Mixed-Use 7-Unit
For Sale
$850,000
412 E Spruce St, Missoula, MT 59802
Seven-unit mixed-use building with 6 residential units and a commercial space plus two leased garage bays.
Property Size5,419 SF
Price / SF$156.86
Days on Market81
Property Features for 412 E Spruce St
General Information
Standard status
Active
Size
5,419 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
6
Amenities
high ceilings
near downtown
Black Coffee
University
4 Coin-op laundry machines
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Ink Realty Group
Listed By:
Maggie Springer · License #RRE-RBS-LIC-71615
(406) 240-9545
Source:
Westmontanahomes
Added: Jun 17
Changed: Sep 1
Last Checked: Sep 5 at 8:52AM
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 Ink Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property includes 6 residential units and 1 commercial space, with two leased garage bays. The building is fully leased. Off-street parking is provided with two spaces in front and one off-street space in the back, with additional on-street parking available.
Recent updates include new paint and flooring in four of the units within the last three years. Additional improvements noted include updated insulation, updated electrical in the attics, and high ceilings. The building also has four coin-op laundry machines.
The property is described as being near downtown and close to Black Coffee and the University, supporting tenant demand for both residential and the on-site commercial component.
Recent updates include new paint and flooring in four of the units within the last three years. Additional improvements noted include updated insulation, updated electrical in the attics, and high ceilings. The building also has four coin-op laundry machines.
The property is described as being near downtown and close to Black Coffee and the University, supporting tenant demand for both residential and the on-site commercial component.
Key Highlights
- 7‑unit mixed‑use property at 412 E Spruce and 411 E Alder: 6 residential units plus 1 commercial space
- Fully leased income property with 2 leased garage bays
- 2 off‑street parking spaces in front and 1 off‑street parking space in back/on street
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
$57,848
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
6.81%
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%
$1,156,960
$1.2M
Cap Rate 7%
$826,400
$826.4K
Cap Rate 9%
$642,756
$642.8K
Market Conditions
NOI Build-Up for 5,419 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
$114.4K $21.12/SF
− Vacancy
−$9.3K −$1.71/SF
EGI
$105.2K $19.41/SF
− OpEx
−$47.3K −$8.73/SF
NOI
$57.8K $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%
$1,156,960
Cap Rate 7%
$826,400
Cap Rate 9%
$642,756
Alternative Uses
Best Use
Apartment 5plus
$826.4K
$723.1K – $964.1K
NOI $57,848 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.56M
$1.37M – $1.82M
NOI $109,369 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,590
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit mixed-use building with 6 residential units and a commercial space plus two leased garage bays.
Where is this apartment building located?
The property is located at 412 E Spruce St Missoula, MT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 7‑unit mixed‑use property at 412 E Spruce and 411 E Alder: 6 residential units plus 1 commercial space; Fully leased income property with 2 leased garage bays; 2 off‑street parking spaces in front and 1 off‑street parking space in back/on street
