Front-to-Back Duplex with
For Sale
$350,000
611 Avenue E, Billings, MT 59102
MULTI_FAMILY - Billings, MT
Property Size1,320 SF
Lot Size0.16 Acres
Price / SF$265.15
Days on Market25
Property Features for 611 Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
N1 - First Neighborhood Residential
Bedrooms
3
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
3
Subdivision
Clanton Heights
Elementary school
Highland
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A05028
Size
1,320 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Clanton Heights Subd Block 7 Lot 5
Tax Annual Amount
1856
Legal Description
Clanton Heights Subd Block 7 Lot 5
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
washer/dryer
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Listing Agency:
Keller Williams Yellowstone Properties · Keller Williams Realty
(406) 655-0005
Listed By:
W.F. Frosty Erben · License #RRE-BRO-LIC-5751
(406) 855-8900
Added: Jul 18
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 359013
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.
This front-to-back duplex offers two separate units. The front half has two bedrooms, while the back unit has one bedroom. Two fireplaces are present but are not functional and should not be used. Washer/dryers are included in both units. The back unit also has use of a double garage, while the landlord stores equipment and supplies in the smaller garage.
The property is located at 611 Avenue E in Billings, Montana. It is currently occupied, and 24 hours’ notice is required for showings.
The most recent reported rent was $2,700 through February, and the home was previously rented fully furnished as an air B&B for traveling nurses at $3,450 per month.
The property is located at 611 Avenue E in Billings, Montana. It is currently occupied, and 24 hours’ notice is required for showings.
The most recent reported rent was $2,700 through February, and the home was previously rented fully furnished as an air B&B for traveling nurses at $3,450 per month.
Key Highlights
- Front‑to‑back duplex with 3 bedrooms total: front unit has 2 bedrooms and back unit has 1 bedroom
- 2 bathrooms: Bedroom 1 plus Bathroom 2, Bedroom 2 plus Bathroom 2, and Bedroom 3 plus Bathroom 1 are listed in the room layout
- Forced‑air heating with natural gas and window unit cooling; year built 1930
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
Property Profile
Current Use
Lease Details
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, one bedroom in the back unit, and washer/dryers included.
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 with 3 bedrooms total: front unit has 2 bedrooms and back unit has 1 bedroom; 2 bathrooms: Bedroom 1 plus Bathroom 2, Bedroom 2 plus Bathroom 2, and Bedroom 3 plus Bathroom 1 are listed in the room layout; Forced‑air heating with natural gas and window unit cooling; year built 1930
