Two-Story Office
New
For Sale
$3,550,000
3760 Mullan Rd, Missoula, MT 59808
Two upper-level suites remain in shell condition, while the main floor is occupied by two tenants.
Property Size9,700 SF
Price / SF$133.86
Days on Market6
Property Features for 3760 Mullan Rd
General Information
Standard status
Active
Size
9,700 SF
Additional Details
Office Units
4
Building Details
Year Built
2023
Buildings
1
Stories
2
Building Size
9,700 SF
Tenancy
Multi
Listing Agency:
Eagen Real Estate
Listed By:
Jessie Eagen · License #8043
(406) 542-1811
Source:
Toporealestate
Added: Sep 30
Last Checked: Oct 4 at 2:28PM
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 Eagen Real Estate
Investment Insights
Based on property information with market context.
Completed in 2023, this two-story office building contains approximately 9,700 square feet and was designed as four separate office condominiums. Two long-term NNN tenants occupy the main level. The two suites on the upper floor are unfinished shells, allowing for future interior design and buildout. Existing leases are structured as long-term NNN agreements.
The property is located at 3760 Mullan Rd in Missoula, Montana. It sits north of Mullan Rd, west of Reserved St, and just off Clark Fork Ln.
The property is located at 3760 Mullan Rd in Missoula, Montana. It sits north of Mullan Rd, west of Reserved St, and just off Clark Fork Ln.
Key Highlights
- Approximately 9,700 square feet across two stories
- Configured as four separate office condominiums
- Two main‑level tenants hold long‑term NNN leases
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
$309,091
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
8.71%
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%
$6,181,820
$6.2M
Cap Rate 7%
$4,415,586
$4.4M
Cap Rate 9%
$3,434,344
$3.4M
Market Conditions
NOI Build-Up for 26,520 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
$556.9K $21.00/SF
− Vacancy
−$144.8K −$5.46/SF
EGI
$412.1K $15.54/SF
− OpEx
−$103.0K −$3.89/SF
NOI
$309.1K $11.66/SF
Area
Missoula County, MT
Vacancy
26.00%
Lease Rate
$21.00 /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%
$6,181,820
Cap Rate 7%
$4,415,586
Cap Rate 9%
$3,434,344
Alternative Uses
Best Use
Office B
$4.42M
$3.86M – $5.15M
NOI $309,091 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.65M
$6.69M – $8.92M
NOI $535,240 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 59808, MT
21,546
Population
9,938
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
97%
High-School Grad
157.1 sq mi
ZIP Area
137
Density / Sq Mi
$76,795
Median Household Income
$39,324
Median Earnings
$1,236
Median Rent
$419,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Two upper-level suites remain in shell condition, while the main floor is occupied by two tenants.
Where is this office building located?
The property is located at 3760 Mullan Rd Missoula, MT.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: Approximately 9,700 square feet across two stories; Configured as four separate office condominiums; Two main‑level tenants hold long‑term NNN leases
