Historic Duplex with Shared
New
For Sale
$650,000
238 & 242 5th, Missoula, MT 59801
Two separately metered units occupy an oversized corner lot near Downtown, the Hip Strip, and the University of Montana.
Property Size4,098 SF
Price / SF$158.61
Days on Market5
Property Features for 238 & 242 5th
General Information
Standard status
Active
Size
4,098 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,701
Amenities
unfinished basement
shared yard
mature trees
Garage: On Street
Garage Spaces: 0
On Street
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Keller Williams Western MT
Listed By:
Kris Hawkins · License #RRE-BRO-LIC-12537
(406) 396-6542
Source:
Clearwaterproperties
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 5 at 9:00AM
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 Keller Williams Western MT
Investment Insights
Based on property information with market context.
Built in 1910, this duplex includes two independent 2-bedroom, 1-bathroom residences with wood floors and period details. The main-level unit has high ceilings, pocket doors between the living and dining rooms, walk-in closets, a mudroom area, and access to an unfinished basement for storage. The upper residence offers a large living room, walk-in closets, and a full bath with a clawfoot tub/shower. Both kitchens are equipped with an oven and refrigerator.
The property is positioned on an oversized corner lot with a shared yard, mature trees, and an underground sprinkler system. Water, gas, and electric service are separately metered. Unit 242 is leased through August 2027, while Unit 238 is occupied month-to-month. The address places the duplex within walking distance of Downtown, the Hip Strip, and the University of Montana.
The property is positioned on an oversized corner lot with a shared yard, mature trees, and an underground sprinkler system. Water, gas, and electric service are separately metered. Unit 242 is leased through August 2027, while Unit 238 is occupied month-to-month. The address places the duplex within walking distance of Downtown, the Hip Strip, and the University of Montana.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units in a duplex built in 1910
- U‑R4 zoning
- Main‑level Unit 242 leased through August 2027; Unit 238 is month‑to‑month
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
$43,747
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
6.73%
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%
$874,940
$874.9K
Cap Rate 7%
$624,957
$625.0K
Cap Rate 9%
$486,078
$486.1K
Market Conditions
NOI Build-Up for 4,098 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
$86.5K $21.12/SF
− Vacancy
−$7.0K −$1.71/SF
EGI
$79.5K $19.41/SF
− OpEx
−$35.8K −$8.73/SF
NOI
$43.7K $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%
$874,940
Cap Rate 7%
$624,957
Cap Rate 9%
$486,078
Alternative Uses
Best Use
Apartment 5plus
$625.0K
$546.8K – $729.1K
NOI $43,747 @ 7.0% cap · market cap 6.73%
Second Best
Multifamily LT 5
$585.8K
$512.6K – $683.5K
NOI $41,007 @ 7.0% cap · market cap 6.31%
Theoretical Best
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,708 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,221
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?
Duplex - Two separately metered units occupy an oversized corner lot near Downtown, the Hip Strip, and the University of Montana.
Where is this duplex located?
The property is located at 238 & 242 5th Missoula, MT.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units in a duplex built in 1910; U‑R4 zoning; Main‑level Unit 242 leased through August 2027; Unit 238 is month‑to‑month
