For Sale
$925,000
3760 Mullan Road D, Missoula, MT 59808
Office Units
Property Size2,255 SF
Price / SF$410.20
Days on Market526
Property Features for 3760 Mullan Road D
General Information
Standard status
Active
Size
2,255 SF
Property subtype
Commercial
Zoning
C
Taxes and HOA fees
Annual Taxes
$6,136
Building Details
Building Size
2,255 SF
Year Built
2023
Listing Agency:
Engel & Volkers - Bozeman
(406) 407-2520
Listed By:
Ashley Keller
(406) 407-2520
Source:
Outlaw
Added: Mar 17, 2025
Changed: Aug 24
Last Checked: Aug 24 at 3:15AM
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 Engel & Volkers - Bozeman
Investment Insights
Based on property information with market context.
Key Highlights
- 2nd‑floor office condominium space in Mullan Crossing, Building #2
- 2255 sqft office condo space built in 2023
- Private entrance for the unit
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
$26,282
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
2.84%
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%
$525,640
$525.6K
Cap Rate 7%
$375,457
$375.5K
Cap Rate 9%
$292,022
$292.0K
Market Conditions
NOI Build-Up for 2,255 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
$47.4K $21.00/SF
− Vacancy
−$12.3K −$5.46/SF
EGI
$35.0K $15.54/SF
− OpEx
−$8.8K −$3.89/SF
NOI
$26.3K $11.66/SF
Area
Missoula County, MT
Vacancy
26.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$525,640
Cap Rate 7%
$375,457
Cap Rate 9%
$292,022
Alternative Uses
Best Use
Office B
$375.5K
$328.5K – $438.0K
NOI $26,282 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$650.2K
$568.9K – $758.5K
NOI $45,512 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 59808, MT
21,546
Population
9,938
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
97%
High-School Grad
157.1 sq mi
ZIP Area
137
Density / Sq Mi
$76,795
Median Household Income
$39,324
Median Earnings
$1,236
Median Rent
$419,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this office units located?
The property is located at 3760 Mullan Road D Missoula, MT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 2nd‑floor office condominium space in Mullan Crossing, Building #2; 2255 sqft office condo space built in 2023; Private entrance for the unit
