214 22Nd StBillings, MT 59101

Property Details for 214 22Nd St

Year built

1957

Property size (Sq ft)

3,600 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 214 N 22nd St, Billings, Montana. The property, comprised of two side-by-side duplexes, boasts a total of 3,600 square feet on a 7,000 square foot lot. Each unit offers 900 square feet of living space, featuring one bedroom and one bathroom. Currently operating at 100% occupancy with an excellent rental history, the property generates a substantial monthly gross rent of $3,095. The building, constructed in 1957 and renovated in 2015, is classified as a Class B multifamily property and sits in a prime Billings location, adjacent to Hog Wild cafe and just blocks from the downtown core. The asking price is $372,000, representing a price per square foot of $103.33 and a price per unit of $93,000. The current Net Operating Income (NOI) is $22,394, yielding a 6.02% cap rate. A pro-forma NOI of $28,200 projects a 7.58% cap rate. The property features a TPO membrane roof installed in December 2019 and is professionally managed. Utilities are divided between owner (water, sewer, garbage) and tenant (gas, electric) responsibilities. Financial details are available upon request. The property is zoned CBD and has an APN of A00421. This is a stabilized investment with significant upside potential.

Location Insight

City

Billings

County

Yellowstone

State

Montana

Latitude

45.787

Longitude

-108.5

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