Triplex with Separate Utility
For Sale
$529,000
1138 Toole Avenue, Missoula, MT 59802
Three residential units include individual laundry hookups and separate heat and water metering.
Property Size2,344 SF
Days on Market8
Property Features for 1138 Toole Avenue
General Information
Standard status
Active
Size
2,344 SF
Property subtype
Residential Income
Zoning
1
Taxes and HOA fees
Annual Taxes
$4,945
Building Details
Building Size
2,344 SF
Year Built
1890
Units
3
Listing Agency:
Stelling & Associates
(406) 728-9200
Listed By:
Stephen Stelling · License #RRE-BRO-LIC-87958
(406) 728-9200
Source:
Avatarrealtymt
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 8:13PM
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 Stelling & Associates
Investment Insights
Based on property information with market context.
Built in 1890, this triplex at 1138 Toole Avenue includes three residential units on a south-facing corner lot. Property features include a covered front porch and shared entry hall. Each unit has individual washer and dryer hookups, while separate heat and water meters support distinct utility tracking. The two-bedroom unit is occupied by the owner and excluded from current rental figures.
The property is located in Missoula, within minutes of downtown and St. Patrick Hospital. Its zoning designation is 1, and the corner-lot setting provides a defined residential site with established exterior character.
The property is located in Missoula, within minutes of downtown and St. Patrick Hospital. Its zoning designation is 1, and the corner-lot setting provides a defined residential site with established exterior character.
Key Highlights
- Triplex with three residential units
- Built in 1890 on a south‑facing corner lot
- Two‑bedroom unit is owner‑occupied and excluded from current rental figures
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
$25,022
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
4.73%
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%
$500,440
$500.4K
Cap Rate 7%
$357,457
$357.5K
Cap Rate 9%
$278,022
$278.0K
Market Conditions
NOI Build-Up for 2,344 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
$49.5K $21.12/SF
− Vacancy
−$4.0K −$1.71/SF
EGI
$45.5K $19.41/SF
− OpEx
−$20.5K −$8.73/SF
NOI
$25.0K $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%
$500,440
Cap Rate 7%
$357,457
Cap Rate 9%
$278,022
Alternative Uses
Best Use
Apartment 5plus
$357.5K
$312.8K – $417.0K
NOI $25,022 @ 7.0% cap · market cap 4.73%
Second Best
Multifamily LT 5
$335.1K
$293.2K – $390.9K
NOI $23,455 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$675.8K
$591.4K – $788.5K
NOI $47,308 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,637
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include individual laundry hookups and separate heat and water metering.
Where is this triplex located?
The property is located at 1138 Toole Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Triplex with three residential units; Built in 1890 on a south‑facing corner lot; Two‑bedroom unit is owner‑occupied and excluded from current rental figures
