New-Construction
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 Market52
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 5, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 7, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 4
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
Central Air, Ductless
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
3
Building materials
CementSiding
Roof type
Shingle, Asphalt
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 31
Last Checked: Sep 7 at 6:06PM
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.
This purpose-built triplex is under construction and includes 3,420 square feet across three residences. The layout consists of two upper-level units, each with 2 bedrooms and 1 bathroom, plus a lower-level unit with 3 bedrooms and 2 bathrooms. Interior specifications include gas fireplaces, contemporary cabinetry, stainless steel appliances, and durable finish materials.
The property is located at 2310 11th Avenue N in Billings, within the hospital corridor. Public water and public sewer serve the site. Building systems include forced-air and ductless heating, central air, and ductless cooling, with cement siding and an asphalt shingle roof.
The property has a 2025 year built designation and occupies 0.1607 acres. The projected pro forma cap rate is 8%, based on current assumptions; buyers are to verify projected income, figures, and intended use.
The property is located at 2310 11th Avenue N in Billings, within the hospital corridor. Public water and public sewer serve the site. Building systems include forced-air and ductless heating, central air, and ductless cooling, with cement siding and an asphalt shingle roof.
The property has a 2025 year built designation and occupies 0.1607 acres. The projected pro forma cap rate is 8%, based on current assumptions; buyers are to verify projected income, figures, and intended use.
Key Highlights
- Three‑unit layout with two 2‑bedroom, 1‑bath upper units and one 3‑bedroom, 2‑bath lower unit
- 3,420 square feet on a 0.1607‑acre site
- Under construction with a 2025 year built designation
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 - Two upper residences and one lower home offer a varied three-unit configuration with modern interior finishes.
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: Three‑unit layout with two 2‑bedroom, 1‑bath upper units and one 3‑bedroom, 2‑bath lower unit; 3,420 square feet on a 0.1607‑acre site; Under construction with a 2025 year built designation
