Duplex with Covered
For Sale
$609,000
231 12th Street E #231/233, Kalispell, MT 59901
Two residential units include additional storage and a landscaped front yard near downtown amenities.
Property Size2,280 SF
Days on Market39
Property Features for 231 12th Street E #231/233
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
covered carport
additional storage
Building Details
Building Size
2,280 SF
Year Built
1998
Buildings
1
Listing Agency:
Keller Williams Realty Northwest Montana
(406) 471-1847
Listed By:
Austin Baumgarten · License #RRE-BRO-LIC-99479
Source:
Your406dream.kw
Added: Jul 23
Changed: Aug 30
Last Checked: Aug 30 at 1:20PM
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 residential units, each measuring 1,160 square feet with three bedrooms and two bathrooms. Both units include a covered carport and additional storage, while the property also features a landscaped front yard and established curb appeal.
The property is located on Kalispell’s Historic East Side, a short distance from downtown restaurants, shops, and entertainment. It also provides access to the area’s main shopping district, everyday amenities, and recreation. The two-unit layout supports occupancy by tenants or an owner-occupant arrangement with rental income from the second unit, as expressly described for the property.
The property is located on Kalispell’s Historic East Side, a short distance from downtown restaurants, shops, and entertainment. It also provides access to the area’s main shopping district, everyday amenities, and recreation. The two-unit layout supports occupancy by tenants or an owner-occupant arrangement with rental income from the second unit, as expressly described for the property.
Key Highlights
- Two‑unit duplex built in 1998
- Each unit offers 1,160 sq. ft., 3 bedrooms, and 2 bathrooms
- Covered carport provided for each unit
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
Current Use
Lease Details
2
Residential units
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 residential units include additional storage and a landscaped front yard near downtown amenities.
Where is this duplex located?
The property is located at 231 12th Street E #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 built in 1998; Each unit offers 1,160 sq. ft., 3 bedrooms, and 2 bathrooms; Covered carport provided for each unit
