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    Billings Multifamily Income Property Title is generated by Realmo AI

    3012 and 902 9th Ave S, Billings, MT 59101

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    For Sale
    $525,000

    COMMERCIAL - Billings, MT

    Property size:
    5,451 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $96/SF
    Added:
    Apr 13, 2026
    Days on Market:
    39
    Last Refresh:
    May 21 at 10:06 pm

    Property Features for 3012 and 902 9th Ave S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    A01822
    Size
    5,451 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Description
    BILLINGS SECOND ADDITION, S03, T01 S, R26 E, BLOCK 240, Lot 11 - 12, & N3'LT 10
    Tax Annual Amount
    3249

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Electric (Heating), Baseboard
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    2
    Building materials
    Brick, Masonite, MetalSiding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Tyler Davis

    Listing agent Tyler Davis License #RRE-RBS-LIC-126954

    Listing office Keller Williams Yellowstone Properties 80 25th St. W Ste. 1, Billings, MT

    Listing date Apr 13, 2026

    MLS# 357216

    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.

    HighLights

    • Excellent income‑producing property with all units currently rented.
    • Multi‑family property featuring an 8‑plex and a single‑family residence on one tax code.
    • The 8‑plex includes a mix of unit types: one 2‑bed, six 1‑bed, and one studio.
    • Single‑family residence features 2 beds and 1 bath.
    • Conveniently located near downtown amenities, including shopping, dining, and transportation.
    • Located on the south side of Billings, MT.

    Overview

    This multi-family property features two buildings: an 8-plex and a single-family residence, all under one tax code. The property is located on the south side of Billings, MT. The 8-plex includes one 2-bed 1-bath unit, six 1-bed 1-bath units, and one studio unit. The single-family unit has 2 beds and 1 bath. The property is currently generating income, as all units are rented. The property is situated near downtown amenities, providing tenants with convenient access to shopping, dining, and transportation. The lot size is 0.1703 acres.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $512.7K
    NOI $46,140 @ 9.00% cap · cautious / downside scenario
    Moderate
    $659.1K
    NOI $46,140 @ 7.00% cap · market / base-case scenario
    Aggressive
    $922.8K
    NOI $46,140 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $88.3k $16.20
    − Vacancy −$4.4k −$0.81
    EGI $83.9k $15.39
    − OpEx −$37.8k −$6.93
    NOI $46.1k $8.46
    5,451 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $659.1K
    $576.8K – $769.0K (±1% cap)
    NOI $46,140 @ 7.0% cap · market cap 8.79%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.19M
    $1.04M – $1.39M (±1% cap)
    NOI $83,256 @ 7.0% cap · market cap 15.86%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.492504
    Latitude
    45.774924

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    FAQs

    What type of property is this?
    Apartment building - Multi-family property with 8-plex and single-family home in Billings.
    Where is this apartment building located?
    The property is located at 3012 and 902 9th Ave S Billings, MT.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: Excellent income‑producing property with all units currently rented.; Multi‑family property featuring an 8‑plex and a single‑family residence on one tax code.; The 8‑plex includes a mix of unit types: one 2‑bed, six 1‑bed, and one studio.
    (406) 413-1551
    We can help!
    Listing Contact
    Tyler Davis
    Real Estate License ID: RRE-RBS-LIC-126954
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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