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    Downtown Office Space Available Now Title is generated by Realmo AI

    500 N Higgins Avenue 204, Missoula, MT 59802

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    820 SF office space in the heart of downtown.

    Type:Office
    Property size:
    820 SF
    Added:
    Aug 2, 2024
    Days on Market:
    673
    Last Refresh:
    May 12 at 9:34 pm

    Property Features for 500 N Higgins Avenue 204

    General Information

    Standard status
    Active
    Size
    820 SF
    Property subtype
    Office

    Building Details

    Year Built
    1934

    Spaces For Lease

    at 500 N Higgins Avenue 204 Contact us

    204 $1.21/Mo

    Size
    820 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Aaron Gingerelli

    Listing agent Aaron Gingerelli License #RRE-BRO-LIC-44748

    Listing office Berkshire Hathaway HomeService

    Listing date Aug 2, 2024

    Source Crexi

    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 Berkshire Hathaway HomeService

    HighLights

    • Prime downtown location at the corner of Higgins & Spruce with high visibility.
    • Significant rent savings: 1 month free on a 3‑4 year lease, or 3 months free on a 5‑year lease.
    • All utilities, CAM, building taxes & insurance included in a fixed $45/month fee.
    • Recently remodeled common hallways and bathrooms (2024).
    • ADA compliant building with elevator access.
    • Easy access to I‑90 and walking distance to downtown businesses and restaurants.

    Overview

    Located at the intersection of Higgins and Spruce in downtown Missoula, this 820 SF office space is situated on the second floor of a high-exposure building. The suite is accessible from the main front entrance on Higgins Avenue and is conveniently located near restrooms and a drinking fountain. The common hallways and bathrooms in this wing of the building were remodeled in 2024. The suite features a long entry room and a large, open office area in the back, along with a second, small private office. The building is ADA compliant and includes an elevator. The location offers easy access from Orange Street or Van Buren Street exits off I-90 and is within walking distance of downtown businesses and restaurants. The property benefits from the stability of well-established neighboring businesses. The lease structure is preferred for 3-5 years, with other terms considered. The utility/CAM fee is $45.00, which includes water, sewer, garbage, electric, gas, CAM, building taxes, and insurance. The lessee is responsible for phone, internet, internal suite janitorial services, and all other personal utilities. The zoning is CBD-4. The 2022 MT DOT traffic count is 4,470 Average Daily Traffic. The space is available now.
    Location Intelligence

    Current Use by Public Records

    First Call - Digital ... Marketing & Advertising Crime Victims Advocate ... Social Service Agency Missoula Scuba & Snorkel Vocational School Mica Wolcott Counselor Pronto Process Services ... Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Missoula
    County
    Missoula
    State
    Montana
    Longitude
    -113.9922627
    Latitude
    46.8741143

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    FAQs

    What type of property is this?
    Office units - 820 SF office space in the heart of downtown.
    Where is this office units located?
    The property is located at 500 N Higgins Avenue 204 Missoula, MT.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown location at the corner of Higgins & Spruce with high visibility.; Significant rent savings: 1 month free on a 3‑4 year lease, or 3 months free on a 5‑year lease.; All utilities, CAM, building taxes & insurance included in a fixed $45/month fee.
    (406) 721-4141 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Aaron Gingerelli
    Real Estate License ID: RRE-BRO-LIC-44748
    Learn More
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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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