Two-Townhome Duplex
For Sale
$660,000
Pending
2031 2033 Meadowood Street, Billings, MT 59102
Paired residences offer garages, outdoor space, and distinct layouts for ownership flexibility.
Property Size6,170 SF
Days on Market12
Property Features for 2031 2033 Meadowood Street
General Information
Standard status
Pending
Size
6,170 SF
Total Parking Spaces
4
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,385
Amenities
private deck
fenced yard
fireplace
wet bar
pool table area
bonus room
vaulted ceilings
open kitchen/dining
main-floor primary bedroom
laundry
Building Details
Building Size
6,170 SF
Year Built
1978
Listing Agency:
Real Estate Hub LLLP
(406) 671-1441
Listed By:
Dana Wagenhals · License #RRE-BRO-LIC-15402
(406) 671-1441
Source:
Rehubbillings
Added: Aug 10
Changed: Aug 16
Last Checked: Aug 15 at 3:31AM
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 Real Estate Hub LLLP
Investment Insights
Based on property information with market context.
This duplex consists of two adjoining townhomes, each with an attached 2-car garage, private deck, and fenced yard. Both residences include a main-floor primary bedroom, kitchen and dining areas, a nearby bathroom and laundry, and two upper-level bedrooms with an additional full bath. Built in 1978, the property combines shared ownership with separate residential layouts.
The 2031 residence adds vaulted ceilings, a see-through fireplace, a second living area, and a finished lower level with a wet bar, fireplace, pool table area, full bath, and bonus room. The 2033 residence features an open interior, vaulted living room, deck access, and an unfinished basement that provides additional space. The neighboring addresses are 2031 and 2033 Meadowood Street in Billings, Montana.
The 2031 residence adds vaulted ceilings, a see-through fireplace, a second living area, and a finished lower level with a wet bar, fireplace, pool table area, full bath, and bonus room. The 2033 residence features an open interior, vaulted living room, deck access, and an unfinished basement that provides additional space. The neighboring addresses are 2031 and 2033 Meadowood Street in Billings, Montana.
Key Highlights
- Two adjoining townhomes included in one duplex property
- Each residence has an attached 2‑car garage, private deck, and fenced yard
- Both homes provide a main‑floor primary bedroom and two upper‑level bedrooms
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 - Paired residences offer garages, outdoor space, and distinct layouts for ownership flexibility.
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 adjoining townhomes included in one duplex property; Each residence has an attached 2‑car garage, private deck, and fenced yard; Both homes provide a main‑floor primary bedroom and two upper‑level bedrooms
