Four-Unit Residential Income
For Sale
Contact for pricing
654 E Washington Street East North 1 281 6th Ave, Kalispell, MT 59901
As-is sale of a fully occupied four-unit setup with two rental units in each of two houses on a B-2 lot.
Property Size6,129 SF
Lot Size0.26 Acres
Price / SF$127.10
Days on Market39
Property Features for 654 E Washington Street East North 1 281 6th Ave
General Information
Standard status
Active
Size
6,129 SF
Lot size
0.26 Acres
Property subtype
Multifamily
Zoning
Business
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1968
Units
4
Listing Agency:
Brist Realty
Listed By:
Dean Brist · License #MT 88710
Source:
Crexi
Added: Jul 4
Changed: Aug 8
Last Checked: Aug 11 at 1:43PM
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 Brist Realty
Investment Insights
Based on property information with market context.
Selling as-is, this property consists of two houses, each with two rental units, for a total of four residential units. The units are in full occupancy at the time of sale.
The property is located on a B-2 zoned lot and is described as being near Taco Bell and close to shopping, supporting convenient access to everyday retail.
This is a straightforward residential income configuration with two separate structures on one lot, offered without warranties or representations beyond the provided information.
The property is located on a B-2 zoned lot and is described as being near Taco Bell and close to shopping, supporting convenient access to everyday retail.
This is a straightforward residential income configuration with two separate structures on one lot, offered without warranties or representations beyond the provided information.
Key Highlights
- As‑is sale of two Kalispell houses on a single .26‑acre B‑2 zoned lot
- Fully occupied four‑unit setup with 2 rental units in each house
- Year built: 1968
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
$61,459
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
7.89%
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%
$1,229,180
$1.2M
Cap Rate 7%
$877,986
$878.0K
Cap Rate 9%
$682,878
$682.9K
Market Conditions
NOI Build-Up for 6,129 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
$91.9K $15.00/SF
− Vacancy
−$4.1K −$0.68/SF
EGI
$87.8K $14.33/SF
− OpEx
−$26.3K −$4.30/SF
NOI
$61.5K $10.03/SF
Area
Flathead County, MT
Vacancy
4.50%
Lease Rate
$15.00 /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%
$1,229,180
Cap Rate 7%
$877,986
Cap Rate 9%
$682,878
Alternative Uses
Best Use
Multifamily LT 5
$878.0K
$768.2K – $1.02M
NOI $61,459 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$817.2K
$715.1K – $953.4K
NOI $57,204 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,789 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 59901, MT
57,900
Population
25,154
Households
2.3
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
468.8 sq mi
ZIP Area
124
Density / Sq Mi
$70,391
Median Household Income
$38,073
Median Earnings
$1,052
Median Rent
$417,200
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?
Quadplex - As-is sale of a fully occupied four-unit setup with two rental units in each of two houses on a B-2 lot.
Where is this quadplex located?
The property is located at 654 E Washington Street East North 1 281 6th Ave Kalispell, MT.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: As‑is sale of two Kalispell houses on a single .26‑acre B‑2 zoned lot; Fully occupied four‑unit setup with 2 rental units in each house; Year built: 1968
