Restaurant Leased Building For
For Sale
$3,398,500
221 & 223 N Higgins Ave, Missoula, MT 59802
Restaurant leased building for sale with assumable mortgage.
Property Size5,200 SF
Price / SF$653.56
Days on Market149
Property Features for 221 & 223 N Higgins Ave
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Retail
Building Details
Year Built
1887
Listing Agency:
Coldwell Banker Commercial Green & Green
(406) 544-4055
Listed By:
John Drew · License #98724
(406) 544-4055
Source:
Cbcworldwide
Added: Mar 5
Changed: Jul 6
Last Checked: Jun 26 at 8:07PM
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 Coldwell Banker Commercial Green & Green
Investment Insights
Based on property information with market context.
This property represents a significant investment opportunity. The building includes 5,200 square feet on the main floor, currently leased to Pangea Restaurant, and an additional 5,200 square feet on the lower level, leased to Stave & Hoop Restaurant. Building 221 also features an office suite on the second floor, offering 2,600 square feet of space. The total area of the building is 5,184 square feet. The property has been improved to very high standards and offers a 6.5% cap rate. There is a $700,000 assumable mortgage at a 1.36% interest rate.
Key Highlights
- Assumable $700,000 mortgage at a very low 1.36% interest rate.
- 6.5% Cap Rate, indicating a strong investment opportunity.
- Two established restaurant tenants (Pangea Restaurant and Stave & Hoop Restaurant) occupying 5,200 SF each.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $143.5k | $27.60 |
| − Vacancy | −$3.6k | −$0.69 |
| EGI | $139.9k | $26.91 |
| − OpEx | −$35.0k | −$6.73 |
| NOI | $104.9k | $20.18 |
5,200 SF · lease $27.60/SF/yr · vacancy 2.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $104,949 @ 7.0% cap · market cap 3.09%
Second Best
Retail
$917.3K
$802.6K – $1.07M
NOI $64,210 @ 7.0% cap · market cap 1.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,241
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Hotels & Casinos 33%
Shops & Services 19%
Electronics 2%
McDonald's
Dining
14,133 visits/mo
0.5 miles
Residence Inn by Marriott Missoula Downtown
Hotels & Casinos
14,080 visits/mo
0.1 miles
Taco Bell
Dining
13,861 visits/mo
0.4 miles
DoubleTree by Hilton Hotel Missoula - Edgewater
Hotels & Casinos
8,439 visits/mo
0.5 miles
Burger King
Dining
6,515 visits/mo
0.5 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
Properties on Market for Retail properties & Spaces in Missoula
Vacancy Rate% for Retail 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?
Retail property - Restaurant leased building for sale with assumable mortgage.
Where is this retail property located?
The property is located at 221 & 223 N Higgins Ave Missoula, MT.
What is the asking price?
The asking price for this property is $3,398,500.
What are key features of this property?
This property features: Assumable $700,000 mortgage at a very low 1.36% interest rate.; 6.5% Cap Rate, indicating a strong investment opportunity.; Two established restaurant tenants (Pangea Restaurant and Stave & Hoop Restaurant) occupying 5,200 SF each.
