Retail Building with Alley
For Sale
Under Contract
$1,595,000
939 Stephens Avenue, Missoula, MT 59801
SINGLE_FAMILY - Missoula, MT
Property Size9,900 SF
Lot Size0.27 Acres
Price / SF$161.11
Days on Market97
Property Features for 939 Stephens Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning description
2
Parking
12
Parking features
Alley, On Street
Lot features
Level
Directions
GPS 939 Stephens Ave
Standard status
Active Under Contract
APN
04220028215010000
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH MISSOULA, S28, T13 N, R19 W, BLOCK 77, Lot 13 - 15 Acres: 0.27
Tax Annual Amount
24974
Legal Description
SOUTH MISSOULA, S28, T13 N, R19 W, BLOCK 77, Lot 13 - 15 Acres: 0.27
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1962
Flooring type
Concrete, Carpet
Listing Agency:
Berkshire Hathaway HomeServices - Missoula
(406) 721-4141
Listed By:
Paulette McMannis · License #RRE-BRO-LIC-6990
(406) 880-4988
Added: May 7
Changed: Aug 11
Last Checked: Aug 11 at 6:06PM
MLS# 30070398
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.
Versatile retail space in RM1-45 zoning featuring a flexible floor plan for retail, office, service business, or mixed-use occupancy. The building offers 9,900 SF and can be occupied in its entirety or divided for multiple users. Improvements include new exterior paint, along with concrete and carpet flooring, forced air heating, and central air conditioning.
The property includes private on-site parking with both on-street parking and alley access. Alley access is supported by an overhead door, providing practical service and loading functionality. The site sits on a 0.269-acre lot, with public water and public sewer.
Built in 1962, the property also supports legal non-conforming commercial use within the RM1-45 zoning framework.
The property includes private on-site parking with both on-street parking and alley access. Alley access is supported by an overhead door, providing practical service and loading functionality. The site sits on a 0.269-acre lot, with public water and public sewer.
Built in 1962, the property also supports legal non-conforming commercial use within the RM1-45 zoning framework.
Key Highlights
- 9,900 SF versatile retail building with flexible floor plan
- 0.269‑acre site with public water and public sewer
- RM1‑45 zoning with legal non‑conforming commercial use
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
$122,245
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
7.66%
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%
$2,444,900
$2.4M
Cap Rate 7%
$1,746,357
$1.7M
Cap Rate 9%
$1,358,278
$1.4M
Market Conditions
NOI Build-Up for 9,900 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
$178.2K $18.00/SF
− Vacancy
−$3.6K −$0.36/SF
EGI
$174.6K $17.64/SF
− OpEx
−$52.4K −$5.29/SF
NOI
$122.2K $12.35/SF
Area
Missoula County, MT
Vacancy
2.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,444,900
Cap Rate 7%
$1,746,357
Cap Rate 9%
$1,358,278
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,245 @ 7.0% cap · market cap 7.66%
Second Best
Office B
$1.65M
$1.44M – $1.92M
NOI $115,385 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$2.85M
$2.50M – $3.33M
NOI $199,807 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Versatile retail building in RM1-45 zoning with alley access, overhead door, and private on-site parking.
Where is this retail space located?
The property is located at 939 Stephens Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 9,900 SF versatile retail building with flexible floor plan; 0.269‑acre site with public water and public sewer; RM1‑45 zoning with legal non‑conforming commercial use
