$659,000

205 Water St Sheridan, MT 59749

$7,826
Closing credit¹
0.3 acres
Multi-Family

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

Home typeDuplex
HeatingForced Air, Natural Gas
StatusActive
CoolingCentral Air, Ceiling Fan(s)
BasementYes
Lot size0.35 Acres
Year built2012
ParkingGravel
MLS #402704
ViewRural

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

IDXThe data relating to real estate for sale on this web site comes in part from the Internet Data Exchange of the Gallatin Association of Realtors/Big Sky Country MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright© 2025 Gallatin Association of Realtors/Big Sky Country MLS. All Rights Reserved.
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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205 Water St, Sheridan, MT 59749 - view of front of house

$659,000

205 Water St

$7,826

closing credit¹

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0.5% sale price²

Price information

Property sales

We're sorry, we currently don't have property sales data for this listing.

Tax history

YearAssessmentProperty 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.

All data from GreatSchools

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.

How much money do the neighbors make?

47%
<35k
48%
35k-100k
5%
100k-200k
0%
200k+

What level of education do the neighbors have?

No High School
High School Diploma
Post Secondary Degree
Masters Degree

What types of families live nearby?

49%
Single, No Kids
7%
Single, with Kids
28%
Married, No Kids
16%
Married, with Kids

Are the neighbors home owners or renters?

Home Owners
Renters

How old are people in this area?

12%
<11 yrs old
7%
12-17 yrs old
12%
18-34 yrs old
41%
35-64 yrs old
28%
65+ yrs old

What do the neighbors do for fun?

  • Figure SkatingFigure Skating
  • NASCARNASCAR
  • HuntingHunting

Where do the neighbors shop?

  • Dollar GeneralDollar General
  • Wal-MartWal-Mart
  • Academy Sports & OutdoorsAcademy Sports & Outdoors

Where do the neighbors go to eat?

  • ApplebeesApplebees
  • Hardee'sHardee's
  • Jimmy JohnsJimmy Johns

What do the neighbors drive?

  • CadillacCadillac
  • OldsmobileOldsmobile
  • RamRam

What do the neighbors listen to?

  • Classic CountryClassic Country
  • OldiesOldies
  • New CountryNew Country
All data provided by Home Junction and Claritas

Similar homes for sale

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.

From Rocket Homes Real Estate and based on county public records data.

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