Mixed-Use Building with Alley
New
For Sale
$1,200,000
939 Stephens Avenue, Missoula, MT 59801
Flexible commercial layout supports full-building occupancy or separation for multiple users.
Property Size9,900 SF
Price / SF$121.21
Days on Market6
Property Features for 939 Stephens Avenue
General Information
Standard status
Active
Size
9,900 SF
Zoning
2
Amenities
new exterior paint
alley access with overhead door
private on-site parking
Building Details
Year Built
1962
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices - Missoula
Listed By:
Paulette McMannis · License #6990
Source:
Purewestrealestate
Added: Sep 22
Last Checked: Sep 26 at 3:37AM
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 Berkshire Hathaway HomeServices - Missoula
Investment Insights
Based on property information with market context.
This 9,900-square-foot mixed-use building dates to 1962 and offers a flexible interior arrangement that can accommodate one occupant or be divided among multiple users. Recent exterior paint, an overhead door, alley access, and private on-site parking add practical functionality for a range of commercial operations.
Located at 939 Stephens Avenue in Missoula, the property is positioned in a central, high-traffic setting with convenient access and strong street exposure. The building’s adaptable layout and existing commercial features provide flexibility for retail, office, service, or mixed-use occupancy.
Located at 939 Stephens Avenue in Missoula, the property is positioned in a central, high-traffic setting with convenient access and strong street exposure. The building’s adaptable layout and existing commercial features provide flexibility for retail, office, service, or mixed-use occupancy.
Key Highlights
- 9,900 SF mixed‑use building at 939 Stephens Avenue
- Central Missoula location with high traffic and strong visibility
- Flexible floor plan supports full‑building or multi‑user occupancy
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
$69,795
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
5.82%
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%
$1,395,900
$1.4M
Cap Rate 7%
$997,071
$997.1K
Cap Rate 9%
$775,500
$775.5K
Market Conditions
NOI Build-Up for 9,900 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
$118.8K $12.00/SF
− Vacancy
−$7.1K −$0.72/SF
EGI
$111.7K $11.28/SF
− OpEx
−$41.9K −$4.23/SF
NOI
$69.8K $7.05/SF
Area
Missoula County, MT
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,395,900
Cap Rate 7%
$997,071
Cap Rate 9%
$775,500
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,245 @ 7.0% cap · market cap 10.19%
Second Best
Mixed Use
$997.1K
$872.4K – $1.16M
NOI $69,795 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$2.85M
$2.50M – $3.33M
NOI $199,807 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,262
Businesses Nearby
133k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 23%
Groceries 22%
Home Improvements & Furnishings 1%
Albertsons
Groceries
29,181 visits/mo
0.5 miles
Jo-Ann Fabric and Craft
Shops & Services
20,129 visits/mo
0.4 miles
Town Pump
Shops & Services
16,160 visits/mo
0.4 miles
Starbucks
Dining
15,453 visits/mo
0.5 miles
Conoco
Shops & Services
15,283 visits/mo
0.4 miles
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
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial layout supports full-building occupancy or separation for multiple users.
Where is this mixed-use property located?
The property is located at 939 Stephens Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,900 SF mixed‑use building at 939 Stephens Avenue; Central Missoula location with high traffic and strong visibility; Flexible floor plan supports full‑building or multi‑user occupancy
