5-Unit Renovated Apartment
For Sale
$1,450,000
228 Eddy Ave, Missoula, MT 59801
Renovated multifamily property with varied unit layouts, in-unit laundry, and proximity to the University of Montana campus.
Property Size6,335 SF
Price / SF$228.89
Days on Market52
Property Features for 228 Eddy Ave
General Information
Standard status
Active
Size
6,335 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x efficiency, 1 x 1BR, 1 x 2BR, 1 x 3BR, 1 x 4BR/2BA
Multifamily Units
5
Amenities
in-unit laundry
air conditioning
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Main Street Realty
Listed By:
Colin Rimel
(406) 370-2408
Source:
Jasonbakerteam
Added: Jul 15
Changed: Aug 31
Last Checked: Sep 4 at 9:24AM
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 Main Street Realty
Investment Insights
Based on property information with market context.
Located at 228 Eddy Avenue, this five-unit apartment property combines a renovation program with a broad mix of residential layouts. The units include an efficiency, one-bedroom, two-bedroom, three-bedroom, and four-bedroom/two-bath residences. Two units are newer construction, while the property’s updated design emphasizes contemporary finishes and reduced maintenance. In-unit laundry is provided throughout, and air conditioning is available in every unit other than the efficiency.
The property is situated in Missoula’s University District, within walking distance of the University of Montana campus and downtown Missoula. The Clark Fork River and the city’s trail system are also within walking distance, placing several local destinations near the property. Built in 1910, the asset offers a five-unit configuration with diversified unit sizes in an established central location.
The property is situated in Missoula’s University District, within walking distance of the University of Montana campus and downtown Missoula. The Clark Fork River and the city’s trail system are also within walking distance, placing several local destinations near the property. Built in 1910, the asset offers a five-unit configuration with diversified unit sizes in an established central location.
Key Highlights
- Five‑unit apartment property with efficiency, 1‑bedroom, 2‑bedroom, 3‑bedroom, and 4‑bedroom/2‑bath units
- Renovation completed throughout the property, including two units built as newer construction
- In‑unit laundry in all five residences
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
$67,627
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
4.66%
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%
$1,352,540
$1.4M
Cap Rate 7%
$966,100
$966.1K
Cap Rate 9%
$751,411
$751.4K
Market Conditions
NOI Build-Up for 6,335 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
$133.8K $21.12/SF
− Vacancy
−$10.8K −$1.71/SF
EGI
$123.0K $19.41/SF
− OpEx
−$55.3K −$8.73/SF
NOI
$67.6K $10.68/SF
Area
Missoula County, MT
Vacancy
8.10%
Lease Rate
$21.12 /SF/Yr
Expense Ratio
45.00%
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%
$1,352,540
Cap Rate 7%
$966,100
Cap Rate 9%
$751,411
Alternative Uses
Best Use
Apartment 5plus
$966.1K
$845.3K – $1.13M
NOI $67,627 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.13M
NOI $127,856 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with varied unit layouts, in-unit laundry, and proximity to the University of Montana campus.
Where is this apartment building located?
The property is located at 228 Eddy Ave Missoula, MT.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Five‑unit apartment property with efficiency, 1‑bedroom, 2‑bedroom, 3‑bedroom, and 4‑bedroom/2‑bath units; Renovation completed throughout the property, including two units built as newer construction; In‑unit laundry in all five residences
