Purpose-Built Triplex
For Sale
$800,000
2310 11th Avenue N, Billings, MT 59101
Residential, Billings, MT
Property Size3,420 SF
Lot Size0.16 Acres
Price / SF$233.92
Days on Market35
Property Features for 2310 11th Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Property condition
Under Construction
Zoning description
NX1 - Mixed Residential 1
Bedrooms
7
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3
Parking
6
Subdivision
23rd Street
Elementary school
Mckinley
Middle school
Riverside
High school
Senior High
Directions
North on 27th to 11th Ave. N. Turn right. 3 blocks on the right. No sign in yard.
Standard status
Active
APN
A16392A
Size
3,420 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
23RD STREET SUBD (17), S32, T01 N, R26 E, BLOCK 8, Lot 1A
Tax Annual Amount
562
Legal Description
23RD STREET SUBD (17), S32, T01 N, R26 E, BLOCK 8, Lot 1A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Ductless (Heating)
Cooling system
Ductless, Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
3
Building materials
CementSiding
Roof type
Asphalt, Shingle
Listing Agency:
Keller Williams Yellowstone Properties · Keller Williams Realty
(406) 655-0005
Listed By:
Shawn Johnston · License #RRE-BRO-LIC-98527
(406) 702-3949
Added: Jul 18
Changed: Aug 19
Last Checked: Aug 21 at 1:06AM
MLS# 360311
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.
A purpose-built, new-construction triplex at 2310 11th Avenue N in Billings, MT 59101, offering 3,420 square feet of residential income space on a 0.1607-acre lot. The layout includes two upper 2-bedroom, 1-bath units and one spacious lower 3-bedroom, 2-bath unit. Each residence features a gas fireplace, contemporary cabinetry, stainless steel appliances, and durable finishes intended for low-maintenance living.
The property is positioned along Billings’ hospital corridor, an area described in the remarks as consistently favored by medical professionals and other renters. The asset is set up as a multi-unit rental with a unit mix that can support different household sizes under the same ownership structure.
This triplex is being marketed as an investment option for long-term or mid-term housing needs, including traveling medical rentals, based on the stated design and unit configuration. The remarks also provide projected pro forma rents of $1,600 per month for each upper unit and $2,000 per month for the lower unit, with an estimated 6–7% pro forma cap rate based on current assumptions; the buyer is asked to verify all figures, projected income, and intended use. For operators and investors, the combination of three distinct bedroom/bath configurations and modern in-unit amenities may support more flexible leasing strategies across the property.
The property is positioned along Billings’ hospital corridor, an area described in the remarks as consistently favored by medical professionals and other renters. The asset is set up as a multi-unit rental with a unit mix that can support different household sizes under the same ownership structure.
This triplex is being marketed as an investment option for long-term or mid-term housing needs, including traveling medical rentals, based on the stated design and unit configuration. The remarks also provide projected pro forma rents of $1,600 per month for each upper unit and $2,000 per month for the lower unit, with an estimated 6–7% pro forma cap rate based on current assumptions; the buyer is asked to verify all figures, projected income, and intended use. For operators and investors, the combination of three distinct bedroom/bath configurations and modern in-unit amenities may support more flexible leasing strategies across the property.
Key Highlights
- Triplex under construction, year built 2025, with purpose‑built layout for rental use
- Unit mix: two upper 2‑bedroom, 1‑bath units plus one lower 3‑bedroom, 2‑bath unit
- Projected pro forma rents: $1,600/month for each upper unit and $2,000/month for the lower 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
$31,220
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
3.90%
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%
$624,400
$624.4K
Cap Rate 7%
$446,000
$446.0K
Cap Rate 9%
$346,889
$346.9K
Market Conditions
NOI Build-Up for 3,420 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
$47.2K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$44.6K $13.04/SF
− OpEx
−$13.4K −$3.91/SF
NOI
$31.2K $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%
$624,400
Cap Rate 7%
$446,000
Cap Rate 9%
$346,889
Alternative Uses
Best Use
Multifamily LT 5
$446.0K
$390.3K – $520.3K
NOI $31,220 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$413.6K
$361.9K – $482.5K
NOI $28,949 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$746.2K
$653.0K – $870.6K
NOI $52,236 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,336
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - New-construction triplex with a two-unit upper layout and one larger lower unit designed for diversified rental needs.
Where is this triplex located?
The property is located at 2310 11th Avenue N Billings, MT.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Triplex under construction, year built 2025, with purpose‑built layout for rental use; Unit mix: two upper 2‑bedroom, 1‑bath units plus one lower 3‑bedroom, 2‑bath unit; Projected pro forma rents: $1,600/month for each upper unit and $2,000/month for the lower unit
