Stabilized Multifamily
420 Lordwith Drive Billings, MT 59102
420 Lordwith Drive, Billings, MT, 59102
$5,450,000
For Sale
$5,450,000
Stabilized 24-unit multifamily property in central Billings with full occupancy and an approved condo conversion.
Property Size23,760 SF
Price / SF$229.38
Days on Market96
Property Features for 420 Lordwith Drive
General Information
- Standard status
- Active
- Size
- 23,760 SF
Listing Agency
Century 21 Americana
(310) 570-5415
Listed by
Lukas Seely · License #RRE-RBS-LIC-88004
(310) 570-5415
Source
Exprealty
Added: Apr 14 Checked: Jul 17 at 8:08 pm
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.
The Residences at Lordwith is a stabilized 24-unit multifamily property that is currently fully occupied. The building is supported by professional management and strong tenant demand, with the property also maintaining a waitlist.
Located in a central Billings infill area near Pioneer Park and downtown, the asset offers convenient access to the surrounding community.
The property includes updated units alongside remaining classic units, and an approved condo conversion provides additional flexibility for future hold and disposition plans.
Located in a central Billings infill area near Pioneer Park and downtown, the asset offers convenient access to the surrounding community.
The property includes updated units alongside remaining classic units, and an approved condo conversion provides additional flexibility for future hold and disposition plans.
Key Highlights
- Stabilized 24‑unit multifamily property in central Billings infill location
- Fully occupied with a waitlist for continued demand
- Approved condo conversion offers flexibility for long‑term hold, phased sell‑off, or full retail disposition
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $384.9k | $16.20 |
| − Vacancy | −$19.2k | −$0.81 |
| EGI | $365.7k | $15.39 |
| − OpEx | −$164.5k | −$6.93 |
| NOI | $201.1k | $8.46 |
23,760 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lordwith Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Stabilized 24-unit multifamily property in central Billings with full occupancy and an approved condo 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: Stabilized 24‑unit multifamily property in central Billings infill location; Fully occupied with a waitlist for continued demand; Approved condo conversion offers flexibility for long‑term hold, phased sell‑off, or full retail disposition
