Eight-Unit Two-Story
For Sale
$1,711,340
420 Lordwith Drive Building C, Billings, MT 59102
Brick building with eight 2BR/1BA units, 100% occupied, and condo conversion approved, including four renovated units.
Property Size7,920 SF
Price / SF$216.08
Days on Market149
Property Features for 420 Lordwith Drive Building C
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Apartment
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,839
Building Details
Building Size
7,920 SF
Year Built
1959
Stories
2
Tenancy
Multi
Listing Agency:
Century 21 Americana
Listed By:
Lukas Seely · License #RRE-RBS-LIC-88004
(310) 570-5415
Source:
Careychapman
Added: Apr 13
Changed: Sep 2
Last Checked: Sep 7 at 9:37AM
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.
This two-story brick multifamily property contains eight apartments, all configured as 2BR/1BA units. The in-place unit mix includes four renovated units and four classic units. The building is 100% occupied, with an active waitlist indicating current demand.
The property is located within a three-building offering at 420 Lordwith Drive, available either individually or as part of the full portfolio. Condo conversion has been approved, providing additional flexibility for the ownership plan.
The building is positioned less than one mile from a major hospital development, supporting continued rental demand in the surrounding area.
The property is located within a three-building offering at 420 Lordwith Drive, available either individually or as part of the full portfolio. Condo conversion has been approved, providing additional flexibility for the ownership plan.
The building is positioned less than one mile from a major hospital development, supporting continued rental demand in the surrounding area.
Key Highlights
- 8‑unit, two‑story brick multifamily built in 1959
- All units are 2BR/1BA with a 100% occupancy rate and an active waitlist
- Balanced unit mix: 4 renovated units and 4 classic units
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
$67,039
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
3.92%
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%
$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
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
$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 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%
$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 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $120,967 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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 - Brick building with eight 2BR/1BA units, 100% occupied, and condo conversion approved, including four renovated units.
Where is this apartment building located?
The property is located at 420 Lordwith Drive Building C Billings, MT.
What is the asking price?
The asking price for this property is $1,711,340.
What are key features of this property?
This property features: 8‑unit, two‑story brick multifamily built in 1959; All units are 2BR/1BA with a 100% occupancy rate and an active waitlist; Balanced unit mix: 4 renovated units and 4 classic units
