7-Unit Apartment Building with Commercial
For Sale
$850,000
412 E Spruce Street, Missoula, MT 59802
ResidentialIncome, Missoula, MT
Property Size5,419 SF
Lot Size0.10 Acres
Price / SF$156.86
Days on Market104
Property Features for 412 E Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning description
D-T (Downtown Transition)
Rooms
Laundry Room, Basement
Lot features
Back Yard, Front Yard
Directions
On E Spruce St downtown.
Standard status
Active
APN
04220022244020000
Size
5,419 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
CP HIGGINS, S22, T13 N, R19 W, BLOCK Q, POR OF LOT 13 & 14
Tax Annual Amount
6997
Legal Description
CP HIGGINS, S22, T13 N, R19 W, BLOCK Q, POR OF LOT 13 & 14
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
coin-op laundry
Building Details
Year built
1910
Number of units
7
Listing Agency:
Ink Realty Group
(406) 728-8270
Listed By:
Maggie Springer · License #RRE-RBS-LIC-71615
(406) 240-9545
Added: Jul 9
Changed: Oct 20
Last Checked: Oct 20 at 8:06PM
MLS# 30074630
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.
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Investment Insights
Based on property information with market context.
This 5,419-square-foot property contains seven units: six residential apartments and one commercial space. Two garage bays are leased as part of the property. Four apartments received new paint and flooring within the last three years, and insulation and attic electrical systems have been updated. The building also has high ceilings and four coin-operated laundry machines.
Built in 1910 on a 0.096-acre lot, the property is served by public water and sewer and has natural gas hot-water heating. Parking includes two off-street spaces at the front and one at the rear; on-street parking is also noted. Its address is 412 E Spruce Street and 411 E Alder in Missoula, Montana.
Built in 1910 on a 0.096-acre lot, the property is served by public water and sewer and has natural gas hot-water heating. Parking includes two off-street spaces at the front and one at the rear; on-street parking is also noted. Its address is 412 E Spruce Street and 411 E Alder in Missoula, Montana.
Key Highlights
- Seven units: six residential and one commercial
- 5,419 square feet on a 0.096‑acre lot
- Two leased garage bays
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
Mixed Use
$545.8K
$477.6K – $636.7K
NOI $38,204 @ 7.0% cap · market cap 4.49%
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
Current Use
Lease Details
6
Residential units
100%
Occupancy
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The fully leased property combines residential apartments, a commercial suite, and 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 $850,000.
What are key features of this property?
This property features: Seven units: six residential and one commercial; 5,419 square feet on a 0.096‑acre lot; Two leased garage bays
