Five-Unit Apartment
For Sale
$810,000
405 Roxy Lane, Billings, MT 59105
Residential, Billings, MT
Property Size5,600 SF
Lot Size0.28 Acres
Price / SF$144.64
Days on Market102
Property Features for 405 Roxy Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Residential 1
Bedrooms
14
Full bathrooms
7
Half bathrooms
7
Rooms
Bathroom 11, Bathroom 12, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 14, Bedroom 2, Bedroom 10, Bathroom 2, Bathroom 7, Bedroom 13, Bedroom 6, Bedroom 1, Bedroom 7, Bathroom 9, Bedroom 3, Bathroom 5, Bathroom 6, Bedroom 11, Bathroom 8, Bathroom 10, Bedroom 9, Bedroom 8, Bathroom 13, Bathroom 14, Bathroom 1, Bedroom 12, Bedroom 5
Parking
5
Patio and Porch features
Deck, Patio
Exterior features
SprinklerIrrigation, Storage
Subdivision
Superior Homes
Lot features
Corner Lot, Landscaped, Sprinklers In Ground
Elementary school
Bench
Middle school
Medicine Crow
High school
Skyview
Standard status
Active
APN
C01458
Size
5,600 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
SUPERIOR HOMES SUBD, S15, T01 N, R26 E, BLOCK 2, Lot 4, W128 FT S94 FT LT 4
Tax Annual Amount
6224
Legal Description
SUPERIOR HOMES SUBD, S15, T01 N, R26 E, BLOCK 2, Lot 4, W128 FT S94 FT LT 4
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Amenities
underground sprinklers
storage
deck/patio
Building Details
Year built
1982
Floors in Building
2
Number of units
7
Building materials
Masonite
Roof type
Asphalt, Shingle
Additional Structures
Storage
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Added: Jun 26
Changed: Sep 24
Last Checked: Oct 5 at 9:06AM
MLS# 358515
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.
Built in 1982, this five-unit apartment property contains 5,600 square feet across five two-bedroom, one-bath residences. Each unit is approximately 1,120 square feet. The building sits on a 0.2762-acre corner lot and includes storage, additional parking, underground sprinklers, and a combination of deck and patio areas. Construction uses Masonite siding, with an asphalt shingle roof.
Heating is provided by electric baseboard systems, while the property is served by public water and public sewer. The address is in Billings Heights near Lake Elmo, with schools, shopping, and other amenities in the surrounding area.
Heating is provided by electric baseboard systems, while the property is served by public water and public sewer. The address is in Billings Heights near Lake Elmo, with schools, shopping, and other amenities in the surrounding area.
Key Highlights
- Five two‑bedroom, one‑bath units, each approximately 1,120 sq ft
- 5,600‑square‑foot apartment property on a 0.2762‑acre corner lot
- Additional parking, storage, underground sprinklers, decks, and patios
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner-lot multifamily property with storage, additional parking, outdoor living areas, and public water and sewer service.
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 two‑bedroom, one‑bath units, each approximately 1,120 sq ft; 5,600‑square‑foot apartment property on a 0.2762‑acre corner lot; Additional parking, storage, underground sprinklers, decks, and patios
