King West One

Exclusive Multifamily Opportunity

4301 King Ave West | Billings, MT 59106

OPPORTUNITY

Berkadia Boise Investment Sales is pleased to present the exclusive listing of King West One Apartments, a 128-unit townhome-style community on the West End of Billings.

Positioned along the Shiloh Road corridor at the center of the metro’s primary retail and employment node, King West One pairs a unique private-garage townhome product with steady Billings fundamentals and a clear path to mark-to-market rent upside.

The community is low-density consisting of one- and two-bedroom homes ranging from 688 to 1,094 square feet, across thirteen two-story buildings. King West One bears greater resemblance to single-family product, geared towards families and working adults transitioning between traditional apartment living and home ownership. Every home includes a private garage plus driveway parking, a feature that remains scarce across the Billings rental market, which supports both premium demand and long-term tenant retention. That stability is borne out in the operating history, with resident retention of 73 percent in 2025 and 72 percent year to date in 2026.

Interiors are offered in classic and upgraded finish schemes, giving a new owner a defined path to extend the in-place upgrade program across the remaining classic homes. Every unit features luxury vinyl plank flooring and solid wood cabinetry throughout, plus a full appliance package that includes an electric range, refrigerator, dishwasher, microwave, and disposal. All homes are plumbed for a full-size side-by-side washer and dryer, roughly half of which are currently resident-owned, with ownership installing owner-supplied machines as units turn.

At the community level, the 128 homes sit across thirteen buildings on a 7.97-acre site built in 2009, finished in durable, low-maintenance fiber-cement siding with vinyl-framed, double-pane windows. Eight of the thirteen buildings received new roofs in 2026, reducing near-term capital needs for an incoming owner. Parking is a defining feature, with two spaces per home across 128 private garages and 128 driveway spaces for 256 total stalls, a ratio the conventional Billings apartment stock cannot match. High-speed internet and on-site professional management round out the community.

Just minutes from the community, Shiloh Crossing anchors the corridor as the region’s premier shopping destination, headlined by a 220,000-square-foot Scheels, the largest retail store in Montana, a 22,000-square-foot REI at the same development, and a newly built 166,000-square-foot Costco. The corridor also places residents within easy reach of the metro’s two largest employers, the Billings Clinic and Intermountain Health systems, and within walking distance of the growing Rocky Vista University Montana campus, reinforcing a deep and durable renter base. This concentration of premier retail, everyday convenience, and major employment positions King West One as a stable asset in the Billings market.

  • Address 4301 King Avenue West
  • City, State, Zip Billings, MT 59106
  • County Yellowstone
  • Parcel Number03-0926-10-4-01-01-0000
  • Zoning PUD
  • Site Size/Acreage 7.97 Acres
  • Built2009
  • Units 128
  • Buildings 13
  • Stories 2
  • Rentable SF 104,672 SF
  • Average Unit SF 818
  • Average Market Rent $1,335
  • Average Market Rent/SF $1.63

INVESTMENT HIGHLIGHTS

Effective Rent Increases: Billings effective rent climbed 5.5% year over year to $1,531 per month in the first quarter of 2026, with metro occupancy holding at 94.6%. Rising homeownership costs continue to push demand into the rental market, supporting durable rent growth across the West End submarket.

Proven Resident Retention: King West One retained 73% of its residents in 2025 and is tracking 72% year to date in 2026, well above the conventional apartment average. The private-garage townhome format attracts households that stay put, translating to lower turnover cost, steadier occupancy, and a resident base that renews rather than shops the market each year.

Premium Private Garages: Every one of the 128 homes includes a full size, private garage plus a driveway space, for 256 total stalls at two per home. Private-garage product remains scarce across the Billings rental market, driving premium demand and long-term tenant retention that conventional apartments cannot match.

Assumable Debt: King West One is offered with attractive assumable Fannie Mae debt in place, pairing a $13,244,545 first lien at 3.27% with a $1,492,563 supplemental at 6.84% for $14,737,108 of assumable proceeds at a 3.63% blended rate. Both loans are fixed through February 2031, giving a new owner more than four years of below-market fixed-rate certainty.

128

units

2009

Year Built

818

AVG SF

ASSET

King West One is a 128-unit community on the West End of Billings, in the Shiloh neighborhood. Built in 2009 across thirteen two-story buildings, the property offers one- and two-bedroom homes ranging from 688 to 1,094 square feet.

Interiors feature luxury vinyl plank flooring and clean white walls for a bright, modern feel, with kitchens finished in solid wood cabinetry and full appliance suites. Every home comes with air conditioning, a dishwasher and microwave, and a patio or balcony. Roughly half of the homes have a full-size washer and dryer in place today, with ownership adding machines as the balance turn. Units are cable-ready and wired for high-speed internet.

Community amenities include private garages that provide covered parking and additional storage for each resident, along with driveway parking for a second vehicle. Garages are full-size and accommodate a full-size pickup. The community is pet friendly and professionally managed, with on-site 24/7 emergency maintenance.

VALUE-ADD OPPORTUNITY

King West One presents a proven, in-place value-add program, with 56 of the 128 homes already renovated and 72 classic units remaining to capture. Completed interiors feature fresh white paint on walls and ceilings, updated lighting across the kitchen, bedroom, and bath, soft-close cabinets and drawers with new cabinet and drawer hardware, a new kitchen sink and faucet, and refreshed bathroom accessories. Property-wide, keypad entry locks have been added to all 128 homes.

Renovated homes are already commanding in-place rent premiums over $50 per month, and the program has proven repeatable across the community. The 72 units still in classic condition offer a clear runway to extend it, representing an estimated $45,000 in additional annual gross potential rent at completion.

72
Units remain in
classic condition
$52
Average increase in market rent per
unit for future renovations
$45k
Increase to gross
potential rent


Current Renovated Unit

Contact Us

Investment Sales

CLAY ANDERSON
Senior Managing Director
208.440.2486
[email protected]
ID CRE #SP34431
MT RRE-BRO-LIC-135577

SPENCER HANSEN
Director
208.921.2560
[email protected]
ID CRE #SP54287

CHRISKOTT TODD
Associate Director
208.906.9515
[email protected]
ID CRE #SP58860

Mortgage Bankers

Edward Kim
Managing Director
310.869.8833
[email protected]

Jason Bond
Managing Director
847.997.9783
[email protected]

BOISE Office

800 West Main Street
Suite 1410
Boise, ID 83702
berkadia.com
berkadia.com/northwest

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.  

​© 2026 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

2026 © Berkadia - All rights reserved.