Building Details

Year Built 1887

Year Renovated 2021

Building Size 7,860 SF

Listing Agency: TheAgency Missoula

Listed By: Vanessa Francis · License #RRE-BRO-LIC-104344 Show Phone

Source: Westmontanahomes

Added: Oct 13 Changed: Oct 19 Last Checked: Oct 19 at 2:11PM

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Investment Insights

Based on property information with market context.

Built in 1887 and remodeled in 2021, this mixed-use property contains approximately 7,860 square feet, plus an attic and unfinished basement. The ground floor is occupied by a retail tenant under an existing lease; the business itself is not part of the sale. Upper-level office space includes a full kitchen and three bathrooms.

The building is located at 217 N Higgins Avenue in downtown Missoula. The sale is for the real estate, with the retail space subject to existing lease terms.

Key Highlights

• Approximately 7,860 square feet, plus attic and unfinished basement
• Constructed in 1887; remodeled in 2021
• Ground‑floor retail space is tenant‑occupied under an existing lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$97,055

Cap Rate

5.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,941,100 $1.9M

Cap Rate 7%

$1,386,500 $1.4M

Cap Rate 9%

$1,078,389 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,860 SF

Gross rent

$141.5K $18.00/SF

− Vacancy

−$2.8K −$0.36/SF

EGI

$138.7K $17.64/SF

− OpEx

−$41.6K −$5.29/SF

NOI

$97.1K $12.35/SF

Area

Missoula County, MT

Vacancy

2.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,941,100

Cap Rate 7%

$1,386,500

Cap Rate 9%

$1,078,389

Alternative Uses

Best Use

Retail

$1.39M

$1.21M – $1.62M (±1% cap)

NOI $97,055 @ 7.0% cap · market cap 5.15%

Second Best

Office B

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,608 @ 7.0% cap · market cap 4.86%

Theoretical Best

Specialty Retail

$2.27M

$1.98M – $2.64M (±1% cap)

NOI $158,634 @ 7.0% cap · market cap 8.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

IOOF Volunteer Organization

Suggested Use

Top Pick Electrical Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Home Appliance Store Plumbing Service Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,241

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 Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Downtown space combines tenant-occupied retail with upper-level offices, a full kitchen, and three bathrooms.

Where is this mixed-use property located?

The property is located at 217 N Higgins Ave Missoula, MT.

What is the asking price?

The asking price for this property is $1,885,000.

What are key features of this property?

This property features: Approximately 7,860 square feet, plus attic and unfinished basement; Constructed in 1887; remodeled in 2021; Ground‑floor retail space is tenant‑occupied under an existing lease