Duplex with Approved ADU
For Sale
$289,000
214 7th St W, Billings, MT 59101
Two-level residential income property with an updated exterior and planned garage conversion potential.
Property Size1,248 SF
Price / SF$231.57
Days on Market23
Property Features for 214 7th St W
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BD/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,266
Amenities
0.00
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Century 21 Americana
Listed By:
Lukas Seely · License #RRE-RBS-LIC-88004
(310) 570-5415
Source:
Clearwaterproperties
Added: Sep 5
Changed: Sep 26
Last Checked: Sep 26 at 8:10AM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
This 1,248-square-foot duplex contains two vertically arranged residences, each configured with two bedrooms and one bathroom. Built in 1948, the property has a newer exterior and established two-unit layout.
City-approved plans and blueprints are in place for converting the garage into a 1-bedroom ADU, creating a potential third rentable unit. The property is located at 214 7th St W in Billings, Montana.
City-approved plans and blueprints are in place for converting the garage into a 1-bedroom ADU, creating a potential third rentable unit. The property is located at 214 7th St W in Billings, Montana.
Key Highlights
- 1,248‑square‑foot duplex with two separate up/down units
- Both residences feature 2 bedrooms and 1 bathroom
- City‑approved plans and blueprints secured for garage conversion
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
$11,393
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
3.94%
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%
$227,860
$227.9K
Cap Rate 7%
$162,757
$162.8K
Cap Rate 9%
$126,589
$126.6K
Market Conditions
NOI Build-Up for 1,248 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
$17.2K $13.80/SF
− Vacancy
−$947 −$0.76/SF
EGI
$16.3K $13.04/SF
− OpEx
−$4.9K −$3.91/SF
NOI
$11.4K $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%
$227,860
Cap Rate 7%
$162,757
Cap Rate 9%
$126,589
Alternative Uses
Best Use
Multifamily LT 5
$162.8K
$142.4K – $189.9K
NOI $11,393 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$150.9K
$132.1K – $176.1K
NOI $10,564 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$272.3K
$238.3K – $317.7K
NOI $19,061 @ 7.0% cap · market cap 6.60%
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
571
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?
Duplex - Two-level residential income property with an updated exterior and planned garage conversion potential.
Where is this duplex located?
The property is located at 214 7th St W Billings, MT.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 1,248‑square‑foot duplex with two separate up/down units; Both residences feature 2 bedrooms and 1 bathroom; City‑approved plans and blueprints secured for garage conversion
