Well-Maintained Duplex With Outdoor
For Sale
$639,000
Pending
318 5th, Missoula, MT 59801
1915-built duplex with private decks, separate outdoor living areas, and recent mini-split heating and cooling in both units.
Property Size1,678 SF
Days on Market40
Property Features for 318 5th
General Information
Standard status
Pending
Size
1,678 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,860
Amenities
Garage: Additional Parking,On Street
Garage Spaces: 1
Style: Craftsman
Craftsman
Additional Parking,On Street
1
Building Details
Year Built
1915
Listing Agency:
ERA Lambros Real Estate Missoula
(406) 560-4007
Listed By:
Christopher Funston · License #RRE-RBS-LIC-62672
Source:
Clearwaterproperties
Added: Jul 16
Changed: Aug 24
Last Checked: Aug 23 at 8:17AM
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 ERA Lambros Real Estate Missoula
Investment Insights
Based on property information with market context.
Built in 1915, this well-maintained duplex features two separate units with outdoor living space. The upper unit includes a spacious private deck, and the lower unit also offers its own outdoor area for everyday use.
The property is located in Missoula’s University District, with access to the University of Montana and the Hip Strip, as well as downtown Missoula and the Clark Fork River and riverfront walking trail.
Recent mini-split systems in both units provide heating and cooling. The duplex offers a flexible configuration for an owner-occupant or for a residential income setup.
The property is located in Missoula’s University District, with access to the University of Montana and the Hip Strip, as well as downtown Missoula and the Clark Fork River and riverfront walking trail.
Recent mini-split systems in both units provide heating and cooling. The duplex offers a flexible configuration for an owner-occupant or for a residential income setup.
Key Highlights
- 1915‑built duplex in Missoula’s University District
- Recent mini‑split heating and cooling in both units
- Upper unit includes a spacious private deck
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
$17,913
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
2.80%
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%
$358,260
$358.3K
Cap Rate 7%
$255,900
$255.9K
Cap Rate 9%
$199,033
$199.0K
Market Conditions
NOI Build-Up for 1,678 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
$35.4K $21.12/SF
− Vacancy
−$2.9K −$1.71/SF
EGI
$32.6K $19.41/SF
− OpEx
−$14.7K −$8.73/SF
NOI
$17.9K $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%
$358,260
Cap Rate 7%
$255,900
Cap Rate 9%
$199,033
Alternative Uses
Best Use
Apartment 5plus
$255.9K
$223.9K – $298.6K
NOI $17,913 @ 7.0% cap · market cap 2.80%
Second Best
Multifamily LT 5
$239.9K
$209.9K – $279.9K
NOI $16,791 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$483.8K
$423.3K – $564.4K
NOI $33,866 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - 1915-built duplex with private decks, separate outdoor living areas, and recent mini-split heating and cooling in both units.
Where is this duplex located?
The property is located at 318 5th Missoula, MT.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 1915‑built duplex in Missoula’s University District; Recent mini‑split heating and cooling in both units; Upper unit includes a spacious private deck
