24-Unit Multifamily
420 Lordwith Drive, Billings, MT 59101
For Sale
$5,450,000
CommercialSale, Billings, MT
Property Size23,760 SF
Lot Size0.55 Acres
Price / SF$229.38
Days on Market158
Property Features for 420 Lordwith Drive
General Information
Property type
Property subtype
Zoning description
Parking features
Subdivision
Lot features
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Building materials
Roof type
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Lukas Seely · License MT RRE-RBS-LIC-88004
(310) 570-5415
Added: Jun 9
Changed: Nov 6
Last Checked: Nov 13 at 4:06AM
MLS# 358713
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.
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Investment Insights
Based on property information with market context.
This 24-unit apartment property contains 23,760 square feet on 0.5455 acres. Built in 1959, the building has brick construction, forced-air natural gas heat, central air conditioning, and an asphalt shingle roof. Public water and sewer serve the property, and a parking lot is provided. The apartments are fully occupied, with prospective renters on a waitlist. Some units have been updated, and those apartments are achieving higher rents than the classic units that remain to be renovated.
The property is in Billings near Pioneer Park and downtown. An approved condominium conversion provides an additional ownership option alongside continued operation as rental housing.
The property is in Billings near Pioneer Park and downtown. An approved condominium conversion provides an additional ownership option alongside continued operation as rental housing.
Key Highlights
- 24 apartments in a 23,760‑square‑foot building
- 0.5455‑acre property in Billings near Pioneer Park and downtown
- Fully occupied with a renter waitlist
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$201,117
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,022,340
$4.0M
Cap Rate 7%
$2,873,100
$2.9M
Cap Rate 9%
$2,234,633
$2.2M
Market Conditions
NOI Build-Up for 23,760 SF
Gross rent
$384.9K $16.20/SF
− Vacancy
−$19.2K −$0.81/SF
EGI
$365.7K $15.39/SF
− OpEx
−$164.5K −$6.93/SF
NOI
$201.1K $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 Rate 5%
$4,022,340
Cap Rate 7%
$2,873,100
Cap Rate 9%
$2,234,633
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.35M
NOI $201,117 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.18M
$4.54M – $6.05M
NOI $362,901 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,218
Businesses Nearby
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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
$243,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Billings, MT
Properties on Market for Apartment buildings in Billings
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The occupied property has a renter waitlist and approved condominium conversion.
Where is this apartment building located?
The property is located at 420 Lordwith Drive Billings, MT.
What is the asking price?
The asking price for this property is $5,450,000.
What are key features of this property?
This property features: 24 apartments in a 23,760‑square‑foot building; 0.5455‑acre property in Billings near Pioneer Park and downtown; Fully occupied with a renter waitlist
