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Endless Potential on a Rare Double Lot - Live, Rent, Build, or Invest! Welcome to 205 Water Street, a well-maintained, flexible property brimming with possibilities located in the heart of Sheridan, MT. Situated on a 0.35± acre corner lot, the property spans two separate parcels - perfect for creating opportunities to build an additional duplex or single-family home, add a garage or simply holding the second lot as a long-term investment. The 2012 built home is located on Lot 11A and offers multiple living configurations. It is ideally suited for single family use, multi-generational living or as an income-generating duplex. As a single-family home, enjoy 6 total bedrooms, 3 full bathrooms and over 2,500 square feet of living space. The upper level features 3 bedrooms and 2 full baths, a spacious living room, full kitchen, washer/dryer, A/C and a charming balcony deck ideal for grilling or relaxing. The lower level mirrors the upper, with 3 more bedrooms, 1 full bath, its own full kitchen, pantry, laundry room and a private entrance making it an excellent option for a duplex setup or rental income. Designed with efficiency and versatility in mind, this home is equipped with two furnaces, two hot water heaters, and separate gas and electric meters - a rare and valuable configuration for multi-family use or owner-occupied living with a rental unit to help offset your mortgage or provide cash flow. The home has historically been used as a short and long term rental. A projected $3,000/month was estimated by a local, licensed property manager between the 2 units as long term rental, plus you have the option to sell or develop the other lot! Beyond the home itself, the property offers a lifestyle thats hard to match. Located just minutes from downtown Sheridan, and nestled in Montanas Ruby Valley-surrounded by scenic mountains, rivers, and open space in every direction. Outdoor recreation abounds with world famous fly fishing, hiking, horseback riding, hunting, and snowmobiling right at your doorstep. Plus, historic Virginia City is just a short drive away, offering rich local history and seasonal events. Conveniently positioned between Bozeman and Butte, with access to airports in both directions, this location balances small-town charm with regional connectivity. Whether youre a homeowner looking for flexibility, a savvy investor or a builder ready to capitalize on the additional lot, 205 Water St offers unmatched potential in a prime location.

• Bedrooms
  6
• Bathrooms
  3
• Sq Footage
  2512
• Acres
  0.35
• Days on Market
  14

Additional Features

• Above Grade Finished Area
  1280
• Appliances
  Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
• Basement
  Bathroom, Bedroom, Egress Windows, Kitchen, Rec Family Area
• Bathrooms Full
  3
• Bathrooms Total Integer
  3
• Bedrooms Total
  6
• Building Area Source
  Public Records
• Building Area Total
  2512
• City
  Sheridan
• Construction Materials
  Lap Siding
• Contract Status Change Date
  2025-06-02
• Cooling
  Central Air, Ceiling Fans
• Cooling
  Yes
• Cumulative Days On Market
  7
• Directions
  Corner of Water St. & Gourley Lane
• Documents Count
  3
• Fencing
  Partial
• Flooring
  Laminate, Partially Carpeted
• Heating
  Forced Air, Natural Gas
• Heating
  Yes
• Interior Features
  Window Treatments, Main Level Primary
• Latitude
  45.456175
• Levels
  Multi Split
• Listing Contract Date
  14
• Listing Key
  1114799710
• List Price
  659000
• Living Area
  2512
• Living Area Source
  Public Records
• Longitude
  -112.200258
• Lot Features
  Lawn
• Lot Size Acres
  0.35
• Lot Size Square Feet
  15246
• MLS Area Major
  Madison/ Beaverhead/ Jefferson
• MLS Area Minor
  7 M R - Madison - Ruby Valley
• MLS Status
  Active
• Occupant Type
  Owner
• Original List Price
  659000
• Originating System Name
  S W M T
• Other Structures
  Sheds
• Ownership
  Full
• Parcel Number
  0007017500
• Parking Features
  No Garage
• Patio And Porch Features
  Balcony, Covered, Porch
• Photos Count
  38
• Postal Code
  59749
• Property Sub Type
  Single Family Residence
• Property Type
  Residential
• Roof
  Asphalt, Shingle
• Sewer
  Public Sewer
• Standard Status
  Active
• Stories
  2
• Subdivision Name
  Other
• Tax Annual Amount
  2460
• Tax Legal Description
  SHERIDAN ORIGINAL TOWNSITE, S27, T04 S, R05 W, BLOCK 5, Lot 11A, TOWN PLAT 2/177 SHERIDAN ORIGINAL TOWNSITE, S27, T04 S, R05 W, Lot 10A, PLAT 2/177
• Tax Year
  2024
• Unparsed Address
  205 Water Street
• Utilities
  Electricity Available, Natural Gas Available, Sewer Available, Water Available
• Waterfront Features
  None
• Water Source
  Public
• Window Features
  Window Coverings
• Year Built
  2012

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