Three-Bedroom
For Sale
$609,000
231 12th St E Unit 231/233, Kalispell, MT 59901
Two separate residences offer covered parking, storage, and flexibility for an owner-occupant or rental operation.
Property Size2,280 SF
Price / SF$267.11
Days on Market29
Property Features for 231 12th St E Unit 231/233
General Information
Standard status
Active
Size
2,280 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Building Details
Year Built
1998
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty Northwest Montana
(406) 471-1847
Listed By:
Austin Baumgarten · License #RRE-BRO-LIC-99479
Source:
Westmontanahomes
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 10 at 6:32AM
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 Keller Williams Realty Northwest Montana
Investment Insights
Based on property information with market context.
Built in 1998, this duplex contains two 1,160-square-foot residences for a combined 2,280 square feet. Each unit includes three bedrooms, two bathrooms, a covered carport, and additional storage. The property also features a landscaped front yard and established curb appeal.
Located at 231 12th St E Unit 231/233 in Kalispell’s Historic East Side, the duplex is minutes from downtown restaurants, shops, and entertainment. The property also provides access to the area’s main shopping district, everyday amenities, and nearby recreational opportunities.
The two-unit configuration supports several ownership approaches, including occupying one residence while leasing the other or operating both as rental units.
Located at 231 12th St E Unit 231/233 in Kalispell’s Historic East Side, the duplex is minutes from downtown restaurants, shops, and entertainment. The property also provides access to the area’s main shopping district, everyday amenities, and nearby recreational opportunities.
The two-unit configuration supports several ownership approaches, including occupying one residence while leasing the other or operating both as rental units.
Key Highlights
- Two‑unit duplex with 2,280 square feet total
- Each 1,160‑square‑foot unit has 3 bedrooms and 2 bathrooms
- Covered carport and additional storage for each residence
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
$22,863
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
3.75%
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%
$457,260
$457.3K
Cap Rate 7%
$326,614
$326.6K
Cap Rate 9%
$254,033
$254.0K
Market Conditions
NOI Build-Up for 2,280 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
$34.2K $15.00/SF
− Vacancy
−$1.5K −$0.68/SF
EGI
$32.7K $14.33/SF
− OpEx
−$9.8K −$4.30/SF
NOI
$22.9K $10.03/SF
Area
Flathead County, MT
Vacancy
4.50%
Lease Rate
$15.00 /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%
$457,260
Cap Rate 7%
$326,614
Cap Rate 9%
$254,033
Alternative Uses
Best Use
Multifamily LT 5
$326.6K
$285.8K – $381.1K
NOI $22,863 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$304.0K
$266.0K – $354.7K
NOI $21,280 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$509.1K
$445.4K – $593.9K
NOI $35,634 @ 7.0% cap · market cap 5.85%
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
1,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 59901, MT
57,900
Population
25,154
Households
2.3
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
468.8 sq mi
ZIP Area
124
Density / Sq Mi
$70,391
Median Household Income
$38,073
Median Earnings
$1,052
Median Rent
$417,200
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 - Two separate residences offer covered parking, storage, and flexibility for an owner-occupant or rental operation.
Where is this duplex located?
The property is located at 231 12th St E Unit 231/233 Kalispell, MT.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,280 square feet total; Each 1,160‑square‑foot unit has 3 bedrooms and 2 bathrooms; Covered carport and additional storage for each residence
