NNN Industrial
For Sale
$3,400,000
4685 Expressway, Missoula, MT 59808
CommercialSale, Missoula, MT
Property Size23,520 SF
Lot Size5.19 Acres
Price / SF$144.56
Days on Market107
Property Features for 4685 Expressway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
U-MU1 or Urban Mixed
Directions
Reserve to Expressway to property
Standard status
Active
APN
04219901101020000
Lot size
5.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S01, T13N, R20W, C.O.S 5891, Parcel A1
Tax Annual Amount
55884
Legal Description
S01, T13N, R20W, C.O.S 5891, Parcel A1
Amenities
railroad spur
Building Details
Year built
1994
Listing Agency:
Engel & Volkers Western Frontier - Missoula · Engel & Völkers
(406) 926-3322
Listed By:
Sharon Gordon · License #RRE-RBS-LIC-13041
(406) 239-1614
Added: Jun 8
Changed: Sep 10
Last Checked: Sep 22 at 2:06PM
MLS# 30072297
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 5.19-acre NNN property includes an approximately 21,590-square-foot industrial building used for light industrial operations and an approximately 1,930-square-foot office building. Approximately 2.54 acres are leased, while another 2.65 acres remain undeveloped for future construction. The improvements were built in 1994, and the property is identified with U-MU1 zoning in the public remarks.
The site is located at 4685 Expressway in Missoula and includes a Burlington Railroad spur that runs onto and through the property. An internal road serves the tract and provides access to the vacant acreage. The lease extends through April 2029 with an extension option, includes NNN terms, and provides for 3% annual increases. The property has a 7.6 cap rate.
The site is located at 4685 Expressway in Missoula and includes a Burlington Railroad spur that runs onto and through the property. An internal road serves the tract and provides access to the vacant acreage. The lease extends through April 2029 with an extension option, includes NNN terms, and provides for 3% annual increases. The property has a 7.6 cap rate.
Key Highlights
- 5.19‑acre property with approximately 2.54 acres leased and 2.65 acres undeveloped
- Approximately 21,590 sqft industrial building plus approximately 1,930 sqft office building
- NNN lease in place through April 2029 with ability to extend
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
$274,126
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
8.06%
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%
$5,482,520
$5.5M
Cap Rate 7%
$3,916,086
$3.9M
Cap Rate 9%
$3,045,844
$3.0M
Market Conditions
NOI Build-Up for 23,520 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
$493.9K $21.00/SF
− Vacancy
−$128.4K −$5.46/SF
EGI
$365.5K $15.54/SF
− OpEx
−$91.4K −$3.89/SF
NOI
$274.1K $11.66/SF
Area
Missoula County, MT
Vacancy
26.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,482,520
Cap Rate 7%
$3,916,086
Cap Rate 9%
$3,045,844
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.57M
NOI $274,126 @ 7.0% cap · market cap 8.06%
Second Best
Warehouse
$2.96M
$2.59M – $3.46M
NOI $207,469 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$6.78M
$5.93M – $7.91M
NOI $474,692 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Explore this area
Business Placement
Demographics for 59808, MT
21,546
Population
9,938
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
97%
High-School Grad
157.1 sq mi
ZIP Area
137
Density / Sq Mi
$76,795
Median Household Income
$39,324
Median Earnings
$1,236
Median Rent
$419,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
NNN property - Leased industrial and office improvements accompany undeveloped acreage with a Burlington Railroad spur and internal access road.
Where is this nnn property located?
The property is located at 4685 Expressway Missoula, MT.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 5.19‑acre property with approximately 2.54 acres leased and 2.65 acres undeveloped; Approximately 21,590 sqft industrial building plus approximately 1,930 sqft office building; NNN lease in place through April 2029 with ability to extend
