Contiguous Office Condo
For Sale
$750,000
619 SW Higgins Avenue, Missoula, MT 59803
CommercialSale, Missoula, MT
Property Size3,260 SF
Price / SF$230.06
Days on Market410
Property Features for 619 SW Higgins Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
B2-2
Parking features
Garage, Assigned, Underground/Basement
Lot features
Landscaped
Directions
From Russell, east on 39th/SW Higgins Ave, past Bancroft to Terrace West building on the right. Units are on 2nd floor on the west side of the building.
Standard status
Active
APN
04220033416127010
Taxes and HOA fees
Tax Year
2024
Tax Description
Units 148-190 of TERRACE WEST CONDOMINIUMS, S33, T13 N, R19 W
Tax Annual Amount
10664
Legal Description
Units 148-190 of TERRACE WEST CONDOMINIUMS, S33, T13 N, R19 W
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Number of units
3
Flooring type
Carpet
Listing Agency:
ERA Lambros Real Estate Missoula · ERA Real Estate
(406) 532-9200
Listed By:
Rick Meisinger · License #RRE-BRO-LIC-12362
(406) 240-6031
Added: Jul 8, 2025
Changed: Aug 21
Last Checked: Aug 21 at 5:06PM
MLS# 30053568
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.
Investment Insights
Based on property information with market context.
Three contiguous office condominium suites, identified as Q, R, and S, provide 3,260 square feet within a professional building. The configuration includes 11 private offices, a reception and waiting area, a large conference room, file and flex space, and a full kitchen. Each suite has its own entrance, and the units may be deeded separately. The property is well-maintained, with carpeted flooring, forced-air heating, and central air conditioning. Office furniture may remain by agreement, excluding file cabinets.
The property is located at 619 SW Higgins Avenue in Missoula, on a commercial corridor near downtown Missoula and the University of Montana. Grocery stores, restaurants, and other amenities are also nearby. Parking includes 5 assigned underground spaces along with abundant surface parking. Public water and public sewer serve the building, which was constructed in 1976.
The property is located at 619 SW Higgins Avenue in Missoula, on a commercial corridor near downtown Missoula and the University of Montana. Grocery stores, restaurants, and other amenities are also nearby. Parking includes 5 assigned underground spaces along with abundant surface parking. Public water and public sewer serve the building, which was constructed in 1976.
Key Highlights
- 3,260 square feet across three contiguous office condominium suites Q, R, and S
- 11 private offices plus reception, waiting, conference, file/flex, and kitchen areas
- 3 private entrances; suites may be deeded separately
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
$37,995
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
5.07%
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%
$759,900
$759.9K
Cap Rate 7%
$542,786
$542.8K
Cap Rate 9%
$422,167
$422.2K
Market Conditions
NOI Build-Up for 3,260 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
$68.5K $21.00/SF
− Vacancy
−$17.8K −$5.46/SF
EGI
$50.7K $15.54/SF
− OpEx
−$12.7K −$3.89/SF
NOI
$38.0K $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%
$759,900
Cap Rate 7%
$542,786
Cap Rate 9%
$422,167
Alternative Uses
Best Use
Office B
$542.8K
$474.9K – $633.3K
NOI $37,995 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$939.9K
$822.4K – $1.10M
NOI $65,795 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
Explore this area
Business Placement
Demographics for 59803, MT
17,203
Population
6,813
Households
2.5
Avg Household Size
40
Median Age
53%
College-Educated
97%
High-School Grad
97.0 sq mi
ZIP Area
177
Density / Sq Mi
$108,992
Median Household Income
$49,831
Median Earnings
$1,194
Median Rent
$492,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercially zoned professional space with separate entrances and flexible suite configuration.
Where is this office units located?
The property is located at 619 SW Higgins Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,260 square feet across three contiguous office condominium suites Q, R, and S; 11 private offices plus reception, waiting, conference, file/flex, and kitchen areas; 3 private entrances; suites may be deeded separately
