Corner Lot
For Sale
$224,900
947 Howard, Billings, MT 59101
Corner lot side-by-side duplex with two 1-bedroom, 1-bath units and shared coin-op laundry.
Property Size1,292 SF
Price / SF$174.07
Days on Market85
Property Features for 947 Howard
General Information
Standard status
Active
Size
1,292 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,347
Amenities
0.00
Building Details
Year Built
1947
Listing Agency:
Real Estate Hub LLLP
(406) 896-2244
Listed By:
Cassie Smart · License #RRE-BRO-LIC-61253
Source:
Clearwaterproperties
Added: Jun 7
Changed: Aug 28
Last Checked: Aug 29 at 6:31AM
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 Real Estate Hub LLLP
Investment Insights
Based on property information with market context.
This side-by-side duplex sits on a corner lot and includes a partially fenced area. The property offers two separate units, each with one bedroom and one bathroom. The exterior has newer paint, and the two units share a laundry setup with a coin-op washer. Photos provided cover the exterior and the front unit only.
Located at 947 Howard Avenue in Billings, the duplex is described as being close to downtown and west end amenities, making it convenient for tenants who want access to everyday destinations.
With two independently served 1-bedroom, 1-bath units under one roof, the property can appeal to investors seeking duplex-style rental income or owner-occupants looking to live in one unit while renting the other. The shared coin-op laundry adds on-site functionality for residents. The listing also states the property has a great rental history, with potential for more, based on the seller’s comments.
Located at 947 Howard Avenue in Billings, the duplex is described as being close to downtown and west end amenities, making it convenient for tenants who want access to everyday destinations.
With two independently served 1-bedroom, 1-bath units under one roof, the property can appeal to investors seeking duplex-style rental income or owner-occupants looking to live in one unit while renting the other. The shared coin-op laundry adds on-site functionality for residents. The listing also states the property has a great rental history, with potential for more, based on the seller’s comments.
Key Highlights
- Side‑by‑side duplex on a corner lot with 2 separate units
- Each unit features 1 bedroom and 1 bathroom
- Shared laundry with coin‑op washer
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
$11,794
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
5.24%
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%
$235,880
$235.9K
Cap Rate 7%
$168,486
$168.5K
Cap Rate 9%
$131,044
$131.0K
Market Conditions
NOI Build-Up for 1,292 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
$17.8K $13.80/SF
− Vacancy
−$981 −$0.76/SF
EGI
$16.8K $13.04/SF
− OpEx
−$5.1K −$3.91/SF
NOI
$11.8K $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%
$235,880
Cap Rate 7%
$168,486
Cap Rate 9%
$131,044
Alternative Uses
Best Use
Multifamily LT 5
$168.5K
$147.4K – $196.6K
NOI $11,794 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$156.2K
$136.7K – $182.3K
NOI $10,936 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$281.9K
$246.7K – $328.9K
NOI $19,733 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
595
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Corner lot side-by-side duplex with two 1-bedroom, 1-bath units and shared coin-op laundry.
Where is this duplex located?
The property is located at 947 Howard Billings, MT.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Side‑by‑side duplex on a corner lot with 2 separate units; Each unit features 1 bedroom and 1 bathroom; Shared laundry with coin‑op washer
