Side-by-Side Duplex with
For Sale
$224,900
947 Howard Avenue, Billings, MT 59101
Residential, Billings, MT
Property Size1,292 SF
Lot Size0.16 Acres
Price / SF$174.07
Days on Market49
Property Features for 947 Howard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
N1 - First Neighborhood Residential
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Exterior features
Fence
Fencing
Fenced
Subdivision
Broadwater
Lot features
Corner Lot
Elementary school
Washington
Middle school
Lewis and Clark
High school
Senior High
Standard status
Active
APN
A03567
Size
1,292 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
BROADWATER SUBD, S05, T01 S, R26 E, BLOCK 15, Lot 22 - 23
Tax Annual Amount
1347
Legal Description
BROADWATER SUBD, S05, T01 S, R26 E, BLOCK 15, Lot 22 - 23
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
shared laundry
partially fenced
Building Details
Year built
1947
Floors in Building
1
Number of units
2
Building materials
Stucco
Roof type
Membrane
Listing Agency:
Real Estate Hub LLLP
(406) 206-4886
Listed By:
Cassie Smart · License #RRE-BRO-LIC-61253
(406) 939-1819
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 4 at 6:06PM
MLS# 359784
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 side-by-side duplex contains 1,292 square feet across two separate units, each arranged with one bedroom and one bathroom. The property sits on a 0.16-acre corner lot with partial fencing and a shared laundry area equipped with a coin-operated washer. Stucco construction, newer exterior paint, a membrane roof, and forced-air natural gas heating serve the building.
Built in 1947, the duplex is connected to public water and public sewer. Its Billings location provides proximity to downtown and west end amenities. The property includes two distinct residential units and shared laundry facilities, supporting a straightforward duplex configuration.
Built in 1947, the duplex is connected to public water and public sewer. Its Billings location provides proximity to downtown and west end amenities. The property includes two distinct residential units and shared laundry facilities, supporting a straightforward duplex configuration.
Key Highlights
- Two separate 1‑bedroom, 1‑bathroom units
- 1,292 square feet on a 0.16‑acre corner lot
- Shared laundry area with coin‑operated 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 duplex with two one-bedroom units, shared coin-operated laundry, and partial fencing.
Where is this duplex located?
The property is located at 947 Howard Avenue 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: Two separate 1‑bedroom, 1‑bathroom units; 1,292 square feet on a 0.16‑acre corner lot; Shared laundry area with coin‑operated washer
