Multifamily Investment Opportunity in
1920 Old Hardin Rd, Billings, MT 59101
Two buildings with 13 units, new construction and remodeled.
Type:Multifamily
Property size:
13,880 SFPrice / SF:
$143/SF- Added:
- Nov 21, 2025
- Days on Market:
- 181
- Last Refresh:
- Dec 3 at 5:13 am
Property Features for 1920 Old Hardin Rd
General Information
- Standard status
- Active
- Size
- 13,880 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2024
Listing agent Jake Hedge, CCIM License #88041 (406) 696-0395
Listing office NAI Business Properties (406) 696-0395
Listing date Nov 21, 2025
Source Naiglobal
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 NAI Business Properties
HighLights
- Brand new 8‑Plex construction (2024) offering modern amenities and appeal.
- High Gross Potential Income of $215,400.
- Stabilized investment with potential for rent increases.
- Attractive 7.26% pro forma cap rate.
- Total of 13 units providing diverse income streams.
- Includes a remodeled 5‑Plex (2005) in addition to the new construction.
Overview
This multifamily investment opportunity is located in the Billings area. The property includes a new construction 8-plex building, completed in 2024, with 9,016 square feet, and a 5-plex building, constructed in 1973 and remodeled in 2005, with 4,864 square feet. The property totals 13 units. Located on Old Hardin Road near Lockwood IGA, the property is recently stabilized and offers potential for rent increases as move-in special pricing concludes. The gross potential income is $215,400 with a 7.26% pro forma cap rate.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.31M
NOI $117,487 @ 9.00% cap · cautious / downside scenario
Moderate
$1.68M
NOI $117,487 @ 7.00% cap · market / base-case scenario
Aggressive
$2.35M
NOI $117,487 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $224.9k | $16.20 |
| − Vacancy | −$11.2k | −$0.81 |
| EGI | $213.6k | $15.39 |
| − OpEx | −$96.1k | −$6.93 |
| NOI | $117.5k | $8.46 |
13,880 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,487 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.53M
NOI $211,998 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Billings
- County
- Yellowstone
- State
- Montana
- Longitude
- -108.4361569
- Latitude
- 45.8029171
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Two buildings with 13 units, new construction and remodeled.
Where is this apartment building located?
The property is located at 1920 Old Hardin Rd Billings, MT.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Brand new 8‑Plex construction (2024) offering modern amenities and appeal.; High Gross Potential Income of $215,400.; Stabilized investment with potential for rent increases.
