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 that's hard to match. Located just minutes from downtown Sheridan, and nestled in Montana's 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 you're 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.
Listing Courtesy of Big Sky Country MLS / ERA Lambros Real Estate / Terri Medina
$659,000
Sheridan Area Multi-Family Home
Active
205 Water Street Sheridan, MT 59749
Bed
0 Baths
sqft
MLS# 402704
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 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.
Listing Courtesy of Big Sky Country MLS / ERA Lambros Real Estate / Terri Medina
