Ranch Duplex with Guest
For Sale
Under Contract
$335,000
2225 12th Street W, Billings, MT 59102
MULTI_FAMILY - Ranch - Billings, MT
Property Size1,040 SF
Lot Size0.19 Acres
Price / SF$322.12
Days on Market25
Property Features for 2225 12th Street W
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
N3 - Suburban Neighborhood Residential
Bedrooms
4
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Spa
1
Patio and Porch features
Deck, Patio
Exterior features
Fence, HotTubSpa
Fencing
Fenced
Subdivision
Neidemire
Lot features
Interior Lot
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A11288
Size
1,040 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
NEIDEMIRE SUBD, S31, T01 N, R26 E, BLOCK 1, Lot 37 - 38, & N2 LT 36
Tax Annual Amount
1908
Legal Description
NEIDEMIRE SUBD, S31, T01 N, R26 E, BLOCK 1, Lot 37 - 38, & N2 LT 36
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Number of units
2
Roof type
Asphalt, Shingle
Architectural style
Ranch
Listing Agency:
Meridian Real Estate LLC
(406) 671-6955
Listed By:
Kathleen Candelaria · License #RRE-BRO-LIC-89562
6975580
Added: Jul 18
Changed: Aug 7
Last Checked: Aug 11 at 8:06PM
MLS# 358326
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 ranch-style duplex property includes a 1,040-square-foot primary residence with three bedrooms, a large kitchen, hardwood flooring, recessed lighting, and a living room centered around a picture window. The kitchen includes a stove, dishwasher, and microwave, each replaced within the past 5 years. Forced-air natural gas heat and central air provide year-round interior conditioning.
A covered, east-facing deck opens to the rear yard, which is mostly fenced and includes off-alley parking. The detached guest house can be configured as either a one-bedroom unit or a studio with a large closet, providing flexibility for visitors or rental use. The property sits on a 0.1865-acre lot in Billings, with public water and public sewer service. Built in 1952, the home has an asphalt shingle roof and a ranch architectural design.
A covered, east-facing deck opens to the rear yard, which is mostly fenced and includes off-alley parking. The detached guest house can be configured as either a one-bedroom unit or a studio with a large closet, providing flexibility for visitors or rental use. The property sits on a 0.1865-acre lot in Billings, with public water and public sewer service. Built in 1952, the home has an asphalt shingle roof and a ranch architectural design.
Key Highlights
- 1,040‑square‑foot primary residence with three bedrooms
- Detached guest house can function as a one‑bedroom unit or studio
- Kitchen appliances replaced within the past 5 years
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
$9,494
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
2.83%
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%
$189,880
$189.9K
Cap Rate 7%
$135,629
$135.6K
Cap Rate 9%
$105,489
$105.5K
Market Conditions
NOI Build-Up for 1,040 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
$14.4K $13.80/SF
− Vacancy
−$789 −$0.76/SF
EGI
$13.6K $13.04/SF
− OpEx
−$4.1K −$3.91/SF
NOI
$9.5K $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%
$189,880
Cap Rate 7%
$135,629
Cap Rate 9%
$105,489
Alternative Uses
Best Use
Multifamily LT 5
$135.6K
$118.7K – $158.2K
NOI $9,494 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$125.8K
$110.0K – $146.7K
NOI $8,803 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$226.9K
$198.6K – $264.8K
NOI $15,885 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
650
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Single-level residence includes a separate rear living space suitable for guests or supplemental rental use.
Where is this duplex located?
The property is located at 2225 12th Street W Billings, MT.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,040‑square‑foot primary residence with three bedrooms; Detached guest house can function as a one‑bedroom unit or studio; Kitchen appliances replaced within the past 5 years
