Front-to-Back
For Sale
$350,000
611 Avenue E, Billings, MT 59102
Front-to-back duplex with two bedrooms in the front unit and one bedroom in the back unit, plus shared laundry equipment.
Property Size1,320 SF
Price / SF$265.15
Days on Market108
Property Features for 611 Avenue E
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,856
Building Details
Building Size
1,320 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
Keller Williams Yellowstone Properties
(406) 855-8900
Listed By:
W.F. Frosty Erben · License #RRE-BRO-LIC-5751
(406) 855-8900
Source:
Careychapman
Added: Apr 27
Changed: Aug 10
Last Checked: Aug 11 at 12:24PM
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 Keller Williams Yellowstone Properties
Investment Insights
Based on property information with market context.
This front-to-back duplex is configured with two bedrooms in the front half and one bedroom in the back half. The property includes washer/dryers in both units. There are two fireplaces on-site that are not functional, and they should not be used.
The back unit has use of the double garage, while the landlord keeps equipment and supplies in a small garage. The home was originally rented furnished as an air B&B for traveling nurses, and it was most recently rented for $2,700 through February. The property has been newly rented and is no longer vacant; 24 hours’ notice is required to show.
The back unit has use of the double garage, while the landlord keeps equipment and supplies in a small garage. The home was originally rented furnished as an air B&B for traveling nurses, and it was most recently rented for $2,700 through February. The property has been newly rented and is no longer vacant; 24 hours’ notice is required to show.
Key Highlights
- Front‑to‑back duplex built in 1930 with front 2‑bedroom unit and back 1‑bedroom unit
- Washer and dryers included in both units for shared laundry convenience
- Back unit has use of the double garage; landlord stores equipment and supplies in the small garage
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
$12,050
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
3.44%
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%
$241,000
$241.0K
Cap Rate 7%
$172,143
$172.1K
Cap Rate 9%
$133,889
$133.9K
Market Conditions
NOI Build-Up for 1,320 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
$18.2K $13.80/SF
− Vacancy
−$1.0K −$0.76/SF
EGI
$17.2K $13.04/SF
− OpEx
−$5.2K −$3.91/SF
NOI
$12.0K $9.13/SF
Area
Billings, MT
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$241,000
Cap Rate 7%
$172,143
Cap Rate 9%
$133,889
Alternative Uses
Best Use
Multifamily LT 5
$172.1K
$150.6K – $200.8K
NOI $12,050 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$159.6K
$139.7K – $186.2K
NOI $11,173 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$288.0K
$252.0K – $336.0K
NOI $20,161 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
500
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?
Duplex - Front-to-back duplex with two bedrooms in the front unit and one bedroom in the back unit, plus shared laundry equipment.
Where is this duplex located?
The property is located at 611 Avenue E Billings, MT.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Front‑to‑back duplex built in 1930 with front 2‑bedroom unit and back 1‑bedroom unit; Washer and dryers included in both units for shared laundry convenience; Back unit has use of the double garage; landlord stores equipment and supplies in the small garage
