Laurel Multifamily Property For
For Sale
$1,585,000
921 E 4th St, Laurel, MT 59044
16-unit multifamily property with remodeled and new construction units.
Property Size9,146 SF
Days on Market191
Property Features for 921 E 4th St
General Information
Standard status
Active
Size
9,146 SF
Class
B
Property subtype
Multifamily
Net Operating Income
$118,813
Building Details
Building Size
9,146 SF
Year Built
1907
Listing Agency:
NAI Business Properties
Listed By:
Jake Hedge, CCIM · License #88041
(406) 696-0395
Source:
Naiglobal
Added: Feb 26
Changed: Aug 31
Last Checked: Sep 4 at 4:51AM
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 NAI Business Properties
Investment Insights
Based on property information with market context.
The property at 921 E 4th St is a 16-unit multifamily property located in Laurel, MT. Constructed in 1907, the building features historic charm. The property includes 5 new construction units, with the remaining 11 units having been remodeled within the last 3 years. The property has a new HVAC system, and major plumbing and electrical upgrades have been completed. The gross scheduled monthly income is $15,830. The property is professionally managed.
Key Highlights
- Strong and reliable income stream due to consistent tenant demand.
- 5 Units are Brand New Construction**
- 11 units recently remodeled within the last 3 years.
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
$80,795
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
5.10%
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%
$1,615,900
$1.6M
Cap Rate 7%
$1,154,214
$1.2M
Cap Rate 9%
$897,722
$897.7K
Market Conditions
NOI Build-Up for 9,146 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
$156.9K $17.16/SF
− Vacancy
−$10.0K −$1.10/SF
EGI
$146.9K $16.06/SF
− OpEx
−$66.1K −$7.23/SF
NOI
$80.8K $8.83/SF
Area
Yellowstone County, MT
Vacancy
6.40%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,615,900
Cap Rate 7%
$1,154,214
Cap Rate 9%
$897,722
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.35M
NOI $80,795 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,078 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 59044, MT
12,099
Population
5,247
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
95%
High-School Grad
175.1 sq mi
ZIP Area
69
Density / Sq Mi
$86,011
Median Household Income
$40,535
Median Earnings
$983
Median Rent
$317,200
Median Home Value
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?
Apartment building - 16-unit multifamily property with remodeled and new construction units.
Where is this apartment building located?
The property is located at 921 E 4th St Laurel, MT.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: Strong and reliable income stream due to consistent tenant demand.; 5 Units are Brand New Construction**; 11 units recently remodeled within the last 3 years.
