Duplex With Separate
New
For Sale
$340,000
1641 Custer Avenue, Billings, MT 59102
Residential, Billings, MT
Property Size1,824 SF
Lot Size0.24 Acres
Price / SF$186.40
Days on Market2
Property Features for 1641 Custer Avenue
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 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2
Parking features
Open
Interior features
SecondKitchen
Exterior features
Fence
Fencing
Fenced
Subdivision
Rosedale Subdivision
Lot features
Interior Lot
Elementary school
Miles Avenue
Middle school
Lewis and Clark
High school
West
Standard status
Active
APN
A13438
Size
1,824 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
Lot 7, Block 1, Rosedale Subdivision
Tax Annual Amount
2058
Legal Description
Lot 7, Block 1, Rosedale Subdivision
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
McNeese McNeese
(406) 248-8999
Listed By:
Sheri Hilario · License #RRE-BRO-LIC-136680
(406) 690-2885
Added: Sep 9
Last Checked: Sep 10 at 3:06AM
MLS# 361791
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 1,824-square-foot ranch duplex was built in 1952 and includes two residential units, each with two bedrooms and one full bathroom. The main-level unit has vinyl windows, while the lower-level apartment provides a separate entrance and two egress windows. A second kitchen supports the property's duplex configuration. The building has Masonite siding, an asphalt shingle roof, natural-gas forced-air heat, and central air conditioning.
The property occupies 0.241 acres at 1641 Custer Avenue in Billings, Montana. Public water and public sewer serve the site, which also includes open parking and fencing. A new furnace and A/C were installed in July 2026. Interior work identified for the property includes paint and flooring updates, providing a defined scope for future improvements.
The property occupies 0.241 acres at 1641 Custer Avenue in Billings, Montana. Public water and public sewer serve the site, which also includes open parking and fencing. A new furnace and A/C were installed in July 2026. Interior work identified for the property includes paint and flooring updates, providing a defined scope for future improvements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- 1,824 square feet on a 0.241‑acre lot
- Lower‑level apartment has a separate entrance and two egress windows
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
$16,651
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
4.90%
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%
$333,020
$333.0K
Cap Rate 7%
$237,871
$237.9K
Cap Rate 9%
$185,011
$185.0K
Market Conditions
NOI Build-Up for 1,824 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
$25.2K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.8K $13.04/SF
− OpEx
−$7.1K −$3.91/SF
NOI
$16.7K $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%
$333,020
Cap Rate 7%
$237,871
Cap Rate 9%
$185,011
Alternative Uses
Best Use
Multifamily LT 5
$237.9K
$208.1K – $277.5K
NOI $16,651 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$220.6K
$193.0K – $257.3K
NOI $15,439 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$398.0K
$348.2K – $464.3K
NOI $27,859 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
886
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
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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?
Duplex - Two-bedroom units support rental use, owner occupancy, or a combination of both.
Where is this duplex located?
The property is located at 1641 Custer Avenue Billings, MT.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; 1,824 square feet on a 0.241‑acre lot; Lower‑level apartment has a separate entrance and two egress windows
