Historic Mixed-Use
424 N Higgins Ave, Missoula, MT 59802
For Sale
Contact for pricing
Partially occupied property combines office and restaurant tenancy with flexible second-floor space.
Property Size11,800 SF
Price / SF$203.39
Days on Market106
Property Features for 424 N Higgins Ave
General Information
Standard status
Size
Property subtype
Additional Details
Gross Income
Road Access
Building Details
Buildings
Tenancy
Listing Agency:
Sterling CRE Advisors
(406) 203-4547
Listed By:
Connor McMahon · License MT RRE-RBS-LIC-88267
(406) 370-6424
Source:
Moodyscre
Added: Jul 30
Changed: Nov 4
Last Checked: Nov 12 at 9:00AM
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 Sterling CRE Advisors
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Investment Insights
Based on property information with market context.
Located at 424 N Higgins Ave in downtown Missoula, this historic mixed-use property contains 11,800 square feet across three floors. Preserved architectural elements contribute to the building’s character, while the existing configuration supports multiple commercial and residential-oriented uses. The property has previously accommodated restaurant, hotel, office, and residential functions.
Current occupancy includes an office tenant on the third floor and a restaurant tenant at ground level. The second floor is vacant and is identified as suitable for office or event use, with potential for conversion to residential space or short-term rental use. The building sits on North Higgins Avenue near Worden’s Market, with downtown amenities reachable within a five-minute walk. Nearby on-street public parking adds convenience for occupants and visitors.
Current occupancy includes an office tenant on the third floor and a restaurant tenant at ground level. The second floor is vacant and is identified as suitable for office or event use, with potential for conversion to residential space or short-term rental use. The building sits on North Higgins Avenue near Worden’s Market, with downtown amenities reachable within a five-minute walk. Nearby on-street public parking adds convenience for occupants and visitors.
Key Highlights
- 11,800‑square‑foot historic mixed‑use building at 424 N Higgins Ave
- Three‑floor configuration with office and restaurant occupancy
- Vacant second floor identified for office, event, residential, or short‑term rental use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$137,529
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,750,580
$2.8M
Cap Rate 7%
$1,964,700
$2.0M
Cap Rate 9%
$1,528,100
$1.5M
Market Conditions
NOI Build-Up for 11,800 SF
Gross rent
$247.8K $21.00/SF
− Vacancy
−$64.4K −$5.46/SF
EGI
$183.4K $15.54/SF
− OpEx
−$45.8K −$3.89/SF
NOI
$137.5K $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 Rate 5%
$2,750,580
Cap Rate 7%
$1,964,700
Cap Rate 9%
$1,528,100
Alternative Uses
Best Use
Specialty Retail
$3.40M
$2.98M – $3.97M
NOI $238,154 @ 7.0% cap · market cap 9.92%
Second Best
Office B
$1.96M
$1.72M – $2.29M
NOI $137,529 @ 7.0% cap · market cap 5.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,069
Businesses Nearby
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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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Market
Properties on Market for Mixed-use properties in Missoula
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Partially occupied property combines office and restaurant tenancy with flexible second-floor space.
Where is this mixed-use property located?
The property is located at 424 N Higgins Ave Missoula, MT.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 11,800‑square‑foot historic mixed‑use building at 424 N Higgins Ave; Three‑floor configuration with office and restaurant occupancy; Vacant second floor identified for office, event, residential, or short‑term rental use
