Remodeled Duplex with
For Sale
$399,000
743 Clark Avenue, Billings, MT 59101
Residential, Billings, MT
Property Size1,536 SF
Lot Size0.16 Acres
Price / SF$259.77
Days on Market86
Property Features for 743 Clark Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R7500 - Residential-7500
Bedrooms
3
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
3
Parking features
Open
Patio and Porch features
Deck, Patio
Interior features
SecondKitchen
Exterior features
Fence
Fencing
Fenced
Subdivision
Suburban Homes
Lot features
Interior Lot, Landscaped
Elementary school
Broadwater
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A15613
Size
1,536 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
SUBURBAN HOMES ADD, S04, T01 S, R26 E, BLOCK 53, Lot 21 - 22
Tax Annual Amount
1945
Legal Description
SUBURBAN HOMES ADD, S04, T01 S, R26 E, BLOCK 53, Lot 21 - 22
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
shared laundry room
deck
central air conditioning
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Building materials
WoodSiding
Roof type
Asphalt, Shingle
Listing Agency:
Montana Ranch & Commercial
(406) 209-0127
Listed By:
Joe Lipskis · License #RRE-RBS-LIC-17300
(406) 839-4409
Added: Jul 12
Changed: Sep 16
Last Checked: Oct 5 at 9:06AM
MLS# 358864
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 1,536-square-foot duplex was built in 1935 and has been fully remodeled into two separate residences. The main-floor unit includes two bedrooms, one bathroom, wood flooring, and a renovated kitchen. The lower-level apartment offers one bedroom, one bathroom, tall ceilings, stainless steel appliances, a gas range with hood, quartz countertops, and a tiled walk-in shower. A shared laundry room serves both units.
Recent property improvements include a newer roof, refreshed exterior paint, an upgraded forced-air furnace, central air conditioning, and a new rear-entry deck. The front deck has also been repainted. The 0.1607-acre lot includes fencing, open parking, public water, public sewer, and wood siding. The property is located in Billings, Montana, within ZIP Code 59101, and is professionally managed.
Recent property improvements include a newer roof, refreshed exterior paint, an upgraded forced-air furnace, central air conditioning, and a new rear-entry deck. The front deck has also been repainted. The 0.1607-acre lot includes fencing, open parking, public water, public sewer, and wood siding. The property is located in Billings, Montana, within ZIP Code 59101, and is professionally managed.
Key Highlights
- 1,536‑square‑foot duplex on a 0.1607‑acre lot
- Main residence has 2 bedrooms, 1 bathroom, wood floors, and an updated kitchen
- Lower apartment includes 1 bedroom, 1 bathroom, tall ceilings, and a second kitchen
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
$14,022
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
3.51%
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%
$280,440
$280.4K
Cap Rate 7%
$200,314
$200.3K
Cap Rate 9%
$155,800
$155.8K
Market Conditions
NOI Build-Up for 1,536 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
$21.2K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$20.0K $13.04/SF
− OpEx
−$6.0K −$3.91/SF
NOI
$14.0K $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%
$280,440
Cap Rate 7%
$200,314
Cap Rate 9%
$155,800
Alternative Uses
Best Use
Multifamily LT 5
$200.3K
$175.3K – $233.7K
NOI $14,022 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$185.7K
$162.5K – $216.7K
NOI $13,001 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$335.1K
$293.3K – $391.0K
NOI $23,460 @ 7.0% cap · market cap 5.88%
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
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
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 separate residences feature updated interiors, shared laundry, central air, and fenced outdoor space.
Where is this duplex located?
The property is located at 743 Clark Avenue Billings, MT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,536‑square‑foot duplex on a 0.1607‑acre lot; Main residence has 2 bedrooms, 1 bathroom, wood floors, and an updated kitchen; Lower apartment includes 1 bedroom, 1 bathroom, tall ceilings, and a second kitchen
