Flex Building with Retail
New
For Sale
$2,100,000
110 W Spruce St, Missoula, MT 59802
Leased flex property combines front-end retail with warehouse storage, offices, a break room, parking, and delivery access.
Property Size6,460 SF
Lot Size0.29 Acres
Price / SF$325.08
Days on Market2
Property Features for 110 W Spruce St
General Information
Standard status
Active
Size
6,460 SF
Lot size
0.29 Acres
Amenities
employee break room
Building Details
Year Built
1968
Buildings
1
Listing Agency:
Windermere R E Missoula
(406) 546-9765
Listed By:
Daniel P McKittrick
Source:
Toporealestate
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 9:18AM
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 Windermere R E Missoula
Investment Insights
Based on property information with market context.
The offering includes a flex building and the underlying real estate; the operating retail business is not included. The property is subject to a current lease for a retail store, with a layout that combines customer-facing space, warehouse storage, office areas, and an employee break room. A large garage door supports deliveries through the alley.
Located at 110 W Spruce St in downtown Missoula, the property occupies a .291-acre lot and includes its own parking area. Built in 1968, the building provides a combination of retail, office, storage, and service functions within one commercial asset.
Located at 110 W Spruce St in downtown Missoula, the property occupies a .291-acre lot and includes its own parking area. Built in 1968, the building provides a combination of retail, office, storage, and service functions within one commercial asset.
Key Highlights
- Current lease in place with a retail store tenant
- Flex layout includes retail, warehouse storage, offices, and an employee break room
- .291‑acre lot in downtown Missoula
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
$79,815
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
3.80%
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%
$1,596,300
$1.6M
Cap Rate 7%
$1,140,214
$1.1M
Cap Rate 9%
$886,833
$886.8K
Market Conditions
NOI Build-Up for 6,460 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
$139.5K $21.60/SF
− Vacancy
−$16.7K −$2.59/SF
EGI
$122.8K $19.01/SF
− OpEx
−$43.0K −$6.65/SF
NOI
$79.8K $12.36/SF
Area
Missoula County, MT
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,596,300
Cap Rate 7%
$1,140,214
Cap Rate 9%
$886,833
Alternative Uses
Best Use
Flex RnD
$1.14M
$997.7K – $1.33M
NOI $79,815 @ 7.0% cap · market cap 3.80%
Second Best
Retail
$1.14M
$997.1K – $1.33M
NOI $79,768 @ 7.0% cap · market cap 3.80%
Theoretical Best
Specialty Retail
$1.86M
$1.63M – $2.17M
NOI $130,379 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,069
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59802, MT
19,892
Population
10,416
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
96%
High-School Grad
45.4 sq mi
ZIP Area
438
Density / Sq Mi
$65,054
Median Household Income
$36,541
Median Earnings
$1,021
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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- Madeline’s Mediterranean Grille & Street Food — Missoula, MT 59802
Frequently Asked Questions
What type of property is this?
Flex space - Leased flex property combines front-end retail with warehouse storage, offices, a break room, parking, and delivery access.
Where is this flex space located?
The property is located at 110 W Spruce St Missoula, MT.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Current lease in place with a retail store tenant; Flex layout includes retail, warehouse storage, offices, and an employee break room; .291‑acre lot in downtown Missoula
