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    Small Multifamily with Leased Garage Bays Title is generated by Realmo AI

    412 E Spruce Street, Missoula, MT 59802

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    For Sale
    $900,000

    MULTI_FAMILY - Missoula, MT

    Type:Apartment
    Lot size:
    0.10 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 2 at 6:06 pm

    Property Features for 412 E Spruce Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    APN
    04220022244020000
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CP HIGGINS, S22, T13 N, R19 W, BLOCK Q, POR OF LOT 13 & 14
    Tax Annual Amount
    5923

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Hot Water(Heating)
    Water source
    Public

    Building Details

    Year built
    1910
    Number of units
    10

    We can help!

    Listing Contact
    Maggie Springer
    Maggie Springer

    Listing agent Maggie Springer License #RRE-RBS-LIC-71615

    Listing office Ink Realty Group 148 South Avenue W, Missoula, MT

    Listing date Jun 2, 2026

    MLS# 30072160 Listing URL

    Copyright © 2026 Montana Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 7‑unit property at 412 E Spruce and 411 E Alder: 6 residential units plus 1 commercial space
    • Fully leased with 2 leased garage bays and all units occupied
    • 2 off‑street parking spaces in front plus 1 off‑street parking space in back
    • New paint and flooring in 4 units within the last 3 years
    • 4 coin‑op laundry machines on‑site
    • Utilities and systems include public water and public sewer; heating includes natural gas and hot water (heating)

    Overview

    This seven-unit property includes six residential units and one commercial space. The commercial portion is supported by two leased garage bays, and the overall property is reported as fully leased. Parking includes two off-street spaces in front and one off-street space in the back. Residents have access to coin-op laundry with four machines on-site. Recent interior and systems updates include new paint and flooring in four units within the last three years. Additional improvements noted are updated insulation and updated electrical in the attic areas, along with high ceilings that help give the units an open feel.

    The property is located near downtown and is described as being close to Black Coffee and the University, which can be attractive for tenants seeking an easy routine to nearby destinations. With multiple off-street parking spaces and a mix of residential and commercial space, it’s positioned for day-to-day convenience.

    For investors and operators, this is a straightforward income-focused acquisition with existing occupancy and a split residential/commercial structure. The partial recent unit updates may help support ongoing rental demand, while the garage bay component provides an additional revenue stream within the same well-established property configuration.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Dental Office Hair Salon Spa & Massage Center Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Missoula
    County
    Missoula
    State
    Montana
    Longitude
    -113.987903
    Latitude
    46.872849

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit fully leased property offers residential income plus a commercial component with two leased garage bays.
    Where is this apartment building located?
    The property is located at 412 E Spruce Street Missoula, MT.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: 7‑unit property at 412 E Spruce and 411 E Alder: 6 residential units plus 1 commercial space; Fully leased with 2 leased garage bays and all units occupied; 2 off‑street parking spaces in front plus 1 off‑street parking space in back
    (406) 240-9545
    We can help!
    Listing Contact
    Maggie Springer
    Maggie Springer
    Real Estate License ID: RRE-RBS-LIC-71615
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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