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 Market92
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:
Mtranchsales
Added: Jul 21
Changed: Oct 4
Last Checked: Oct 7 at 5:42PM
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
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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 / Yr
$57,848
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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
