Remodeled Retail
For Sale
Contact for pricing
218 West Main Street, Missoula, MT 59802
Single-level commercial space with display windows, restrooms, storage, and Downtown Core zoning.
Property Size3,900 SF
Price / SF$333.33
Days on Market13
Property Features for 218 West Main Street
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Retail, Office
Zoning
Downtown Core
Investment Type
Owner/User
Additional Details
Floor
Ground
Amenities
large storefront windows
open space
restrooms
storage
room for prominent signage
Building Details
Year Built
1905
Year Renovated
2017
Buildings
1
Stories
1
Listing Agency:
Sterling CRE Advisors
(425) 250-3290
Listed By:
Connor McMahon · License #MT RRE-RBS-LIC-88267
Source:
Crexi
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 2:05AM
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 Sterling CRE Advisors
Investment Insights
Based on property information with market context.
This retail storefront provides approximately 3,900 SF on one level, with an open interior arrangement supported by restrooms and storage. Large windows face West Main Street, and the building includes space for prominent signage. The property was remodeled in 2017 and occupies a building originally constructed in 1905.
Located at 218 West Main Street in downtown Missoula, the property sits among shops, restaurants, and galleries. Caras Park and the downtown retail and restaurant corridor are within walking distance. On-street parking is available, with a public parking deck nearby. The D-C Downtown Core zoning supports retail, service, office, fitness, and entertainment uses identified for the property.
Located at 218 West Main Street in downtown Missoula, the property sits among shops, restaurants, and galleries. Caras Park and the downtown retail and restaurant corridor are within walking distance. On-street parking is available, with a public parking deck nearby. The D-C Downtown Core zoning supports retail, service, office, fitness, and entertainment uses identified for the property.
Key Highlights
- ±3,900 SF of retail space in a single‑level layout
- Large storefront windows along West Main Street
- Remodeled in 2017; building constructed in 1905
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
$48,157
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
3.70%
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%
$963,140
$963.1K
Cap Rate 7%
$687,957
$688.0K
Cap Rate 9%
$535,078
$535.1K
Market Conditions
NOI Build-Up for 3,900 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
$70.2K $18.00/SF
− Vacancy
−$1.4K −$0.36/SF
EGI
$68.8K $17.64/SF
− OpEx
−$20.6K −$5.29/SF
NOI
$48.2K $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 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%
$963,140
Cap Rate 7%
$687,957
Cap Rate 9%
$535,078
Alternative Uses
Best Use
Retail
$688.0K
$602.0K – $802.6K
NOI $48,157 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.12M
$983.9K – $1.31M
NOI $78,712 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,301
Businesses Nearby
43k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Hotels & Casinos 42%
Dining 10%
Apparel 2%
Residence Inn by Marriott Missoula Downtown
Hotels & Casinos
14,080 visits/mo
0.2 miles
Exxon
Shops & Services
5,435 visits/mo
0.4 miles
Sinclair
Shops & Services
5,172 visits/mo
0.5 miles
The UPS Store
Shops & Services
5,006 visits/mo
0.1 miles
Jimmy John's
Dining
4,247 visits/mo
0.2 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Single-level commercial space with display windows, restrooms, storage, and Downtown Core zoning.
Where is this storefront property located?
The property is located at 218 West Main Street Missoula, MT.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: ±3,900 SF of retail space in a single‑level layout; Large storefront windows along West Main Street; Remodeled in 2017; building constructed in 1905
