Duplex with Double
For Sale
$329,000
611 Avenue E, Billings, MT 59102
Residential, Billings, MT
Property Size1,320 SF
Lot Size0.16 Acres
Price / SF$249.24
Days on Market80
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
Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 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
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: Sep 12
Last Checked: Oct 5 at 11:06AM
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 1,320-square-foot duplex at 611 Avenue E in Billings is arranged with a two-bedroom front residence and a one-bedroom rear residence. Both units include washer and dryer appliances. The rear residence has use of a double garage, while a smaller garage is reserved for the landlord’s equipment and supplies. Two fireplaces are present but are nonfunctional and should not be used.
Built in 1930, the property sits on 0.1607 acres and is served by public water and public sewer. Heating is provided by forced-air natural gas systems, with window-unit cooling. The configuration offers two distinct residential units within a compact multifamily property.
Built in 1930, the property sits on 0.1607 acres and is served by public water and public sewer. Heating is provided by forced-air natural gas systems, with window-unit cooling. The configuration offers two distinct residential units within a compact multifamily property.
Key Highlights
- Two‑unit duplex with a two‑bedroom front residence and one‑bedroom rear residence
- 1,320 square feet on a 0.1607‑acre lot
- Double garage assigned for use by the rear residence
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
3.66%
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 3.66%
Second Best
Apartment 5plus
$159.6K
$139.7K – $186.2K
NOI $11,173 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$288.0K
$252.0K – $336.0K
NOI $20,161 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with individual laundry appliances and public water and sewer service.
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 $329,000.
What are key features of this property?
This property features: Two‑unit duplex with a two‑bedroom front residence and one‑bedroom rear residence; 1,320 square feet on a 0.1607‑acre lot; Double garage assigned for use by the rear residence
