Two-Unit Townhome
For Sale
Under Contract
$660,000
2031 2033 Meadowood Street, Billings, MT 59102
MULTI_FAMILY - Billings, MT
Property Size6,170 SF
Lot Size0.25 Acres
Price / SF$106.97
Days on Market17
Property Features for 2031 2033 Meadowood Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
N2 - Mid-Century Neighborhood Residential
Bedrooms
6
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 5
Parking features
Open
Patio and Porch features
Patio, Deck
Exterior features
Fence, SprinklerIrrigation
Fencing
Fenced
Subdivision
Meadowood Twnhms
Lot features
Landscaped, Sprinklers In Ground
Elementary school
Poly Drive
Middle school
Will James
High school
Senior High
Standard status
Active Under Contract
APN
A20407
Size
6,170 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
MEADOWOOD TOWNHOMES, S35, T01 N, R25 E, UNIT 2031, 58% COMMON AREA INTEREST, LOC @ LT 3 BLK 2 COHAGEN SUB, UNIT 2033, 42% COMMON AREA
Tax Annual Amount
6385
Legal Description
MEADOWOOD TOWNHOMES, S35, T01 N, R25 E, UNIT 2031, 58% COMMON AREA INTEREST, LOC @ LT 3 BLK 2 COHAGEN SUB, UNIT 2033, 42% COMMON AREA
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
private deck
fenced yard
vaulted ceilings
fireplace
wet bar
pool table area
bonus room
Building Details
Year built
1978
Floors in Building
3
Number of units
2
Roof type
Asphalt
Listing Agency:
Real Estate Hub LLLP
(406) 206-4886
Listed By:
Dana Wagenhals · License #RRE-BRO-LIC-15402
(406) 671-1441
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 27 at 2:06AM
MLS# 361052
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 duplex offering includes two neighboring townhomes totaling 6,170 square feet on 0.25 acres. Both residences feature open kitchen and dining areas, main-floor primary bedrooms, additional bedrooms upstairs, private decks, fenced yards, central air, forced-air natural gas heating, and public water and sewer. The buildings date to 1978 and have asphalt roofs.
The 2031 residence includes vaulted ceilings, a see-through fireplace, a sunken secondary living area, and a finished lower level with a wet bar, fireplace, pool table area, full bath, and bonus room. Its upper level contains two bedrooms and another bath. The 2033 residence offers a bright vaulted living room, deck and yard access, and an unfinished basement that provides additional space. Each townhome includes an attached two-car garage.
The 2031 residence includes vaulted ceilings, a see-through fireplace, a sunken secondary living area, and a finished lower level with a wet bar, fireplace, pool table area, full bath, and bonus room. Its upper level contains two bedrooms and another bath. The 2033 residence offers a bright vaulted living room, deck and yard access, and an unfinished basement that provides additional space. Each townhome includes an attached two-car garage.
Key Highlights
- Two neighboring townhomes offered together
- Combined property size of 6,170 square feet on 0.25 acres
- Each townhome includes an attached 2‑car garage, private deck, and fenced yard
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
$56,324
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
8.53%
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%
$1,126,480
$1.1M
Cap Rate 7%
$804,629
$804.6K
Cap Rate 9%
$625,822
$625.8K
Market Conditions
NOI Build-Up for 6,170 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
$85.1K $13.80/SF
− Vacancy
−$4.7K −$0.76/SF
EGI
$80.5K $13.04/SF
− OpEx
−$24.1K −$3.91/SF
NOI
$56.3K $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%
$1,126,480
Cap Rate 7%
$804,629
Cap Rate 9%
$625,822
Alternative Uses
Best Use
Multifamily LT 5
$804.6K
$704.1K – $938.7K
NOI $56,324 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$746.1K
$652.8K – $870.4K
NOI $52,226 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,238 @ 7.0% cap · market cap 14.28%
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
626
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 - Neighboring townhomes combine private outdoor areas with distinct floor plans and substantial interior living space.
Where is this duplex located?
The property is located at 2031 2033 Meadowood Street Billings, MT.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Two neighboring townhomes offered together; Combined property size of 6,170 square feet on 0.25 acres; Each townhome includes an attached 2‑car garage, private deck, and fenced yard
