Brick Storefront
For Sale
Under Contract
$1,050,000
817 S Higgins Avenue, Missoula, MT 59801
CommercialSale, Missoula, MT
Property Size4,200 SF
Lot Size0.10 Acres
Price / SF$250
Days on Market139
Property Features for 817 S Higgins Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Zoning description
C1-4
Interior features
OpenFloorplan, WiredForData
Lot features
Level
View
City, Mountains
Directions
Head south on Higgins from Downtown Missoula. Building is on the right just after 6th Street.
Standard status
Active Under Contract
APN
04220021407070000
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2015
Tax Description
KNOWLES ADDITION # 2, S21, T13 N, R19 W, BLOCK 84, Lot 5
Tax Annual Amount
17759
Legal Description
KNOWLES ADDITION # 2, S21, T13 N, R19 W, BLOCK 84, Lot 5
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
open floor plan
14' ceilings
quality finishes
abundant natural light
Building Details
Year built
1905
Building materials
Brick
Roof type
Rubber
Listing Agency:
ERA Lambros Real Estate Missoula · ERA Real Estate
(406) 532-9200
Listed By:
Adam Hertz · License #RRE-RBS-LIC-24957
(406) 239-1865
Added: Apr 20
Changed: Sep 5
Last Checked: Sep 5 at 9:06PM
MLS# 30069149
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.
Located at 817 S Higgins Avenue, this 1905 brick storefront property offers a flexible commercial setting in Missoula’s Hip Strip. The building includes an open floor plan, 14-foot ceilings, quality finishes, wired-for-data capability, and substantial natural light. A separate second-level area, excluded from the reported building size, adds usable space for future configuration. Public water and sewer serve the property, with forced-air, natural-gas heating and a rubber roof.
The storefront fronts S Higgins Avenue, where exposure is reported at 21,000+ vehicles per day. The property is within walking distance of Downtown Missoula and Caras Park, and less than a one-minute drive or a few-minute bike ride from the University of Montana and Washington-Grizzly Stadium. The building has been occupied by Bryant Photography for more than 35 years and also includes a rooftop cellular antenna lease that produces annual supplemental income.
The storefront fronts S Higgins Avenue, where exposure is reported at 21,000+ vehicles per day. The property is within walking distance of Downtown Missoula and Caras Park, and less than a one-minute drive or a few-minute bike ride from the University of Montana and Washington-Grizzly Stadium. The building has been occupied by Bryant Photography for more than 35 years and also includes a rooftop cellular antenna lease that produces annual supplemental income.
Key Highlights
- 4,200 sq ft brick commercial building with an additional second‑level area excluded from total sq ft
- 14' ceilings, open floor plan, quality finishes, and abundant natural light
- Prime storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day
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
Lease Details
21,000 VPD
Traffic count
Single-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned brick building with an open layout, high ceilings, natural light, and flexible occupancy options.
Where is this storefront property located?
The property is located at 817 S Higgins Avenue 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 additional second‑level area excluded from total sq ft; 14' ceilings, open floor plan, quality finishes, and abundant natural light; Prime storefront frontage on S Higgins Ave with exposure to 21,000+ vehicles per day
