Two-Home Duplex
For Sale
$215,000
22 Jefferson Street, Billings, MT 59101
Residential, Billings, MT
Property Size1,328 SF
Lot Size0.14 Acres
Price / SF$161.90
Days on Market100
Property Features for 22 Jefferson Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N1 - First Neighborhood Residential
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
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
Forced Air, Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1939
Floors in Building
1
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Bungalow, Ranch
Listing Agency:
LPT Realty
(406) 591-0955
Listed By:
Shonna Ruble · License #RRE-BRO-LIC-39364
(406) 839-6428
Added: Jul 15
Changed: Oct 22
Last Checked: Oct 22 at 9:06PM
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.
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Investment Insights
Based on property information with market context.
This duplex property comprises two residences on a 0.1435-acre lot. The front home has two bedrooms and an upstairs bonus room, along with newer flooring, a furnace, and a hot water heater approximately six years old. The second residence includes one bedroom, a bonus room, a newer hot water heater, and an attached two-car garage.
The property was built in 1939 and has 1,328 square feet. Heating is forced air with natural gas, and cooling is provided by wall units. Public water and sewer serve the property.
The property was built in 1939 and has 1,328 square feet. Heating is forced air with natural gas, and cooling is provided by wall units. Public water and sewer serve the property.
Key Highlights
- Two residences on a 0.1435‑acre lot
- 1,328 square feet
- Front home has two bedrooms and an upstairs bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,123
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
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
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 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 5.64%
Second Best
Apartment 5plus
$160.6K
$140.5K – $187.4K
NOI $11,241 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$289.8K
$253.5K – $338.1K
NOI $20,283 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Separate residences include bonus rooms, and one has an attached garage.
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 $215,000.
What are key features of this property?
This property features: Two residences on a 0.1435‑acre lot; 1,328 square feet; Front home has two bedrooms and an upstairs bonus room
