Duplex with Attached Two-Stall
For Sale
$225,000
22 Jefferson Street, Billings, MT 59101
MULTI_FAMILY - Bungalow, Ranch - Billings, MT
Property Size1,328 SF
Lot Size0.14 Acres
Price / SF$169.43
Days on Market71
Property Features for 22 Jefferson Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
First Neighborhood Residential
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
Subdivision
STATE REALTY ADD
Lot features
Interior Lot, Level
Elementary school
Orchard
Middle school
Riverside
High school
Senior High
Directions
Head toward First Ave N, Turn right onto 1st Ave S, Turn left onto S 38th St, Turn right onto 5th Ave S, Continue onto Jefferson St
Standard status
Active
APN
A14622
Size
1,328 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
STATE REALTY ADD, S10, T01 S, R26 E, BLOCK 2, Lot 13 - 14
Tax Annual Amount
1397
Legal Description
STATE REALTY ADD, S10, T01 S, R26 E, BLOCK 2, Lot 13 - 14
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1939
Floors in Building
1
Number of units
2
Roof type
Asphalt, Shingle
Architectural style
Bungalow, Ranch
Listing Agency:
LPT Realty
(406) 591-0955
Listed By:
Shonna Ruble · License #RRE-BRO-LIC-39364
(406) 839-6428
Added: Jun 12
Changed: Aug 4
Last Checked: Aug 21 at 6:06AM
MLS# 357227
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 sits on one lot and includes two rental homes. The front home has two bedrooms plus an upstairs bonus room. A minor remodel includes newer flooring, along with a furnace and hot water heater estimated to be about six years old. The second home offers one bedroom plus a bonus room, and features a newer hot water heater. An attached two-stall garage adds direct convenience for daily parking and access.
The property is heated with forced air natural gas and cooled with wall units. Public water and public sewer services are available, and the roof is described as asphalt shingle. The homes were built in 1939 and are ranch and bungalow in style.
With both homes on one lot and already tenant occupied, this is an income-focused configuration designed for straightforward day-to-day management.
The property is heated with forced air natural gas and cooled with wall units. Public water and public sewer services are available, and the roof is described as asphalt shingle. The homes were built in 1939 and are ranch and bungalow in style.
With both homes on one lot and already tenant occupied, this is an income-focused configuration designed for straightforward day-to-day management.
Key Highlights
- Two homes on one lot, tenant occupied
- Front home: two bedrooms plus upstairs bonus room; newer flooring and furnace plus hot water heater ~6 years old
- Second home: one bedroom plus bonus room; newer hot water heater and attached two‑stall garage
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
$12,123
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
5.39%
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%
$242,460
$242.5K
Cap Rate 7%
$173,186
$173.2K
Cap Rate 9%
$134,700
$134.7K
Market Conditions
NOI Build-Up for 1,328 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
$18.3K $13.80/SF
− Vacancy
−$1.0K −$0.76/SF
EGI
$17.3K $13.04/SF
− OpEx
−$5.2K −$3.91/SF
NOI
$12.1K $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%
$242,460
Cap Rate 7%
$173,186
Cap Rate 9%
$134,700
Alternative Uses
Best Use
Multifamily LT 5
$173.2K
$151.5K – $202.1K
NOI $12,123 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$160.6K
$140.5K – $187.4K
NOI $11,241 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$289.8K
$253.5K – $338.1K
NOI $20,283 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
241
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
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 - Duplex with one attached two-stall garage and tenant-occupied units, serviced by forced-air natural gas heating.
Where is this duplex located?
The property is located at 22 Jefferson Street Billings, MT.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two homes on one lot, tenant occupied; Front home: two bedrooms plus upstairs bonus room; newer flooring and furnace plus hot water heater ~6 years old; Second home: one bedroom plus bonus room; newer hot water heater and attached two‑stall garage
