8-Unit Brick Apartment
For Sale
$1,841,880
420 Lordwith Drive Building B, Billings, MT 59102
Fully occupied two-story property with an active waitlist and an approved condo-conversion option.
Property Size7,920 SF
Price / SF$232.56
Days on Market188
Property Features for 420 Lordwith Drive Building B
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Apartment
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
light renovation
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,839
Building Details
Building Size
7,920 SF
Year Built
1959
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Century 21 Americana
Listed By:
Lukas Seely · License #RRE-RBS-LIC-88004
(310) 570-5415
Source:
Careychapman
Added: Apr 13
Changed: Oct 6
Last Checked: Oct 16 at 3:09PM
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
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Investment Insights
Based on property information with market context.
Building B is an 8-unit, two-story brick apartment property totaling 7,920 square feet. Each residence offers a 2BR/1BA layout, with full occupancy and an active waitlist. Most apartments have been updated, while the remaining classic units provide a defined path for light renovation and repositioning.
A DOR-approved condo conversion adds flexibility for a future individual-unit sales strategy. The property is one of three buildings offered at 420 Lordwith Drive and may be acquired separately or as part of the portfolio. It is located less than one mile from the new Intermountain Health campus.
A DOR-approved condo conversion adds flexibility for a future individual-unit sales strategy. The property is one of three buildings offered at 420 Lordwith Drive and may be acquired separately or as part of the portfolio. It is located less than one mile from the new Intermountain Health campus.
Key Highlights
- 8‑unit, two‑story brick apartment building totaling 7,920 square feet
- All units feature 2BR/1BA layouts
- Full occupancy with an active waitlist
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,039
Cap Rate
3.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,340,780
$1.3M
Cap Rate 7%
$957,700
$957.7K
Cap Rate 9%
$744,878
$744.9K
Market Conditions
NOI Build-Up for 7,920 SF
Gross rent
$128.3K $16.20/SF
− Vacancy
−$6.4K −$0.81/SF
EGI
$121.9K $15.39/SF
− OpEx
−$54.8K −$6.93/SF
NOI
$67.0K $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%
$1,340,780
Cap Rate 7%
$957,700
Cap Rate 9%
$744,878
Alternative Uses
Best Use
Apartment 5plus
$957.7K
$838.0K – $1.12M
NOI $67,039 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $120,967 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,218
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied two-story property with an active waitlist and an approved condo-conversion option.
Where is this apartment building located?
The property is located at 420 Lordwith Drive Building B Billings, MT.
What is the asking price?
The asking price for this property is $1,841,880.
What are key features of this property?
This property features: 8‑unit, two‑story brick apartment building totaling 7,920 square feet; All units feature 2BR/1BA layouts; Full occupancy with an active waitlist
