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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. 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! 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 areas charm, while the propertys central location between Bozeman and Butte-with airports in both directions-provides convenient regional connectivity. Whether youre 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 Montanas most scenic small towns.

• Acres
  0.35
• Days on Market
  13

Additional Features

• Appliances
  Dishwasher, Microwave, Range, Refrigerator, Dryer, Washer
• Basement
  Bathroom, Bedroom, Egress Windows, Kitchen, Rec Family Area
• 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
• Latitude
  45.456175
• Levels
  Multi Split
• Listing Contract Date
  13
• Listing Key
  1114813637
• List Price
  659000
• 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
• Original List Price
  659000
• Originating System Name
  S W M T
• Other Structures
  Sheds
• Ownership
  Full
• Parcel Number
  0007017500
• Parking Features
  Gravel
• Patio And Porch Features
  Balcony
• Photos Count
  38
• Postal Code
  59749
• Property Sub Type
  Duplex
• Property Type
  Residential Income
• Roof
  Asphalt, Shingle
• Sewer
  Public Sewer
• Standard Status
  Active
• Stories
  2
• Street Additional Info
  M F
• 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
• Unparsed Address
  205 Water Street
• Utilities
  Electricity Available, Fiber Optic Available, Natural Gas Available, Sewer Available, Water Available
• View
  Rural
• Waterfront Features
  None
• Water Source
  Public
• Window Features
  Window Coverings
• Year Built
  2012

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