Fully Rented Ranch
For Sale
Under Contract
$365,000
2646 Rimrock Road, Billings, MT 59102
Residential, Billings, MT
Property Size2,005 SF
Lot Size0.22 Acres
Price / SF$182.04
Days on Market84
Property Features for 2646 Rimrock Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 9600
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 4
Subdivision
HENTON SUBD
Lot features
Interior Lot, Secluded
Elementary school
Poly Drive
Middle school
Will James
High school
Senior High
Directions
Between 24th and 25th on Rimrock Road.
Standard status
Active Under Contract
APN
A08644
Size
2,005 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
HENTON SUBD 715, S35, T01 N, R25 E, BLOCK 1, Lot 5
Tax Annual Amount
2614
Legal Description
HENTON SUBD 715, S35, T01 N, R25 E, BLOCK 1, Lot 5
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Building materials
WoodSiding
Roof type
Asphalt, Shingle
Architectural style
Ranch
Listing Agency:
eXp Realty, LLC - Billings
(406) 578-4399
Listed By:
Jamie Lee Rindahl · License #RRE-BRO-LIC-119004
(406) 591-0500
Added: Jul 14
Changed: Oct 4
Last Checked: Oct 5 at 10:06AM
MLS# 353596
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 ranch-style duplex contains 2,005 square feet on a 0.2239-acre lot, with both residential units currently rented. The 1956 property features wood siding, asphalt shingle roofing, natural-gas forced-air heat, and a four-bedroom, two-bathroom room count. Public water and public sewer serve the property.
The duplex is located in Billings near schools, shopping, and other amenities. Its existing rental occupancy and two-unit configuration provide a straightforward residential income property profile, while the established building systems and compact lot support efficient property management.
The duplex is located in Billings near schools, shopping, and other amenities. Its existing rental occupancy and two-unit configuration provide a straightforward residential income property profile, while the established building systems and compact lot support efficient property management.
Key Highlights
- Both units are currently rented
- 2,005 square feet on a 0.2239‑acre lot
- Ranch‑style duplex built in 1956
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
$18,303
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
5.01%
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%
$366,060
$366.1K
Cap Rate 7%
$261,471
$261.5K
Cap Rate 9%
$203,367
$203.4K
Market Conditions
NOI Build-Up for 2,005 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
$27.7K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.1K $13.04/SF
− OpEx
−$7.8K −$3.91/SF
NOI
$18.3K $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%
$366,060
Cap Rate 7%
$261,471
Cap Rate 9%
$203,367
Alternative Uses
Best Use
Multifamily LT 5
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.9K
NOI $16,971 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$437.5K
$382.8K – $510.4K
NOI $30,624 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residential units are occupied, with public water and sewer serving the property.
Where is this duplex located?
The property is located at 2646 Rimrock Road Billings, MT.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Both units are currently rented; 2,005 square feet on a 0.2239‑acre lot; Ranch‑style duplex built in 1956
