Five-Unit Apartment
For Sale
$810,000
405 Roxy Lane, Billings, MT 59105
Corner-lot multifamily property with storage, outdoor living areas, and additional parking.
Property Size5,600 SF
Days on Market149
Property Features for 405 Roxy Lane
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Multi Family
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,224
Amenities
underground sprinklers
storage
deck/patio
Building Details
Building Size
5,600 SF
Year Built
1982
Buildings
1
Listing Agency:
Century 21 Americana
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 294-2121
Source:
Rehubbillings
Added: Apr 7
Changed: Sep 2
Last Checked: Sep 2 at 1:10PM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
Built in 1982, this apartment property contains five two-bedroom, one-bath units, with each residence measuring approximately 1,120 square feet. The configuration includes decks or patios, storage, additional parking, and underground sprinklers. Electric baseboard heat serves the units, while public water and sewer provide utility service.
The property occupies a corner lot in Billings Heights near Lake Elmo, with schools, shopping, and other amenities in the surrounding area. Its five-unit layout and consistent residential configuration provide a straightforward multifamily format.
The property occupies a corner lot in Billings Heights near Lake Elmo, with schools, shopping, and other amenities in the surrounding area. Its five-unit layout and consistent residential configuration provide a straightforward multifamily format.
Key Highlights
- Five units, each with 2 bedrooms and 1 bath
- Approximately 1,120 sq ft per unit
- Built in 1982
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
$47,401
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
5.85%
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%
$948,020
$948.0K
Cap Rate 7%
$677,157
$677.2K
Cap Rate 9%
$526,678
$526.7K
Market Conditions
NOI Build-Up for 5,600 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
$90.7K $16.20/SF
− Vacancy
−$4.5K −$0.81/SF
EGI
$86.2K $15.39/SF
− OpEx
−$38.8K −$6.93/SF
NOI
$47.4K $8.46/SF
Area
Billings, MT
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$948,020
Cap Rate 7%
$677,157
Cap Rate 9%
$526,678
Alternative Uses
Best Use
Apartment 5plus
$677.2K
$592.5K – $790.0K
NOI $47,401 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,532 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 59105, MT
33,310
Population
14,198
Households
2.3
Avg Household Size
37
Median Age
30%
College-Educated
96%
High-School Grad
95.9 sq mi
ZIP Area
347
Density / Sq Mi
$74,572
Median Household Income
$44,359
Median Earnings
$1,261
Median Rent
$314,900
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?
Apartment building - Corner-lot multifamily property with storage, outdoor living areas, and additional parking.
Where is this apartment building located?
The property is located at 405 Roxy Lane Billings, MT.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: Five units, each with 2 bedrooms and 1 bath; Approximately 1,120 sq ft per unit; Built in 1982
