Six-Unit Apartment
For Sale
Contact for pricing
Pending
102 S Inez Street, Missoula, MT 59801
Centrally located six-plex with studio apartments, currently rented below market rates, and low-income housing requirements until October 2026.
Property Size6,882 SF
Days on Market110
Property Features for 102 S Inez Street
General Information
Standard status
Pending
Size
6,882 SF
Property subtype
Mixed Use, Multifamily, Land
Zoning
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
Exit Realty - Missoula
(406) 721-1010
Listed By:
Kevin Bailey · License #RRE-BRO-LIC-54097
Source:
Crexi
Added: May 5
Changed: Aug 8
Last Checked: Jul 24 at 8:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Exit Realty - Missoula
Investment Insights
Based on property information with market context.
This centrally located six-plex includes six well-appointed studio apartments. The units are currently rented significantly below market rates.
The property sits between Orange Street and Russell and is across the street from the walking trail. The Home Investment Partnership program with the City of Missoula applies, and it requires low-income housing through the contract expiration in October of 2026.
Buyer and agent responsibility is to verify all information regarding the property, as details are provided by outside sources and are deemed reliable but not guaranteed by the listing agent or listing office.
The property sits between Orange Street and Russell and is across the street from the walking trail. The Home Investment Partnership program with the City of Missoula applies, and it requires low-income housing through the contract expiration in October of 2026.
Buyer and agent responsibility is to verify all information regarding the property, as details are provided by outside sources and are deemed reliable but not guaranteed by the listing agent or listing office.
Key Highlights
- 6‑plex built in 2006 with six studio apartments
- Studios are currently rented below market rates
- Located between Orange Street and Russell, across from a walking trail
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
$73,466
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
7.35%
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%
$1,469,320
$1.5M
Cap Rate 7%
$1,049,514
$1.0M
Cap Rate 9%
$816,289
$816.3K
Market Conditions
NOI Build-Up for 6,882 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
$145.3K $21.12/SF
− Vacancy
−$11.8K −$1.71/SF
EGI
$133.6K $19.41/SF
− OpEx
−$60.1K −$8.73/SF
NOI
$73.5K $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%
$1,469,320
Cap Rate 7%
$1,049,514
Cap Rate 9%
$816,289
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$918.3K – $1.22M
NOI $73,466 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.98M
$1.74M – $2.31M
NOI $138,896 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
827
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Centrally located six-plex with studio apartments, currently rented below market rates, and low-income housing requirements until October 2026.
Where is this apartment building located?
The property is located at 102 S Inez Street Missoula, MT.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 6‑plex built in 2006 with six studio apartments; Studios are currently rented below market rates; Located between Orange Street and Russell, across from a walking trail
