Four-Unit
New
For Sale
$625,000
1111 S 3rd St W, Missoula, MT 59801
Built in 1974, this multi-unit property is near the University of Montana, retail, dining, and everyday services.
Property Size3,136 SF
Price / SF$199.30
Days on Market5
Property Features for 1111 S 3rd St W
General Information
Standard status
Active
Size
3,136 SF
Property subtype
Multi-Family
Building Details
Year Built
1974
Listing Agency:
DeVries Real Estate
Listed By:
Brooke DeVries · License #13748
Source:
Toporealestate
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 28 at 10:14AM
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 DeVries Real Estate
Investment Insights
Based on property information with market context.
Located at 1111 3rd in Missoula, this quadplex contains four separate residential units within 3136 square feet. Constructed in 1974, the property offers a multi-unit configuration suited to residential income ownership without relying on a single dwelling.
The property is positioned near the University of Montana, the Good Food Store, shopping, dining, and other daily amenities. Downtown Missoula is also readily accessible, placing the address within reach of the city’s central services and employment areas.
Four distinct units provide the core physical characteristic of the asset, while the surrounding university, retail, dining, and downtown access support a range of residential occupancy needs, including student, professional, and longer-term tenancy.
The property is positioned near the University of Montana, the Good Food Store, shopping, dining, and other daily amenities. Downtown Missoula is also readily accessible, placing the address within reach of the city’s central services and employment areas.
Four distinct units provide the core physical characteristic of the asset, while the surrounding university, retail, dining, and downtown access support a range of residential occupancy needs, including student, professional, and longer-term tenancy.
Key Highlights
- Four separate residential units
- 3136 square feet of total property size
- Built in 1974
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
$33,477
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
5.36%
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%
$669,540
$669.5K
Cap Rate 7%
$478,243
$478.2K
Cap Rate 9%
$371,967
$372.0K
Market Conditions
NOI Build-Up for 3,136 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
$66.2K $21.12/SF
− Vacancy
−$5.4K −$1.71/SF
EGI
$60.9K $19.41/SF
− OpEx
−$27.4K −$8.73/SF
NOI
$33.5K $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%
$669,540
Cap Rate 7%
$478,243
Cap Rate 9%
$371,967
Alternative Uses
Best Use
Apartment 5plus
$478.2K
$418.5K – $558.0K
NOI $33,477 @ 7.0% cap · market cap 5.36%
Second Best
Multifamily LT 5
$448.3K
$392.3K – $523.0K
NOI $31,380 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$904.2K
$791.2K – $1.05M
NOI $63,292 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
821
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?
Quadplex - Built in 1974, this multi-unit property is near the University of Montana, retail, dining, and everyday services.
Where is this quadplex located?
The property is located at 1111 S 3rd St W Missoula, MT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four separate residential units; 3136 square feet of total property size; Built in 1974
