Renovated Whitefish
New
For Sale
$885,000
121 Mill Ave, Whitefish, MT 59937
Three-unit income property with updated interiors, shared laundry, and on-site parking near Whitefish restaurants, shops, and parks.
Property Size2,496 SF
Price / SF$354.57
Days on Market6
Property Features for 121 Mill Ave
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Amenities
shared laundry room
on-site parking
Building Details
Year Built
1969
Listing Agency:
PureWest Real Estate - Whitefish
Listed By:
Lindsay Paul Fansler · License #RRE-RBS-LIC-31411
(406) 471-4897
Source:
Mtranchsales
Added: Sep 21
Last Checked: Sep 24 at 10:56AM
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 PureWest Real Estate - Whitefish
Investment Insights
Based on property information with market context.
Built in 1969, this 2,496-square-foot triplex contains three separate residences: a three-bedroom, one-bath main-level unit and two upstairs two-bedroom, one-bath units. Two apartments have received new flooring, appliances, and paint. Property improvements also include a new roof, sewer line, egress windows, and exterior paint. A shared laundry room and on-site parking serve the building.
The property is located at 121 Mill Ave in Whitefish, with restaurants, shops, and parks within walking distance. The three-unit configuration provides separate residential spaces within one multifamily asset, while the completed updates address both interior finishes and major building components.
The property is located at 121 Mill Ave in Whitefish, with restaurants, shops, and parks within walking distance. The three-unit configuration provides separate residential spaces within one multifamily asset, while the completed updates address both interior finishes and major building components.
Key Highlights
- Three‑unit triplex with a 3‑bed, 1‑bath main‑level residence and two 2‑bed, 1‑bath upper units
- 2,496 square feet on a 0.11‑acre lot
- Two units updated with new flooring, appliances, and paint
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
$25,029
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
2.83%
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%
$500,580
$500.6K
Cap Rate 7%
$357,557
$357.6K
Cap Rate 9%
$278,100
$278.1K
Market Conditions
NOI Build-Up for 2,496 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
$37.4K $15.00/SF
− Vacancy
−$1.7K −$0.68/SF
EGI
$35.8K $14.33/SF
− OpEx
−$10.7K −$4.30/SF
NOI
$25.0K $10.03/SF
Area
Flathead County, MT
Vacancy
4.50%
Lease Rate
$15.00 /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%
$500,580
Cap Rate 7%
$357,557
Cap Rate 9%
$278,100
Alternative Uses
Best Use
Multifamily LT 5
$357.6K
$312.9K – $417.2K
NOI $25,029 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$332.8K
$291.2K – $388.3K
NOI $23,296 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$557.3K
$487.6K – $650.2K
NOI $39,009 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
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Business Placement
Demographics for 59937, MT
14,354
Population
8,744
Households
1.6
Avg Household Size
45
Median Age
51%
College-Educated
97%
High-School Grad
310.5 sq mi
ZIP Area
46
Density / Sq Mi
$75,512
Median Household Income
$43,105
Median Earnings
$1,335
Median Rent
$654,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit income property with updated interiors, shared laundry, and on-site parking near Whitefish restaurants, shops, and parks.
Where is this triplex located?
The property is located at 121 Mill Ave Whitefish, MT.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: Three‑unit triplex with a 3‑bed, 1‑bath main‑level residence and two 2‑bed, 1‑bath upper units; 2,496 square feet on a 0.11‑acre lot; Two units updated with new flooring, appliances, and paint
