NNN-Leased Office Condominium
For Sale
$640,000
3760 Mullan Road A, Missoula, MT 59808
First-floor Suite A is leased under a 10-year NNN structure with monthly income and annual rent escalators.
Property Size1,543 SF
Price / SF$414.78
Days on Market519
Property Features for 3760 Mullan Road A
General Information
Standard status
Active
Size
1,543 SF
Property subtype
Commercial
Zoning
C
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$6,136
Building Details
Building Size
1,543 SF
Year Built
2023
Tenancy
Single
Listing Agency:
Windermere Great Divide-Bozeman
(208) 507-1613
Listed By:
Eli Kretzmann
(208) 507-1613
Source:
Outlaw
Added: Mar 17, 2025
Changed: Aug 16
Last Checked: Aug 16 at 3:34AM
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 Windermere Great Divide-Bozeman
Investment Insights
Based on property information with market context.
Mullan Crossing Suite A is a leased office condominium located on the first floor of Building #2. The suite is 1,879 square feet and is delivered as a turn-key space with a private entrance and plenty of parking. New construction is slated to be completed in summer 2023.
The property is located north of Mullan Rd and west of Reserved St, just off Clark Fork Ln. Suite A is part of Mullan Crossing and is offered for sale as an income-producing NNN lease asset.
This offering is designed for buyers seeking an NNN-leased office condominium with long-term tenant occupancy. The lease is a 10-year NNN structure currently in place, generating monthly income of $3,471.75, with yearly rent escalators. Under an NNN framework, property taxes, insurance, and maintenance costs are allocated to the tenant, reducing day-to-day landlord responsibilities and ongoing expense exposure.
The property is located north of Mullan Rd and west of Reserved St, just off Clark Fork Ln. Suite A is part of Mullan Crossing and is offered for sale as an income-producing NNN lease asset.
This offering is designed for buyers seeking an NNN-leased office condominium with long-term tenant occupancy. The lease is a 10-year NNN structure currently in place, generating monthly income of $3,471.75, with yearly rent escalators. Under an NNN framework, property taxes, insurance, and maintenance costs are allocated to the tenant, reducing day-to-day landlord responsibilities and ongoing expense exposure.
Key Highlights
- Building #2, Suite A: 1,879 SF office condominium on the 1st floor
- 10‑year NNN lease in place with monthly income of $3,471.75 and yearly rent escalators
- New construction scheduled for completion in summer 2023
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
$17,984
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
2.81%
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%
$359,680
$359.7K
Cap Rate 7%
$256,914
$256.9K
Cap Rate 9%
$199,822
$199.8K
Market Conditions
NOI Build-Up for 1,543 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
$32.4K $21.00/SF
− Vacancy
−$8.4K −$5.46/SF
EGI
$24.0K $15.54/SF
− OpEx
−$6.0K −$3.89/SF
NOI
$18.0K $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%
$359,680
Cap Rate 7%
$256,914
Cap Rate 9%
$199,822
Alternative Uses
Best Use
Office B
$256.9K
$224.8K – $299.7K
NOI $17,984 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$444.9K
$389.3K – $519.0K
NOI $31,142 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
52
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - First-floor Suite A is leased under a 10-year NNN structure with monthly income and annual rent escalators.
Where is this office units located?
The property is located at 3760 Mullan Road A Missoula, MT.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Building #2, Suite A: 1,879 SF office condominium on the 1st floor; 10‑year NNN lease in place with monthly income of $3,471.75 and yearly rent escalators; New construction scheduled for completion in summer 2023
