Top-Floor Medical Office
For Sale
$345,000
304-2835 Fort Missoula Rd, Missoula, MT 59804
Move-in ready medical office suite with five exam rooms, reception, and a nurse station on the top floor.
Property Size1,138 SF
Price / SF$303.16
Days on Market407
Property Features for 304-2835 Fort Missoula Rd
General Information
Standard status
Active
Size
1,138 SF
Taxes and HOA fees
Annual Taxes
$4,329
Amenities
5 exam rooms
ADA-compliant restroom
nurse station
private doctor's office with en suite restroom
reception area
dedicated storage area
Listing Agency:
Lemm Real Estate, LLC
(406) 439-9555
Listed By:
David A. Lemm · License #11218
(406) 439-9555
Source:
Exprealty
Added: Jul 1, 2025
Changed: Aug 10
Last Checked: Aug 11 at 10:40AM
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 Lemm Real Estate, LLC
Investment Insights
Based on property information with market context.
Located on the top floor of Physicians Center #3, this medical office condominium offers an efficient clinical layout designed for patient flow. The suite includes five exam rooms, an ADA-compliant restroom, a nurse station, a welcoming reception area, and a private doctor’s office with an en suite restroom. Dedicated storage for records is available in the basement.
Ample public parking is provided in an adjacent lot, and the Missoula Community Hospital is located just behind the building. The property is offered for sale or lease and is described as move-in ready.
This is a practical option for practices looking for an established exam-room configuration within a medical campus setting.
Ample public parking is provided in an adjacent lot, and the Missoula Community Hospital is located just behind the building. The property is offered for sale or lease and is described as move-in ready.
This is a practical option for practices looking for an established exam-room configuration within a medical campus setting.
Key Highlights
- Approximately 1,138 SF top‑floor medical office condominium in Physicians Center #3
- Includes 5 exam rooms plus a welcoming reception area and nurse station
- Private doctor’s office with en suite restroom
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
$15,400
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
4.46%
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%
$308,000
$308.0K
Cap Rate 7%
$220,000
$220.0K
Cap Rate 9%
$171,111
$171.1K
Market Conditions
NOI Build-Up for 1,138 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
$28.7K $25.20/SF
− Vacancy
−$3.0K −$2.65/SF
EGI
$25.7K $22.55/SF
− OpEx
−$10.3K −$9.02/SF
NOI
$15.4K $13.53/SF
Area
Missoula County, MT
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$308,000
Cap Rate 7%
$220,000
Cap Rate 9%
$171,111
Alternative Uses
Best Use
Healthcare Medical
$220.0K
$192.5K – $256.7K
NOI $15,400 @ 7.0% cap · market cap 4.46%
Second Best
Office B
$189.5K
$165.8K – $221.1K
NOI $13,263 @ 7.0% cap · market cap 3.84%
Theoretical Best
Specialty Retail
$328.1K
$287.1K – $382.8K
NOI $22,968 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59804, MT
8,193
Population
3,487
Households
2.3
Avg Household Size
47
Median Age
47%
College-Educated
97%
High-School Grad
126.3 sq mi
ZIP Area
65
Density / Sq Mi
$74,877
Median Household Income
$41,975
Median Earnings
$1,138
Median Rent
$507,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Move-in ready medical office suite with five exam rooms, reception, and a nurse station on the top floor.
Where is this medical office space located?
The property is located at 304-2835 Fort Missoula Rd Missoula, MT.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Approximately 1,138 SF top‑floor medical office condominium in Physicians Center #3; Includes 5 exam rooms plus a welcoming reception area and nurse station; Private doctor’s office with en suite restroom
