Vacant Duplex
For Sale
$699,000
351 - 353 Montclair, Billings, MT 59102
Vacant residential property with two separate units and N2 zoning.
Property Size5,088 SF
Price / SF$137.38
Days on Market167
Property Features for 351 - 353 Montclair
General Information
Standard status
Active
Size
5,088 SF
Property subtype
Duplex
Zoning
N2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,350
Amenities
Style: Ranch
0.00
Ranch
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Landmark of Billings, Inc.
(406) 672-2698
Listed By:
Mike Ormsby · License #14070
Source:
Clearwaterproperties
Added: Mar 17
Changed: Aug 29
Last Checked: Aug 28 at 11:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Landmark of Billings, Inc.
Investment Insights
Based on property information with market context.
This vacant duplex at 351 Montclair Dr in Billings, Montana, contains 5,088 square feet arranged as 2 residential units. The building was constructed in 1976 and is identified as a multifamily property.
The property carries N2 zoning and is situated in West Billings. Its two-unit configuration and existing building area provide the core physical characteristics for evaluating the asset.
The property carries N2 zoning and is situated in West Billings. Its two-unit configuration and existing building area provide the core physical characteristics for evaluating the asset.
Key Highlights
- 5,088 SF building with 2 residential units
- Vacant multifamily property
- N2 zoning
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
$46,447
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
6.64%
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%
$928,940
$928.9K
Cap Rate 7%
$663,529
$663.5K
Cap Rate 9%
$516,078
$516.1K
Market Conditions
NOI Build-Up for 5,088 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
$70.2K $13.80/SF
− Vacancy
−$3.9K −$0.76/SF
EGI
$66.4K $13.04/SF
− OpEx
−$19.9K −$3.91/SF
NOI
$46.4K $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%
$928,940
Cap Rate 7%
$663,529
Cap Rate 9%
$516,078
Alternative Uses
Best Use
Multifamily LT 5
$663.5K
$580.6K – $774.1K
NOI $46,447 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$615.2K
$538.3K – $717.8K
NOI $43,067 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$1.11M
$971.4K – $1.30M
NOI $77,712 @ 7.0% cap · market cap 11.12%
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
473
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant residential property with two separate units and N2 zoning.
Where is this duplex located?
The property is located at 351 - 353 Montclair Billings, MT.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5,088 SF building with 2 residential units; Vacant multifamily property; N2 zoning
