Historic Bar and Restaurant
For Sale
$3,900,000
337 N Higgins Avenue, Missoula, MT 59802
Downtown corner property with a fully equipped bar and restaurant plus separate entrance for independent access.
Property Size8,788 SF
Price / SF$443.79
Days on Market55
Property Features for 337 N Higgins Avenue
General Information
Standard status
Active
Size
8,788 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1910
Stories
2
Listing Agency:
PureWest Real Estate - Missoula
(406) 396-5544
Listed By:
Jennifer Cooney · License #RRE-RBS-LIC-38418
(406) 396-5544
Source:
Purewestrealestate
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 9 at 5:37AM
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 PureWest Real Estate - Missoula
Investment Insights
Based on property information with market context.
This historic commercial building offers a built-out first floor with a fully equipped bar and restaurant, a private poker room, and dedicated office space. The property also includes an unfinished second floor with high ceilings and sweeping views, along with three basements that can support substantial storage or other creative uses. The sale includes FF&E, furniture, fixtures, and equipment.
The building sits on a downtown corner lot on N Higgins Avenue in Missoula, Montana, with a separate unused entrance on Pine Street that provides independent access. This configuration can support multi-tenant arrangements or the addition of a second concept, while maintaining the existing bar and dining operation.
For buyers and operators, the current layout supports a restaurant and bar use with on-site office space and an additional private gaming room. For developers, the unfinished upper level and rooftop-deck option described in the offering provide flexibility for potential future conversion into uses such as condos, office suites, or event space. The included Montana all-beverage liquor license with gaming is intended to support move-in-ready operations for qualified buyers.
The building sits on a downtown corner lot on N Higgins Avenue in Missoula, Montana, with a separate unused entrance on Pine Street that provides independent access. This configuration can support multi-tenant arrangements or the addition of a second concept, while maintaining the existing bar and dining operation.
For buyers and operators, the current layout supports a restaurant and bar use with on-site office space and an additional private gaming room. For developers, the unfinished upper level and rooftop-deck option described in the offering provide flexibility for potential future conversion into uses such as condos, office suites, or event space. The included Montana all-beverage liquor license with gaming is intended to support move-in-ready operations for qualified buyers.
Key Highlights
- 8,800 SF downtown commercial building on a corner lot, built in 1910
- First floor includes a fully equipped bar and restaurant, private poker room, and dedicated office space
- Unfinished second floor with high ceilings and sweeping views of M‑Mountain
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
$177,364
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
4.55%
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%
$3,547,280
$3.5M
Cap Rate 7%
$2,533,771
$2.5M
Cap Rate 9%
$1,970,711
$2.0M
Market Conditions
NOI Build-Up for 8,788 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
$242.5K $27.60/SF
− Vacancy
−$6.1K −$0.69/SF
EGI
$236.5K $26.91/SF
− OpEx
−$59.1K −$6.73/SF
NOI
$177.4K $20.18/SF
Area
Missoula County, MT
Vacancy
2.50%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
25.00%
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%
$3,547,280
Cap Rate 7%
$2,533,771
Cap Rate 9%
$1,970,711
Alternative Uses
Best Use
Specialty Retail
$2.53M
$2.22M – $2.96M
NOI $177,364 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,241
Businesses Nearby
86k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Hotels & Casinos 33%
Shops & Services 19%
Electronics 2%
McDonald's
Dining
14,133 visits/mo
0.5 miles
Residence Inn by Marriott Missoula Downtown
Hotels & Casinos
14,080 visits/mo
0.1 miles
Taco Bell
Dining
13,861 visits/mo
0.4 miles
DoubleTree by Hilton Hotel Missoula - Edgewater
Hotels & Casinos
8,439 visits/mo
0.5 miles
Burger King
Dining
6,515 visits/mo
0.5 miles
Demographics for 59802, MT
19,892
Population
10,416
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
96%
High-School Grad
45.4 sq mi
ZIP Area
438
Density / Sq Mi
$65,054
Median Household Income
$36,541
Median Earnings
$1,021
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Starbucks — 1003 E Broadway St, Missoula, MT 59802
- Grizzly Espresso — S Van Buren Ave, Missoula, MT 59812
- Myrtle Street Taps — 602 Myrtle St, Missoula, MT 59801
- Flippers Tavern ~ Grill ~ Casino — 125 S 3rd St W, Missoula, MT 59801
- GILD — 515 S Higgins Ave, Missoula, MT 59801
Frequently Asked Questions
What type of property is this?
Bar & Pub - Downtown corner property with a fully equipped bar and restaurant plus separate entrance for independent access.
Where is this bar & pub located?
The property is located at 337 N Higgins Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 8,800 SF downtown commercial building on a corner lot, built in 1910; First floor includes a fully equipped bar and restaurant, private poker room, and dedicated office space; Unfinished second floor with high ceilings and sweeping views of M‑Mountain
