5-Unit Renovated Apartment
For Sale
$1,450,000
228 Eddy Ave, Missoula, MT 59801
Renovated multifamily property with varied unit layouts, in-unit laundry, and proximity to the University of Montana campus.
Property Size6,335 SF
Price / SF$228.89
Days on Market84
Property Features for 228 Eddy Ave
General Information
Standard status
Active
Size
6,335 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x efficiency, 1 x 1BR, 1 x 2BR, 1 x 3BR, 1 x 4BR/2BA
Multifamily Units
5
Amenities
in-unit laundry
air conditioning
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Main Street Realty
Listed By:
Colin Rimel
(406) 370-2408
Source:
Jasonbakerteam
Added: Jul 15
Changed: Sep 13
Last Checked: Oct 5 at 7:41PM
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 Main Street Realty
Investment Insights
Based on property information with market context.
Located at 228 Eddy Avenue, this five-unit apartment property combines a renovation program with a broad mix of residential layouts. The units include an efficiency, one-bedroom, two-bedroom, three-bedroom, and four-bedroom/two-bath residences. Two units are newer construction, while the property’s updated design emphasizes contemporary finishes and reduced maintenance. In-unit laundry is provided throughout, and air conditioning is available in every unit other than the efficiency.
The property is situated in Missoula’s University District, within walking distance of the University of Montana campus and downtown Missoula. The Clark Fork River and the city’s trail system are also within walking distance, placing several local destinations near the property. Built in 1910, the asset offers a five-unit configuration with diversified unit sizes in an established central location.
The property is situated in Missoula’s University District, within walking distance of the University of Montana campus and downtown Missoula. The Clark Fork River and the city’s trail system are also within walking distance, placing several local destinations near the property. Built in 1910, the asset offers a five-unit configuration with diversified unit sizes in an established central location.
Key Highlights
- Five‑unit apartment property with efficiency, 1‑bedroom, 2‑bedroom, 3‑bedroom, and 4‑bedroom/2‑bath units
- Renovation completed throughout the property, including two units built as newer construction
- In‑unit laundry in all five residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,627
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,352,540
$1.4M
Cap Rate 7%
$966,100
$966.1K
Cap Rate 9%
$751,411
$751.4K
Market Conditions
NOI Build-Up for 6,335 SF
Gross rent
$133.8K $21.12/SF
− Vacancy
−$10.8K −$1.71/SF
EGI
$123.0K $19.41/SF
− OpEx
−$55.3K −$8.73/SF
NOI
$67.6K $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 Rate 5%
$1,352,540
Cap Rate 7%
$966,100
Cap Rate 9%
$751,411
Alternative Uses
Best Use
Apartment 5plus
$966.1K
$845.3K – $1.13M
NOI $67,627 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.13M
NOI $127,856 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 59801, MT
30,629
Population
15,814
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,978
Density / Sq Mi
$55,022
Median Household Income
$34,320
Median Earnings
$1,086
Median Rent
$393,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Apartment building - Renovated multifamily property with varied unit layouts, in-unit laundry, and proximity to the University of Montana campus.
Where is this apartment building located?
The property is located at 228 Eddy Ave Missoula, MT.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Five‑unit apartment property with efficiency, 1‑bedroom, 2‑bedroom, 3‑bedroom, and 4‑bedroom/2‑bath units; Renovation completed throughout the property, including two units built as newer construction; In‑unit laundry in all five residences
