Two-Unit Duplex with Separate
223 Custer Avenue, Billings, MT 59101
For Sale
New
$275,000
Residential, Billings, MT
Property Size1,712 SF
Lot Size0.16 Acres
Price / SF$160.63
Days on Market2
Property Features for 223 Custer Avenue
General Information
Property type
Property subtype
Zoning description
Bedrooms
Full bathrooms
Rooms
Parking
Interior features
Subdivision
Lot features
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
beautiful hardwood floors
abundant natural light
spacious kitchen
electric fireplace
separate kitchen
separate exterior entrance
landscaped yard
fenced outdoor space
storage shed
off-street parking
alley access
room for RV parking
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Buildings
Listing Agency:
LPT Realty
(406) 591-0955
Listed By:
Shonna Ruble · License MT RRE-BRO-LIC-39364
(406) 839-6428
Added: Nov 10
Last Checked: Nov 11 at 5:06AM
MLS# 362645
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.
Built in 1916, this 1,712-square-foot duplex contains two apartments: an upper-level home with two bedrooms and one bathroom, and a finished lower-level unit with one bedroom and one bathroom. Each has a kitchen; the lower apartment also includes an electric fireplace and its own outside entry. The main residence features hardwood flooring and a spacious kitchen. Improvements include vinyl siding and fencing, gutters, a tankless water heater, and updated appliances.
The property occupies 0.1607 acres and includes a landscaped yard, a storage shed, and fenced outdoor space. Alley access leads to additional off-street parking, with room for RV parking.
The property occupies 0.1607 acres and includes a landscaped yard, a storage shed, and fenced outdoor space. Alley access leads to additional off-street parking, with room for RV parking.
Key Highlights
- Two apartments totaling 1,712 square feet on a 0.1607‑acre lot
- Upper unit: 2 bedrooms, 1 bathroom; lower unit: 1 bedroom, 1 bathroom
- Finished lower‑level apartment has a separate kitchen, electric fireplace, and exterior entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,628
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$312,560
$312.6K
Cap Rate 7%
$223,257
$223.3K
Cap Rate 9%
$173,644
$173.6K
Market Conditions
NOI Build-Up for 1,712 SF
Gross rent
$23.6K $13.80/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$22.3K $13.04/SF
− OpEx
−$6.7K −$3.91/SF
NOI
$15.6K $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%
$312,560
Cap Rate 7%
$223,257
Cap Rate 9%
$173,644
Alternative Uses
Best Use
Multifamily LT 5
$223.3K
$195.4K – $260.5K
NOI $15,628 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$207.0K
$181.1K – $241.5K
NOI $14,491 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$373.5K
$326.9K – $435.8K
NOI $26,148 @ 7.0% cap · market cap 9.51%
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
906
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
$243,000
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Billings, MT
Properties on Market for Duplexes in Billings
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two distinct apartments provide separate living areas, with a private exterior entrance serving the lower-level unit.
Where is this duplex located?
The property is located at 223 Custer Avenue Billings, MT.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two apartments totaling 1,712 square feet on a 0.1607‑acre lot; Upper unit: 2 bedrooms, 1 bathroom; lower unit: 1 bedroom, 1 bathroom; Finished lower‑level apartment has a separate kitchen, electric fireplace, and exterior entrance
