Updated Historic
New
For Sale
$1,095,000
323 Eddy Ave, Missoula, MT 59801
Three leased units offer separate entrances, alley access, and proximity to the University, Hip Strip, and Downtown.
Property Size3,360 SF
Price / SF$325.89
Days on Market5
Property Features for 323 Eddy Ave
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
RE/MAX All Stars
Listed By:
John T Herring · License #RRE-BRO-LIC-6639
(406) 544-1742
Source:
Toporealestate
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 4 at 10:22AM
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 RE/MAX All Stars
Investment Insights
Based on property information with market context.
This historic triplex, built in 1925, contains 3,360 square feet and has undergone extensive updating, including new exterior paint. The property is legally configured as three units with separate entrances and three leases. A broad front porch, recycling bins, and bicycle storage add functional amenities, while the rebuilt carriage house provides additional utility.
Located at 323 Eddy Ave in Missoula, the property sits less than three blocks from the University and near the Hip Strip and Downtown Missoula. Alley access supports day-to-day use. The current owner manages the property, and the existing triplex configuration could alternatively be restored to a single-family residence.
Located at 323 Eddy Ave in Missoula, the property sits less than three blocks from the University and near the Hip Strip and Downtown Missoula. Alley access supports day-to-day use. The current owner manages the property, and the existing triplex configuration could alternatively be restored to a single-family residence.
Key Highlights
- Legal triplex with 3 leases and 3 separate entrances
- 3,360 SF historic property built in 1925
- Less than 3 blocks from the University
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
$35,868
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
3.28%
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%
$717,360
$717.4K
Cap Rate 7%
$512,400
$512.4K
Cap Rate 9%
$398,533
$398.5K
Market Conditions
NOI Build-Up for 3,360 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
$71.0K $21.12/SF
− Vacancy
−$5.7K −$1.71/SF
EGI
$65.2K $19.41/SF
− OpEx
−$29.3K −$8.73/SF
NOI
$35.9K $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%
$717,360
Cap Rate 7%
$512,400
Cap Rate 9%
$398,533
Alternative Uses
Best Use
Apartment 5plus
$512.4K
$448.4K – $597.8K
NOI $35,868 @ 7.0% cap · market cap 3.28%
Second Best
Multifamily LT 5
$480.3K
$420.3K – $560.4K
NOI $33,622 @ 7.0% cap · market cap 3.07%
Theoretical Best
Specialty Retail
$968.8K
$847.7K – $1.13M
NOI $67,813 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Triplex - Three leased units offer separate entrances, alley access, and proximity to the University, Hip Strip, and Downtown.
Where is this triplex located?
The property is located at 323 Eddy Ave Missoula, MT.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Legal triplex with 3 leases and 3 separate entrances; 3,360 SF historic property built in 1925; Less than 3 blocks from the University
