rate 9%
$213,811
$213.8K
Market Conditions
NOI Build-Up for 2,108 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
$29.1K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.5K $13.04/SF
− OpEx
−$8.2K −$3.91/SF
NOI
$19.2K $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%
$384,860
Cap Rate 7%
$274,900
Cap Rate 9%
$213,811
Alternative Uses
Best Use
Multifamily LT 5
$274.9K
$240.5K – $320.7K
NOI $19,243 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.4K
NOI $17,843 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$460.0K
$402.5K – $536.6K
NOI $32,197 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
837
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences include shared laundry, outdoor storage, and off-street parking.
Where is this duplex located?
The property is located at 1508 11th Street W Billings, MT.
What is the asking price?
The asking price for this property is $396,900.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; 2,108 square feet total; approximately 1,054 square feet per unit; 7,000‑square‑foot lot measuring 0.1607 acres
