Duplex With Separate Living
For Sale
Under Contract
$520,000
1231 Eaton Street, Missoula, MT 59801
ResidentialIncome, Missoula, MT
Property Size2,112 SF
Lot Size0.17 Acres
Price / SF$246.21
Days on Market57
Property Features for 1231 Eaton Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3
Rooms
Basement, Laundry Room
Window features
Blinds, Screens
Patio and Porch features
Patio
Interior features
MainLevelPrimary
Exterior features
FirePit, Garden, RainGutters
Appliances
Dryer, Dishwasher, Freezer, Range, Refrigerator, Washer
Lot features
Back Yard, Front Yard, Garden
Directions
Corner of Eaton St. and Spurgin Rd. W.
Standard status
Active Under Contract
APN
04220029232250000
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TANNER # 2, S29, T13 N, R19 W, BLOCK 12, Lot 10, E 60'
Tax Annual Amount
4428
Legal Description
TANNER # 2, S29, T13 N, R19 W, BLOCK 12, Lot 10, E 60'
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Space Heater
Water source
Public
Amenities
covered back patio
fenced backyard
gardens
fruit trees
shared laundry
designated parking
covered parking
Building Details
Year built
1974
Number of units
2
Building materials
WoodSiding, WoodFrame
Roof type
Asphalt
Listing Agency:
Big Sky Brokers, LLC
(406) 443-1300
Listed By:
Rose Chadwell · License #RRE-RBS-LIC-118630
(406) 241-6626
Added: Jul 20
Changed: Sep 12
Last Checked: Sep 14 at 10:06PM
MLS# 30075055
Copyright © 2026 Montana Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-bedroom, 2-bath duplex-style residence offers two distinct living areas within a 2,112-square-foot home. The main level provides three bedrooms, one bathroom, a spacious living room, an eat-in kitchen, and access to a covered rear patio. The finished lower level adds two bedrooms, one bathroom, a separate rear entry, a full kitchen, living and dining areas, egress windows, and access to shared laundry, utility, and storage space. The lower area currently functions as a non-conforming apartment.
The 0.172-acre property includes designated parking for each unit, a fenced backyard, established gardens, fruit trees, and a fire pit. Public water and public sewer serve the property. Built in 1974, the home has wood siding, wood-frame construction, asphalt roofing, forced-air and space-heater systems, and a washer and dryer.
The 0.172-acre property includes designated parking for each unit, a fenced backyard, established gardens, fruit trees, and a fire pit. Public water and public sewer serve the property. Built in 1974, the home has wood siding, wood-frame construction, asphalt roofing, forced-air and space-heater systems, and a washer and dryer.
Key Highlights
- 5‑bedroom, 2‑bath configuration with 2,112 sq. ft. of living space
- Two separate upper and lower living areas with dedicated parking for each unit
- Finished lower level includes 2 bedrooms, 1 bath, full kitchen, egress windows, and separate rear entrance
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,546
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$450,920
$450.9K
Cap Rate 7%
$322,086
$322.1K
Cap Rate 9%
$250,511
$250.5K
Market Conditions
NOI Build-Up for 2,112 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.6K $21.12/SF
− Vacancy
−$3.6K −$1.71/SF
EGI
$41.0K $19.41/SF
− OpEx
−$18.4K −$8.73/SF
NOI
$22.5K $10.68/SF
Area
Missoula County, MT
Vacancy
8.10%
Lease Rate
$21.12 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$450,920
Cap Rate 7%
$322,086
Cap Rate 9%
$250,511
Alternative Uses
Best Use
Apartment 5plus
$322.1K
$281.8K – $375.8K
NOI $22,546 @ 7.0% cap · market cap 4.34%
Second Best
Multifamily LT 5
$301.9K
$264.2K – $352.2K
NOI $21,134 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$608.9K
$532.8K – $710.4K
NOI $42,625 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
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Business Placement
Demographics for 59801, MT
30,629
Population
15,814
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,978
Density / Sq Mi
$55,022
Median Household Income
$34,320
Median Earnings
$1,086
Median Rent
$393,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level configuration includes dedicated parking, private outdoor space, and a finished lower apartment area.
Where is this duplex located?
The property is located at 1231 Eaton Street Missoula, MT.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 5‑bedroom, 2‑bath configuration with 2,112 sq. ft. of living space; Two separate upper and lower living areas with dedicated parking for each unit; Finished lower level includes 2 bedrooms, 1 bath, full kitchen, egress windows, and separate rear entrance
