Brick Retail Building with Rooftop
For Sale
$1,050,000
Pending
817 Higgins, Missoula, MT 59801
Brick commercial building offers an open retail showroom layout with 14-foot ceilings and a rooftop cellular antenna lease.
Property Size4,200 SF
Days on Market33
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
(406) 239-1865
Listed By:
Adam Hertz · License #RRE-RBS-LIC-24957
Source:
Clearwaterproperties
Added: Jul 22
Changed: Aug 23
Last Checked: Aug 23 at 4:08AM
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 is a well-maintained brick commercial building positioned on Missoula’s “Hip Strip.” The main level provides an open floor plan with 14’ ceilings and quality finishes, designed to support a flexible layout for a single tenant or multiple-tenant configuration. An additional second-level area is available and is not included in the stated total square footage, offering room for expansion or added utility.
The property features storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day. A rooftop cellular antenna lease is in place and paid on an annual basis, providing supplemental income.
This offering is currently owner-occupied by Bryant Photography, with more than 35 years of occupancy. The building is within walking distance to Downtown Missoula and Caras Park, and less than a one-minute drive or a few minute bike ride to the University of Montana and Washington-Grizzly Stadium.
The property features storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day. A rooftop cellular antenna lease is in place and paid on an annual basis, providing supplemental income.
This offering is currently owner-occupied by Bryant Photography, with more than 35 years of occupancy. The building is within walking distance to Downtown Missoula and Caras Park, and less than a one-minute drive or a few minute bike ride to the University of Montana and Washington-Grizzly Stadium.
Key Highlights
- 4,200 sq ft brick commercial building with an open floor plan and 14' ceilings
- Second‑level area available (not included in total sq ft) for expansion or added utility
- 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 offers an open retail showroom layout with 14-foot ceilings and a rooftop cellular antenna lease.
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 sq ft brick commercial building with an open floor plan and 14' ceilings; Second‑level area available (not included in total sq ft) for expansion or added utility; Rooftop cellular antenna lease provides supplemental income paid annually
