NNN Office
For Sale
$640,000
A-3760 Mullan Rd, Missoula, MT 59808
First-floor office condominium with a 10-year NNN lease and annual rent escalations.
Property Size1,543 SF
Price / SF$414.78
Days on Market535
Property Features for A-3760 Mullan Rd
General Information
Standard status
Active
Size
1,543 SF
Occupancy
100%
Additional Details
Floor
1
Gross Income
$41,661
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,136
Amenities
private entrance
energy efficiency
Building Details
Year Built
2023
Tenancy
Single
Owner Occupied
No
Listing Agency:
Eagen Real Estate
(406) 542-1811
Listed By:
Jessie Eagen · License #8043
(406) 880-3900
Source:
Exprealty
Added: Mar 17, 2025
Changed: Sep 1
Last Checked: Aug 31 at 8:03PM
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 Eagen Real Estate
Investment Insights
Based on property information with market context.
Suite A is a leased office condominium on the first floor of Building #2 at Mullan Crossing. The property includes a private entrance and on-site parking, with new construction completed in summer 2023. The suite is offered with a 10-year NNN lease and yearly rent escalators, placing property taxes, insurance, and maintenance obligations with the tenant under the lease structure.
The condominium is located at A-3760 Mullan Rd in Missoula, north of Mullan Rd and west of Reserved St, just off Clark Fork Ln. Its position within the Mullan Crossing commercial development provides a professional setting for the existing office use.
The condominium is located at A-3760 Mullan Rd in Missoula, north of Mullan Rd and west of Reserved St, just off Clark Fork Ln. Its position within the Mullan Crossing commercial development provides a professional setting for the existing office use.
Key Highlights
- 10‑year NNN lease in place
- Annual rent escalations provided under the lease
- First‑floor office condominium in Building #2
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
$17,984
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
2.81%
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%
$359,680
$359.7K
Cap Rate 7%
$256,914
$256.9K
Cap Rate 9%
$199,822
$199.8K
Market Conditions
NOI Build-Up for 1,543 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
$32.4K $21.00/SF
− Vacancy
−$8.4K −$5.46/SF
EGI
$24.0K $15.54/SF
− OpEx
−$6.0K −$3.89/SF
NOI
$18.0K $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%
$359,680
Cap Rate 7%
$256,914
Cap Rate 9%
$199,822
Alternative Uses
Best Use
Office B
$256.9K
$224.8K – $299.7K
NOI $17,984 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$444.9K
$389.3K – $519.0K
NOI $31,142 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
803
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
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Frequently Asked Questions
What type of property is this?
NNN property - First-floor office condominium with a 10-year NNN lease and annual rent escalations.
Where is this nnn property located?
The property is located at A-3760 Mullan Rd Missoula, MT.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 10‑year NNN lease in place; Annual rent escalations provided under the lease; First‑floor office condominium in Building #2
