Brick Storefront Building with
For Sale
$1,050,000
Pending
817 Higgins, Missoula, MT 59801
Brick commercial building with open layout, high ceilings, and a rooftop cellular antenna lease for supplemental annual income.
Property Size4,200 SF
Days on Market114
Property Features for 817 Higgins
General Information
Standard status
Pending
Size
4,200 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,758
Building Details
Year Built
1905
Listing Agency:
ERA Lambros Real Estate Missoula
Listed By:
Adam Hertz · License #RRE-RBS-LIC-24957
(406) 239-1865
Source:
Clearwaterproperties
Added: May 14
Changed: Sep 3
Last Checked: Sep 2 at 5:55PM
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 ERA Lambros Real Estate Missoula
Investment Insights
Based on property information with market context.
817 S Higgins Avenue presents a well-maintained brick commercial building positioned on Missoula’s Hip Strip. The main space features an open floor plan, 14-foot ceilings, quality finishes, and abundant natural light, offering flexibility for a single tenant or a multi-tenant configuration. An additional second-level area is available beyond the stated total square footage, providing potential for expansion or added utility.
The property has storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day, placing it in the midst of the area’s retail and entertainment activity. It is within walking distance to Downtown Missoula and Caras Park, which hosts events drawing over 500,000 visitors annually. It’s also less than a one-minute drive or a few minute bike ride to the University of Montana and Washington-Grizzly Stadium.
A rooftop cellular antenna lease is in place and paid on an annual basis, providing supplemental income. The current owner has occupied the property as Bryant Photography for more than 35 years.
The property has storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day, placing it in the midst of the area’s retail and entertainment activity. It is within walking distance to Downtown Missoula and Caras Park, which hosts events drawing over 500,000 visitors annually. It’s also less than a one-minute drive or a few minute bike ride to the University of Montana and Washington-Grizzly Stadium.
A rooftop cellular antenna lease is in place and paid on an annual basis, providing supplemental income. The current owner has occupied the property as Bryant Photography for more than 35 years.
Key Highlights
- 4,200+ SF brick commercial building on S Higgins Ave on Missoula’s Hip Strip
- Open floor plan with 14+ ft ceilings and abundant natural light for flexible single- or multi‑tenant use
- Rooftop cellular antenna lease provides supplemental income paid annually
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
$51,862
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
4.94%
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%
$1,037,240
$1.0M
Cap Rate 7%
$740,886
$740.9K
Cap Rate 9%
$576,244
$576.2K
Market Conditions
NOI Build-Up for 4,200 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
$75.6K $18.00/SF
− Vacancy
−$1.5K −$0.36/SF
EGI
$74.1K $17.64/SF
− OpEx
−$22.2K −$5.29/SF
NOI
$51.9K $12.35/SF
Area
Missoula County, MT
Vacancy
2.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,037,240
Cap Rate 7%
$740,886
Cap Rate 9%
$576,244
Alternative Uses
Best Use
Retail
$740.9K
$648.3K – $864.4K
NOI $51,862 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,767 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,326
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 53%
Dining 17%
Hotels & Casinos 16%
Shops & Services 14%
Orange Street Food Farm
Groceries
12,830 visits/mo
0.4 miles
Great Harvest Bread Co.
Dining
4,046 visits/mo
0.3 miles
Holiday Inn Missoula Downtown, an IHG Hotel
Hotels & Casinos
3,823 visits/mo
0.4 miles
Charles Schwab
Shops & Services
2,564 visits/mo
0.1 miles
Midas
Shops & Services
820 visits/mo
0.5 miles
Demographics for 59801, MT
30,629
Population
15,814
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,978
Density / Sq Mi
$55,022
Median Household Income
$34,320
Median Earnings
$1,086
Median Rent
$393,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with open layout, high ceilings, and a rooftop cellular antenna lease for supplemental annual income.
Where is this storefront property located?
The property is located at 817 Higgins Missoula, MT.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 4,200+ SF brick commercial building on S Higgins Ave on Missoula’s Hip Strip; Open floor plan with 14+ ft ceilings and abundant natural light for flexible single- or multi‑tenant use; Rooftop cellular antenna lease provides supplemental income paid annually
