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    Updated Duplex Near Downtown Billings Title is generated by Realmo AI

    502 Lewis Avenue, Billings, MT 59101

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    Claim this Listing
    For Sale
    Under Contract
    $295,000

    MULTI_FAMILY - Ranch - Billings, MT

    Type:Single Family Residence
    Property size:
    1,800 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $163/SF
    Added:
    May 9, 2026
    Days on Market:
    12
    Last Refresh:
    May 20 at 8:06 am

    Property Features for 502 Lewis Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    3
    Rooms
    Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1
    Parking
    1
    Standard status
    Active Under Contract
    APN
    A15305
    Size
    1,800 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    Suburban Homes Add, Block 39, Lot 45
    Tax Annual Amount
    2497

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    1
    Number of units
    2
    Roof type
    Shingle, Asphalt
    Architectural style
    Ranch

    We can help!

    Listing Contact
    W.F. Frosty Erben
    W.F. Frosty Erben

    Listing agent W.F. Frosty Erben License #RRE-BRO-LIC-5751

    Listing office Keller Williams Yellowstone Properties 80 25th St. W Ste. 1, Billings, MT

    Listing date May 9, 2026

    MLS# 354808 Listing URL

    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.

    HighLights

    • Prime location near downtown Billings.
    • Updated plumbing and electrical systems.
    • Up/Down Duplex - Investment Potential.
    • Newer basement windows for energy efficiency.
    • Lower‑level bedroom with proper egress.
    • Single‑car garage and ample parking.

    Overview

    This well-maintained duplex is located just minutes from downtown Billings, offering convenience and investment potential. The property has been updated with plumbing and electrical improvements. Newer basement windows have been installed for energy efficiency and safety. The lower-level bedroom features proper egress. There is ample parking for tenants or guests, including a single-car garage. The property is suitable for those looking to live in one unit and rent the other, or to add a solid performer to their rental portfolio. The lot size is 0.1607 acres and the property size is 1800 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Billings
    County
    Yellowstone
    State
    Montana
    Longitude
    -108.528227
    Latitude
    45.780804

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with recent upgrades near downtown Billings.
    Where is this duplex located?
    The property is located at 502 Lewis Avenue Billings, MT.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Prime location near downtown Billings.; Updated plumbing and electrical systems.; Up/Down Duplex - Investment Potential.
    (406) 855-8900
    We can help!
    Listing Contact
    W.F. Frosty Erben
    W.F. Frosty Erben
    Real Estate License ID: RRE-BRO-LIC-5751
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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