Up-Down Duplex with Covered
For Sale
Under Contract
$350,000
3415 Poly Drive, Billings, MT 59102
MULTI_FAMILY - Other - Billings, MT
Property Size2,519 SF
Lot Size0.18 Acres
Price / SF$138.94
Days on Market35
Property Features for 3415 Poly Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
N3 - Suburban Neighborhood Residential
Bedrooms
5
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3
Patio and Porch features
Patio, Deck
Exterior features
Fence
Fencing
Fenced
Subdivision
Goyer
Lot features
Corner Lot, Trees
Elementary school
Boulder
Middle school
Will James
High school
Senior High
Standard status
Active Under Contract
APN
A08027
Size
2,519 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
GOYER SUBD, S34, T01 N, R25 E, BLOCK 1, Lot 1, (LESS 144.5 SQ FT - STREET)
Tax Annual Amount
1854
Legal Description
GOYER SUBD, S34, T01 N, R25 E, BLOCK 1, Lot 1, (LESS 144.5 SQ FT - STREET)
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
covered deck
fenced yard with mature trees
shared storage
coin-operated laundry
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
4 Seasons Real Estate
(406) 670-9799
Listed By:
Lanissa Fortner · License #RRE-BRO-LIC-13590
(406) 670-9799
Added: Jul 18
Changed: Aug 5
Last Checked: Aug 21 at 10:06AM
MLS# 359420
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 up-down duplex offers separate living arrangements across the upper and basement units. The upper unit features a kitchen with convenient outdoor access to the covered deck, two bedrooms, and a full bathroom with dual sinks, with two additional bedrooms on the upstairs level. The basement unit includes a living area, kitchen, bathroom, and one bedroom, along with shared storage and coin-operated laundry. Outside, the fenced yard includes mature trees, and there is a 2-car garage plus an additional parking pad.
Built in 1955, the home is served by public water and public sewer. Heating is provided by natural gas forced air, and cooling is available via central air. The roof is asphalt shingle.
With its duplex layout and defined upper and basement units, this property is set up for residential income use with an on-site, shared amenity offering through the basement’s laundry and storage.
Built in 1955, the home is served by public water and public sewer. Heating is provided by natural gas forced air, and cooling is available via central air. The roof is asphalt shingle.
With its duplex layout and defined upper and basement units, this property is set up for residential income use with an on-site, shared amenity offering through the basement’s laundry and storage.
Key Highlights
- Up‑down duplex with upper unit kitchen access to a covered deck
- Upper unit includes 4 bedrooms total; basement unit includes 1 bedroom
- Fenced yard with mature trees plus 2‑car garage and additional parking pad
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
$22,995
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
6.57%
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%
$459,900
$459.9K
Cap Rate 7%
$328,500
$328.5K
Cap Rate 9%
$255,500
$255.5K
Market Conditions
NOI Build-Up for 2,519 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
$34.8K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.9K $13.04/SF
− OpEx
−$9.9K −$3.91/SF
NOI
$23.0K $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%
$459,900
Cap Rate 7%
$328,500
Cap Rate 9%
$255,500
Alternative Uses
Best Use
Multifamily LT 5
$328.5K
$287.4K – $383.3K
NOI $22,995 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$304.6K
$266.5K – $355.4K
NOI $21,322 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$549.6K
$480.9K – $641.2K
NOI $38,474 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
178
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
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 - Up-down duplex with covered deck, central air, natural gas forced-air heat, fenced yard, and 2-car garage.
Where is this duplex located?
The property is located at 3415 Poly Drive Billings, MT.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Up‑down duplex with upper unit kitchen access to a covered deck; Upper unit includes 4 bedrooms total; basement unit includes 1 bedroom; Fenced yard with mature trees plus 2‑car garage and additional parking pad
