Triplex with Detached
For Sale
Under Contract
$325,000
240 Terry Avenue, Billings, MT 59101
Residential, Billings, MT
Property Size1,702 SF
Lot Size0.16 Acres
Price / SF$190.95
Days on Market53
Property Features for 240 Terry Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Parking
3
Patio and Porch features
Patio, Deck
Subdivision
Suburban Sub
Lot features
Interior Lot, Level
Elementary school
Broadwater
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active Under Contract
APN
A15911
Size
1,702 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 10, Lot 26 - 27
Tax Annual Amount
2111
Legal Description
SUBURBAN SUBD, S04, T01 S, R26 E, BLOCK 10, Lot 26 - 27
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
washer/dryer hookup
wall AC unit
Building Details
Year built
1919
Floors in Building
1
Number of units
3
Building materials
AluminumSiding
Roof type
Shingle, Asphalt
Listing Agency:
Montana Real Estate Brokers
(406) 869-2000
Listed By:
Heidi Brosovich · License #RRE-RBS-LIC-54696
(406) 671-0122
Added: Jul 17
Changed: Sep 5
Last Checked: Sep 7 at 3:06PM
MLS# 359312
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 3-unit residential property includes two homes and a detached 2-car garage. The main-level residence has 3 bedrooms, 1 bathroom, a washer/dryer hookup, and a wall AC unit. The lower-level unit provides 2 bedrooms, 1 bathroom, and its own washer/dryer hookup. A separate back house measures approximately 700 square feet and has an open-concept layout with 1 bathroom.
The property encompasses 1,702 square feet on 0.1607 acres and was built in 1919. All three units are leased on a month-to-month basis. Additional features include a patio, deck, aluminum siding, shingle and asphalt roofing, public water, public sewer, and a new sewer line.
The property encompasses 1,702 square feet on 0.1607 acres and was built in 1919. All three units are leased on a month-to-month basis. Additional features include a patio, deck, aluminum siding, shingle and asphalt roofing, public water, public sewer, and a new sewer line.
Key Highlights
- 3‑unit property with all three units leased month‑to‑month
- Main‑level unit includes 3 bedrooms, 1 bathroom, washer/dryer hookup, and wall AC
- Lower‑level unit offers 2 bedrooms, 1 bathroom, and washer/dryer hookup
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
$15,537
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
4.78%
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%
$310,740
$310.7K
Cap Rate 7%
$221,957
$222.0K
Cap Rate 9%
$172,633
$172.6K
Market Conditions
NOI Build-Up for 1,702 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
$23.5K $13.80/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$22.2K $13.04/SF
− OpEx
−$6.7K −$3.91/SF
NOI
$15.5K $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%
$310,740
Cap Rate 7%
$221,957
Cap Rate 9%
$172,633
Alternative Uses
Best Use
Multifamily LT 5
$222.0K
$194.2K – $259.0K
NOI $15,537 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$205.8K
$180.1K – $240.1K
NOI $14,407 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$371.4K
$325.0K – $433.3K
NOI $25,996 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
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 leased units offer flexible occupancy and rental use in central Billings.
Where is this triplex located?
The property is located at 240 Terry Avenue Billings, MT.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3‑unit property with all three units leased month‑to‑month; Main‑level unit includes 3 bedrooms, 1 bathroom, washer/dryer hookup, and wall AC; Lower‑level unit offers 2 bedrooms, 1 bathroom, and washer/dryer hookup
