King West One
Exclusive Multifamily Opportunity
4301 King Ave West | Billings, MT 59106
OPPORTUNITY
- Address
- City, State, Zip
- County
- Parcel Number
- Zoning
- Site Size/Acreage
- Built
- Units
- Buildings
- Stories
- Rentable SF
- Average Unit SF
- Average Market Rent
- Average Market Rent/SF
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.
classic condition
unit for future renovations
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
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