Industrial Warehouse with Expansion
New
For Sale
$3,400,000
4685 Expressway, Missoula, MT 59808
Missoula, MT
Property Size23,520 SF
Lot Size5.19 Acres
Price / SF$144.56
Days on Market2
Property Features for 4685 Expressway
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
5.19 Acres
Building Details
Year built
1994
Listing Agency:
Engel & Volkers Missoula · Engel & Völkers
(406) 926-3322
Listed By:
Sharon Gordon · License #RRE-RBS-LIC-13041
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:06AM
MLS# 30072297
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This warehouse-oriented industrial property spans 5.19 acres and includes an approximately 21,590-square-foot industrial building used for light industrial operations, plus an approximately 1,930-square-foot office building. The offering also includes 2.65 acres of undeveloped land, while 2.54 acres are leased under an NNN arrangement. The current lease runs through April 2029, includes a 3% annual increase, and provides for the tenant to pay 78% of taxes and all building and land insurance.
Located at 4685 Expressway in Missoula, the property includes a Burlington Railroad spur and an internal road serving the site. It is zoned M1R-2. Four test pits were excavated on the undeveloped portion to a depth of 10 feet in January 2026, and a completed Phase I report is available. City discussions regarding drainage included approval to use the front ditch along Expressway and the community pond, subject to verification.
Located at 4685 Expressway in Missoula, the property includes a Burlington Railroad spur and an internal road serving the site. It is zoned M1R-2. Four test pits were excavated on the undeveloped portion to a depth of 10 feet in January 2026, and a completed Phase I report is available. City discussions regarding drainage included approval to use the front ditch along Expressway and the community pond, subject to verification.
Key Highlights
- 5.19‑acre industrial property with approximately 21,590 SF warehouse and approximately 1,930 SF office building
- 2.65 acres of undeveloped land included with the property
- 2.54 acres leased under an NNN structure through April 2029
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
$274,126
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
8.06%
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%
$5,482,520
$5.5M
Cap Rate 7%
$3,916,086
$3.9M
Cap Rate 9%
$3,045,844
$3.0M
Market Conditions
NOI Build-Up for 23,520 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
$493.9K $21.00/SF
− Vacancy
−$128.4K −$5.46/SF
EGI
$365.5K $15.54/SF
− OpEx
−$91.4K −$3.89/SF
NOI
$274.1K $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 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%
$5,482,520
Cap Rate 7%
$3,916,086
Cap Rate 9%
$3,045,844
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.57M
NOI $274,126 @ 7.0% cap · market cap 8.06%
Second Best
Warehouse
$2.96M
$2.59M – $3.46M
NOI $207,469 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$6.78M
$5.93M – $7.91M
NOI $474,692 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59808, MT
21,546
Population
9,938
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
97%
High-School Grad
157.1 sq mi
ZIP Area
137
Density / Sq Mi
$76,795
Median Household Income
$39,324
Median Earnings
$1,236
Median Rent
$419,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Vigilante Storage Center & Park N' Fly — 4050 W Broadway St, Missoula, MT 59808
- All Star Self Storage — 4645 Harlequin Ct, Missoula, MT 59808
- Mvli Properties / Storage, Llc — Biggers Ln, Missoula, MT 59808
- Storage Solutions Records Management — 4545 Majestic Dr b, Missoula, MT 59808
- Mr. T's Self Storage — 5075 Expressway, Missoula, MT 59808
Frequently Asked Questions
What type of property is this?
Warehouse - Existing industrial and office improvements sit alongside undeveloped land within an M1R-2-zoned property.
Where is this warehouse located?
The property is located at 4685 Expressway Missoula, MT.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 5.19‑acre industrial property with approximately 21,590 SF warehouse and approximately 1,930 SF office building; 2.65 acres of undeveloped land included with the property; 2.54 acres leased under an NNN structure through April 2029
