#402226, Nicholette Picken, Listing office: Berkshire Hathaway - Sheridan
205 Water St Sheridan, MT 59749
Property details
About 205 Water St
Turnkey Duplex with Rare Double Lot - Multi-Family Income Opportunity! 205 Water Street is a well-maintained duplex with historical income-producing options situated on a rare 0.35± acre corner lot in the heart of Sheridan, Montana. This unique property includes two separate parcels, offering not only potential rental income but also future development options-build an additional single-family home, duplex, garage or simply hold the second lot as a long-term investment. Built in 2012, the existing home is thoughtfully configured as a true up/down duplex, with separate entrances, full kitchens, laundry facilities, and dedicated utility meters for each unit. The upper unit features 3 bedrooms and 2 full bathrooms, a spacious open-concept living area, a full kitchen with appliances, in-unit laundry, central A/C, and a private balcony deck-ideal for outdoor dining or relaxation. The lower unit mirrors the functionality of the upper, offering 3 additional bedrooms, 1 full bathroom, a full kitchen with pantry, a separate laundry room and a private entrance-making it well-suited for either long-term or short-term rental use. Both units are serviced by their own furnace and hot water heater, creating efficient and independent living spaces for tenants. The property was previously rented, having been used for both long- and short-term income generation and is currently used as a single family residence. Investors will appreciate the dual meters, utility separation, basement floor drain and flexible layout, which make management and tenant turnover simpler and more efficient. Located in the beautiful town of Sheridan, this property offers access to world-class recreation in all directions, including fly fishing, hiking, hunting, horseback riding, and snowmobiling. The nearby historic town of Virginia City adds to the area's charm, while the property's central location between Bozeman and Butte-with airports in both directions-provides convenient regional connectivity. Whether you're an investor seeking cash flowing opportunity, a homeowner looking to offset your mortgage with rental income or a builder interested in the development potential of the second lot, 205 Water Street represents a rare and versatile opportunity in one of Montana's most scenic small towns.
Highlights
Summary
- Appliances: Dishwasher, Microwave, Range, Refrigerator, Dryer, Washer
- Basement: Yes
- Flooring Type: Laminate, Partially Carpeted
- Interior: Window Treatments
- Parking: Gravel
- Waterfront: None
- View: Rural
- Exterior: Gravel Driveway
- Heating: Forced Air, Natural Gas
- Cooling: Central Air, Ceiling Fan(s)
- List Price: $659,000
- Annual Tax Amount: $2,242
- Tax Year: 2024
- Lot: Lawn
- Directions: Corner of Water St. & Gourley Lane
- Year Built: 2012
- Stories: 2
- Lot Size: 0.35 Acres
- MLS Number: 402704
- MLS Name: SWMT
- Office Name: ERA Lambros R.E. - Dillon
- Office Phone: (406) 865-4596
- Office Email: dillon@eralambros.com
- Listing Agent: Terri Medina
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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/5/2025, 2:45:29 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$659,000
205 Water St
$7,826
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Price information
Property sales
We're sorry, we currently don't have property sales data for this listing.
Tax history
Year | Assessment | Property Tax |
---|---|---|
2024 | $347,800 | $2,242 |
2023 | $347,800 | $2,308 |
2022 | $270,900 | $2,063 |
2021 | $270,900 | $2,011 |
2020 | $212,700 | $1,675 |
2019 | $212,700 | $1,679 |
2018 | $204,000 | $1,764 |
2017 | $204,000 | $1,796 |
History based on county public records data.
Nearby schools
6
Twin Bridges School
Public District PK-6
9.0 mi
•216 W 6th Ave
7
Ennis School
Public District PK-6
23.9 mi
•223 Charles Ave
7
Parkview School
Public District PK-5
26.5 mi
•22 Cottom Dr
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $37,143. The most common annual income of people living in Sheridan, MT is between $35k-100k. Residents typically live in single, no kids family. The most common level of education of people living in this area is post secondary degree.
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Frequently asked questions
About 205 Water St
The listing price of 205 Water St property is $659,000.
The property 205 Water St is a multi located in Sheridan, Montana, 59749.
Active Listing: 205 Water St is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 205 Water St are: Twin Bridges School (GreatSchools Rating 6/10), Ennis School (GreatSchools Rating 7/10), Parkview School (GreatSchools Rating 7/10), Twin Bridges Middle School (GreatSchools Rating 8/10), Ennis 7-8 (GreatSchools Rating 8/10), Dillon Middle School (GreatSchools Rating 8/10), Sheridan High School (GreatSchools Rating 3/10), Twin Bridges High School (GreatSchools Rating 7/10), Ennis High School (GreatSchools Rating 8/10).
According to the records, the last property tax for 2024 is $2,242 (source: MLS/based on county public records data).
The year of construction for 205 Water St is 2012.
This home is located at 205 Water St in Sheridan, MT and zip code 59749. Features: 0 bathroom. It has been listed on Rocket Homes since June 2, 2025 and is currently priced at $659,000.
In May 2025 more than 0 listings in Sheridan, MT were sold above the asking price. During the same period more than 0 listings were sold at asking price, while more than 1 were sold below. The inventory of homes for sale in Sheridan, MT between April and May 2025 increased by 9.5%. Listings spent 14 days on the market in May 2025, and had a median list price of $561,000 during the same period.