Updated Duplex with Detached
For Sale
$228,900
3115 3rd Avenue S, Billings, MT 59101
Residential, Billings, MT
Property Size1,406 SF
Lot Size0.11 Acres
Price / SF$162.80
Days on Market21
Property Features for 3115 3rd Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
N1 - First Neighborhood Residential
Parking
3
Subdivision
Billings Original Townsite
Lot features
Interior Lot, Level
Elementary school
Orchard
Middle school
Riverside
High school
Senior High
Standard status
Active
APN
A01343
Size
1,406 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
BILLINGS ORIGINAL TOWNSITE, S03, T01 S, R26 E, BLOCK 194, Lot 21 - 24, E47 FT LTS 21-24
Tax Annual Amount
1392
Legal Description
BILLINGS ORIGINAL TOWNSITE, S03, T01 S, R26 E, BLOCK 194, Lot 21 - 24, E47 FT LTS 21-24
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
Masonite
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Western Skies Real Estate
(406) 591-5889
Listed By:
Shasta Edwards · License #RRE-RBS-LIC-39292
(406) 208-4402
Added: Aug 18
Changed: Sep 3
Last Checked: Sep 7 at 1:06PM
MLS# 361336
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 1,406-square-foot duplex sits on a 0.108-acre lot and was built in 1920. The main residence provides two bedrooms and one bathroom, with updated finishes including new flooring in some areas and fresh paint. A separate upper-level apartment includes one bedroom, one bathroom, a kitchenette, new carpet, and its own entrance from the alley.
A detached one-car garage and off-street parking support day-to-day convenience. The property uses forced-air natural gas heating, with public water and public sewer service. Masonite siding and an asphalt shingle roof complete the existing improvements. Located at 3115 3rd Avenue S in Billings, Montana, the property can accommodate an owner-occupant seeking additional rental space or a two-unit residential investment strategy.
A detached one-car garage and off-street parking support day-to-day convenience. The property uses forced-air natural gas heating, with public water and public sewer service. Masonite siding and an asphalt shingle roof complete the existing improvements. Located at 3115 3rd Avenue S in Billings, Montana, the property can accommodate an owner-occupant seeking additional rental space or a two-unit residential investment strategy.
Key Highlights
- 1,406 SF duplex on a 0.108‑acre lot
- Main level includes 2 bedrooms and 1 bathroom
- Upper apartment offers 1 bedroom, 1 bathroom, and a kitchenette
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
$12,835
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
5.61%
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%
$256,700
$256.7K
Cap Rate 7%
$183,357
$183.4K
Cap Rate 9%
$142,611
$142.6K
Market Conditions
NOI Build-Up for 1,406 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
$19.4K $13.80/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$18.3K $13.04/SF
− OpEx
−$5.5K −$3.91/SF
NOI
$12.8K $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%
$256,700
Cap Rate 7%
$183,357
Cap Rate 9%
$142,611
Alternative Uses
Best Use
Multifamily LT 5
$183.4K
$160.4K – $213.9K
NOI $12,835 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$170.0K
$148.8K – $198.4K
NOI $11,901 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$306.8K
$268.4K – $357.9K
NOI $21,475 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,062
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?
Duplex - Two living units offer an alley-accessed entrance, off-street parking, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 3115 3rd Avenue S Billings, MT.
What is the asking price?
The asking price for this property is $228,900.
What are key features of this property?
This property features: 1,406 SF duplex on a 0.108‑acre lot; Main level includes 2 bedrooms and 1 bathroom; Upper apartment offers 1 bedroom, 1 bathroom, and a kitchenette
