24-Unit Brick Apartment
For Sale
$5,450,000
420 Lordwith Drive, Billings, MT 59102
CommercialSale, Billings, MT
Property Size23,760 SF
Lot Size0.55 Acres
Price / SF$229.38
Days on Market120
Property Features for 420 Lordwith Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
NX2 - Mixed Residential 2
Parking features
Parking Lot
Subdivision
Witherup
Lot features
Alley, Sprinklers In Ground
Standard status
Active
APN
A18622
Size
23,760 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
WITHERUP SUBD, S32, T01 N, R26 E, BLOCK 1, Lot 1 - 2, (14) Units 1-8
Tax Annual Amount
9839
Legal Description
WITHERUP SUBD, S32, T01 N, R26 E, BLOCK 1, Lot 1 - 2, (14) Units 1-8
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1959
Floors in Building
2
Building materials
Brick
Roof type
Shingle, Asphalt
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(406) 294-2121
Listed By:
Lukas Seely · License #RRE-RBS-LIC-88004
(310) 570-5415
Added: Jun 9
Changed: Sep 18
Last Checked: Oct 6 at 1:06AM
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.
Investment Insights
Based on property information with market context.
The property is a 24-unit apartment building totaling 23,760 square feet on 0.5455 acres. Constructed in 1959 with brick exterior walls, it includes forced-air natural gas heat, central air conditioning, shingle and asphalt roofing, and a dedicated parking lot. Public water and public sewer serve the property. The unit inventory includes both updated apartments and classic units, with an approved condo conversion providing an additional ownership structure.
Located in Billings near Pioneer Park and downtown, the property occupies a central infill setting. It is fully occupied and has a waitlist. The asset is professionally managed, and updated units have established higher rents than the classic units, creating a documented renovation consideration within the existing unit mix.
Located in Billings near Pioneer Park and downtown, the property occupies a central infill setting. It is fully occupied and has a waitlist. The asset is professionally managed, and updated units have established higher rents than the classic units, creating a documented renovation consideration within the existing unit mix.
Key Highlights
- 24‑unit apartment building totaling 23,760 square feet
- 0.5455‑acre property in Billings near Pioneer Park and downtown
- Fully occupied property with a 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.
Property Analytics
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Current Use
Lease Details
24
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily asset near downtown with public utilities, central air conditioning, and a parking lot.
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‑unit apartment building totaling 23,760 square feet; 0.5455‑acre property in Billings near Pioneer Park and downtown; Fully occupied property with a waitlist
