Triplex with Detached
For Sale
$340,000
Pending
238 Terry Avenue, Billings, MT 59101
Three residential units are arranged across a front house and a separate rear bungalow with shared laundry facilities.
Property Size2,098 SF
Days on Market157
Property Features for 238 Terry Avenue
General Information
Standard status
Pending
Size
2,098 SF
Property subtype
Triplex
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,087
Amenities
shared laundry room
0.00
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Full Circle Realty
Listed By:
Amanda Escene · License #RRE-BRO-LIC-135963
(406) 690-4799
Source:
Clearwaterproperties
Added: Apr 4
Changed: Aug 30
Last Checked: Aug 30 at 6:29PM
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 Full Circle Realty
Investment Insights
Based on property information with market context.
This triplex comprises two residential structures totaling 2,098 square feet. The 1950 front house contains two separate 2-bedroom, 1-bathroom units, with one located on the main level and the other in the basement. The lower unit has egress windows in both bedrooms. A detached 1927 bungalow provides the third 1-bedroom, 1-bathroom unit and includes an attached one-car garage.
A shared laundry room is connected to the rear house and includes coin-operated equipment. Both structures have newer siding and roofs. The property is located at 238 Terry Avenue in Billings, near downtown.
A shared laundry room is connected to the rear house and includes coin-operated equipment. Both structures have newer siding and roofs. The property is located at 238 Terry Avenue in Billings, near downtown.
Key Highlights
- 2,098‑square‑foot triplex with three residential units
- 1950 front house contains two 2‑bedroom, 1‑bathroom units
- Detached 1927 rear bungalow offers a 1‑bedroom, 1‑bathroom 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
$19,152
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
5.63%
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%
$383,040
$383.0K
Cap Rate 7%
$273,600
$273.6K
Cap Rate 9%
$212,800
$212.8K
Market Conditions
NOI Build-Up for 2,098 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
$29.0K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.4K $13.04/SF
− OpEx
−$8.2K −$3.91/SF
NOI
$19.2K $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%
$383,040
Cap Rate 7%
$273,600
Cap Rate 9%
$212,800
Alternative Uses
Best Use
Multifamily LT 5
$273.6K
$239.4K – $319.2K
NOI $19,152 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$253.7K
$222.0K – $296.0K
NOI $17,759 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$457.8K
$400.6K – $534.1K
NOI $32,044 @ 7.0% cap · market cap 9.42%
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
906
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 - Three residential units are arranged across a front house and a separate rear bungalow with shared laundry facilities.
Where is this triplex located?
The property is located at 238 Terry Avenue Billings, MT.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 2,098‑square‑foot triplex with three residential units; 1950 front house contains two 2‑bedroom, 1‑bathroom units; Detached 1927 rear bungalow offers a 1‑bedroom, 1‑bathroom unit
