21 26Th StBillings, MT 59101

Property Details for 21 26Th St

Year built

1900

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

2,392 SF

Zone code

CBD

Property type

Residential income homes

Property subtype

Serviced apartments

APN

03-0927-03-1-30-05-0000

APU

3092703130050000

Description

This exceptional investment opportunity presents a 12-unit multifamily property situated on a substantial 7,000-acre lot in Billings, Montana. The property, classified as Class C, boasts a total of 3,000 square feet and comprises eleven units in a boarding house configuration, featuring shared bathrooms and furnished sleeping rooms (bed, dresser, microwave, mattress included). Nine of the eleven units are currently leased, generating a monthly income of $5,200, with rents ranging from $500 to $800. Two units are vacant. The current tenant base consists entirely of male residents, many of whom are long-term tenants. Additional income streams are derived from shared laundry facilities ($200/month) and a pop machine. The property also includes a separate apartment/office duplex, one side currently rented and the other potentially usable as an owner's unit or convertible office space. The building, constructed in 1900, has undergone several renovations in recent years, with significant updates completed within the last 12 months. The property is zoned CBD and benefits from its location in a high-demand area for low-income housing. A small food hut on the property is included in the sale and previously leased to a small food company. The property's strong cash flow, coupled with its significant land size and potential for further development or expansion, makes this an attractive investment with a 7% cap rate and an asking price of $400,000. Note that the provided square footage and unit count may differ slightly from other sources.

• CAP approach

  CAP return

  Valuation

  6%

  $658,748

  6.5%

  $608,075

  7%

  $564,641

• Comparable approach

  Method

  Valuation

  Relative Method

  $937,767

  Geo Method

  $306,322

• Alternative Use

  Use

  Valuation

  Residential

  $608,075

  Hospitality

  $556,994

  Educational

  $463,412

  Medical

  $479,350

  Retail

  $720,864

Location Insight

City

Billings

County

Yellowstone

State

Montana

Latitude

45.7812

Longitude

-108.501

CBSA code

13740

CBSA name

BILLINGS, MT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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