Renovated Six-Unit Apartment
For Sale
$774,000
206-210 N 18th Street, Billings, MT 59101
Residential, Billings, MT
Property Size3,362 SF
Lot Size0.16 Acres
Price / SF$230.22
Days on Market163
Property Features for 206-210 N 18th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
3
Patio and Porch features
Patio, Deck
Subdivision
Billings Original Townsite
Lot features
Interior Lot
Elementary school
Mckinley
Middle school
Riverside
High school
Senior High
Directions
From downtown, east on 2nd Ave N, left on North 18th. Property is on the left.
Standard status
Active
APN
A00467
Size
3,362 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
BILLINGS ORIGINAL TOWNSITE, S33, T01 N, R26 E, BLOCK 67, Lot 3A, AMD (24) and BILLINGS ORIGINAL TOWNSITE, S33, T01 N, R26 E, BLOCK 67, Lot 4A, AMD
Tax Annual Amount
3051
Legal Description
BILLINGS ORIGINAL TOWNSITE, S33, T01 N, R26 E, BLOCK 67, Lot 3A, AMD (24) and BILLINGS ORIGINAL TOWNSITE, S33, T01 N, R26 E, BLOCK 67, Lot 4A, AMD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Amenities
coin laundry
Building Details
Year built
1920
Floors in Building
2
Building materials
Brick, Stucco
Roof type
Metal, Composition
Architectural style
Other
Listing Agency:
Congress Realty
(888) 881-4118
Listed By:
Jared English · License #RRE-BRO-LIC-87966
(866) 599-5601
Added: Apr 18
Changed: Sep 12
Last Checked: Sep 27 at 1:06PM
MLS# 357294
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.
Renovated in 2022, this multifamily property combines a fourplex with two houses across two legal parcels. The improvements total 3362 square feet and include granite or stone countertops in 5 units, along with detailed trim work. The buildings feature brick and stucco construction, natural gas and electric heating, wall-unit cooling, patios, and decks. A coin-operated laundry adds an on-site amenity.
The property is located at 206-210 N 18th Street in Billings, near a city park and within walking distance of recreation, nightlife, activities, and local dining. Public water and public sewer serve the property. Roofing consists of composition and metal systems, and the original construction dates to 1920.
The property is located at 206-210 N 18th Street in Billings, near a city park and within walking distance of recreation, nightlife, activities, and local dining. Public water and public sewer serve the property. Roofing consists of composition and metal systems, and the original construction dates to 1920.
Key Highlights
- Fourplex plus 2 houses across two legal parcels
- 3362 square feet of total property size
- Renovated in 2022 with granite or stone countertops in 5 units
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
$28,458
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
3.68%
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%
$569,160
$569.2K
Cap Rate 7%
$406,543
$406.5K
Cap Rate 9%
$316,200
$316.2K
Market Conditions
NOI Build-Up for 3,362 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
$54.5K $16.20/SF
− Vacancy
−$2.7K −$0.81/SF
EGI
$51.7K $15.39/SF
− OpEx
−$23.3K −$6.93/SF
NOI
$28.5K $8.46/SF
Area
Billings, MT
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$569,160
Cap Rate 7%
$406,543
Cap Rate 9%
$316,200
Alternative Uses
Best Use
Apartment 5plus
$406.5K
$355.7K – $474.3K
NOI $28,458 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$733.6K
$641.9K – $855.8K
NOI $51,350 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
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?
Apartment building - Fourplex and two houses occupy two legal parcels with updated interiors.
Where is this apartment building located?
The property is located at 206-210 N 18th Street Billings, MT.
What is the asking price?
The asking price for this property is $774,000.
What are key features of this property?
This property features: Fourplex plus 2 houses across two legal parcels; 3362 square feet of total property size; Renovated in 2022 with granite or stone countertops in 5 units
