Updated Three-Unit
For Sale
Under Contract
$475,000
926 926.5 928 Custer Avenue, Billings, MT 59102
Residential, Billings, MT
Property Size3,940 SF
Lot Size0.24 Acres
Price / SF$120.56
Days on Market35
Property Features for 926 926.5 928 Custer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
N1 - First Neighborhood Residential
Bedrooms
6
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 6
Parking
3
Patio and Porch features
Deck, Patio
Exterior features
Fence, Storage
Fencing
Fenced
Subdivision
Broadwater subd
Lot features
Level, Trees
Elementary school
Washington
Middle school
Lewis and Clark
High school
Billings
Standard status
Active Under Contract
APN
A03395
Size
3,940 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
Broadwater Subd, S05, T01 S. R26 E, BLOCK 7, LOT 34-36
Tax Annual Amount
2500
Legal Description
Broadwater Subd, S05, T01 S. R26 E, BLOCK 7, LOT 34-36
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
storage areas
garage/storage building
Building Details
Year built
1960
Floors in Building
2
Number of units
3
Building materials
Stucco
Roof type
Membrane
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Landmark of Billings, Inc.
(406) 248-3101
Listed By:
Jade Fuhrman · License #RRE-BRO-LIC-12138
(406) 861-3027
Added: Aug 4
Changed: Sep 2
Last Checked: Sep 7 at 9:06PM
MLS# 361050
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 3-unit multifamily property contains 3,940 square feet on a 0.241-acre lot. Improvements completed within the last two years include interior carpet, paint, blinds, a remodeled bathroom, and replacement appliances and electrical equipment in Unit 926. Unit 928 also received a new refrigerator and dishwasher. All three residences include washer and dryer hookups, while Units 926 and 928 have basement laundry areas with additional storage. Unit 928 also has access to a small garage or storage building.
The property is currently fully leased. Each residence has one off-street parking space accessed from the alley. Water is owner-paid, while gas and electricity are separately metered and paid by tenants. The building was constructed in 1960 and features stucco siding, natural gas forced-air heat, central air conditioning, public water and sewer, fencing, a deck, and a patio.
The property is currently fully leased. Each residence has one off-street parking space accessed from the alley. Water is owner-paid, while gas and electricity are separately metered and paid by tenants. The building was constructed in 1960 and features stucco siding, natural gas forced-air heat, central air conditioning, public water and sewer, fencing, a deck, and a patio.
Key Highlights
- All three units are currently leased
- 3,940 square feet on a 0.241‑acre lot
- Recent improvements include carpet, paint, blinds, bathroom remodeling, appliances, and an electrical panel
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
$35,967
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
7.57%
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%
$719,340
$719.3K
Cap Rate 7%
$513,814
$513.8K
Cap Rate 9%
$399,633
$399.6K
Market Conditions
NOI Build-Up for 3,940 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
$54.4K $13.80/SF
− Vacancy
−$3.0K −$0.76/SF
EGI
$51.4K $13.04/SF
− OpEx
−$15.4K −$3.91/SF
NOI
$36.0K $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%
$719,340
Cap Rate 7%
$513,814
Cap Rate 9%
$399,633
Alternative Uses
Best Use
Multifamily LT 5
$513.8K
$449.6K – $599.5K
NOI $35,967 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$476.4K
$416.9K – $555.8K
NOI $33,350 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$859.7K
$752.2K – $1.00M
NOI $60,178 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
704
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?
Triplex - Leased multifamily asset with recent unit improvements, individual utility metering, and dedicated off-street parking.
Where is this triplex located?
The property is located at 926 926.5 928 Custer Avenue Billings, MT.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: All three units are currently leased; 3,940 square feet on a 0.241‑acre lot; Recent improvements include carpet, paint, blinds, bathroom remodeling, appliances, and an electrical panel
