Two-Story Office
New
For Sale
$949,000
818 W Central Ave, Missoula, MT 59801
Remediated office property with a ready-to-finish main level and parking for multiple occupants.
Property Size4,070 SF
Price / SF$233.17
Days on Market7
Property Features for 818 W Central Ave
General Information
Standard status
Active
Size
4,070 SF
Total Parking Spaces
10
Building Details
Year Built
1977
Buildings
1
Stories
2
Listing Agency:
EXIT Realty Missoula
(406) 721-1010
Listed By:
Kevin R Bailey · License #54097
Source:
Mtranchsales
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 6:58PM
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 EXIT Realty Missoula
Investment Insights
Based on property information with market context.
This two-level office property contains 4,070 square feet within a building constructed in 1977. The main floor has undergone remediation and has been stripped to the studs, creating a defined starting point for completion and interior configuration. The layout can accommodate one or two businesses, subject to the finished design.
The property includes 10 off-street parking spaces, along with on-street parking and alley access. Its office-oriented configuration and unfinished main level provide flexibility for an owner-user or multi-business setup without relying on a fully built-out interior.
The property includes 10 off-street parking spaces, along with on-street parking and alley access. Its office-oriented configuration and unfinished main level provide flexibility for an owner-user or multi-business setup without relying on a fully built-out interior.
Key Highlights
- 4,070 SF across 2 floors
- Main level remediated and taken down to the studs
- Layout can be configured for 1 or 2 businesses
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
$47,436
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
5.00%
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%
$948,720
$948.7K
Cap Rate 7%
$677,657
$677.7K
Cap Rate 9%
$527,067
$527.1K
Market Conditions
NOI Build-Up for 4,070 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
$85.5K $21.00/SF
− Vacancy
−$22.2K −$5.46/SF
EGI
$63.2K $15.54/SF
− OpEx
−$15.8K −$3.89/SF
NOI
$47.4K $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%
$948,720
Cap Rate 7%
$677,657
Cap Rate 9%
$527,067
Alternative Uses
Best Use
Office B
$677.7K
$593.0K – $790.6K
NOI $47,436 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,143 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remediated office property with a ready-to-finish main level and parking for multiple occupants.
Where is this office building located?
The property is located at 818 W Central Ave Missoula, MT.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 4,070 SF across 2 floors; Main level remediated and taken down to the studs; Layout can be configured for 1 or 2 businesses
