Classic Triplex with Separate
For Sale
$529,000
1138 Toole, Missoula, MT 59802
Built in 1890, this triplex offers three well-maintained units with separate heat and water meters.
Property Size2,344 SF
Price / SF$225.68
Days on Market32
Property Features for 1138 Toole
General Information
Standard status
Active
Size
2,344 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$4,945
Amenities
Garage Spaces: 0
Style: Other
Other
Building Details
Year Built
1890
Listing Agency:
Stelling & Associates
(406) 728-9200
Listed By:
Stephen Stelling · License #RRE-BRO-LIC-87958
Source:
Clearwaterproperties
Added: Jul 26
Changed: Aug 24
Last Checked: Aug 25 at 9:53AM
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.
This charming 1890 triplex features classic character, a covered front porch, and a shared entry hall serving three well-maintained units. One spacious 2-bedroom unit is currently owner-occupied and excluded from the current rental numbers, leaving room to increase future income. Each unit includes individual washer and dryer hookups, along with separate heat and water meters, supporting straightforward resident utility management.
Located in the heart of Missoula, the property is described as being just minutes from downtown and St. Patrick Hospital. The home sits on a sunny, south-facing corner lot, adding to its curb appeal.
The building’s configuration and utility setup make it well-suited for an owner-operator or investor seeking a multi-unit arrangement with distinct metering for each unit.
Located in the heart of Missoula, the property is described as being just minutes from downtown and St. Patrick Hospital. The home sits on a sunny, south-facing corner lot, adding to its curb appeal.
The building’s configuration and utility setup make it well-suited for an owner-operator or investor seeking a multi-unit arrangement with distinct metering for each unit.
Key Highlights
- Triplex built in 1890 with three well‑maintained units
- South‑facing corner lot with a covered front porch and a shared entry hall
- Each unit has separate heat and water meters
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 - Built in 1890, this triplex offers three well-maintained units with separate heat and water meters.
Where is this triplex located?
The property is located at 1138 Toole 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 built in 1890 with three well‑maintained units; South‑facing corner lot with a covered front porch and a shared entry hall; Each unit has separate heat and water meters
