Whitefish Triplex Investment
For Sale
$885,000
121 Mill, Whitefish, MT 59937
Income-generating triplex in Whitefish, walking distance to amenities.
Property Size2,496 SF
Price / SF$354.57
Days on Market96
Property Features for 121 Mill
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$4,021
Amenities
Garage Spaces: 2
Style: Ranch
Ranch
2
Building Details
Year Built
1969
Listing Agency:
PureWest Real Estate - Whitefish
(406) 471-4897
Listed By:
Lindsay Paul Fansler · License #RRE-RBS-LIC-31411
Source:
Clearwaterproperties
Added: May 20
Changed: Aug 23
Last Checked: Aug 23 at 12:32PM
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.
This triplex is located in Whitefish, within walking distance to shops, restaurants, and parks. It features two 2-bed, 1-bath upper units and a 3-bed, 1-bath lower unit. Two of the units have been remodeled with new flooring, appliances, and paint. The property has been upgraded with a new roof, sewer line, egress windows, and exterior paint. A shared laundry room and ample parking are available for tenants. The property size is 2496 square feet. This property is intended for rental income generation.
Key Highlights
- Prime income‑generating triplex in Whitefish with strong rental demand.
- Walking distance to shops, restaurants, and parks.
- Two units remodeled 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Income-generating triplex in Whitefish, walking distance to amenities.
Where is this triplex located?
The property is located at 121 Mill 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: Prime income‑generating triplex in Whitefish with strong rental demand.; Walking distance to shops, restaurants, and parks.; Two units remodeled with new flooring, appliances, and paint.
