NNN Retail Building with
For Sale
$1,649,000
Pending
819 S Higgins Avenue, Missoula, MT 59801
South Higgins Avenue retail building with full NNN occupancy, recent capital improvements, and additional unfinished mezzanine space.
Property Size8,400 SF
Days on Market153
Property Features for 819 S Higgins Avenue
General Information
Standard status
Pending
Size
8,400 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$128,500
Additional Details
Cap Rate
7.8%
Traffic Count
19,500 vehicles/day
Taxes and HOA fees
Annual Taxes
$22,327
Building Details
Year Built
1905
Buildings
1
Tenancy
Multi
Listing Agency:
Eagen Real Estate
(406) 542-1811
Listed By:
Jessie M Eagen · License #8043
Source:
Clearwaterproperties
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 5:30PM
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 Eagen Real Estate
Investment Insights
Based on property information with market context.
Built in 1905, this 8,400-square-foot retail building at 819 S Higgins Avenue is 100% leased on an NNN basis. Recent improvements include a new roof, commercial-grade garage door, replaced awnings, a BTU heater, and a paved, striped parking lot with security-grade LED lighting. The property also contains more than 8,000 square feet of unfinished mezzanine attic area with usable ceiling height for expansion or storage.
The building records a daily traffic count of 19,500 and sits within blocks of the University of Montana campus, Downtown Missoula, and surrounding residential properties. Its South Higgins Avenue location places the asset within an established commercial corridor.
The building records a daily traffic count of 19,500 and sits within blocks of the University of Montana campus, Downtown Missoula, and surrounding residential properties. Its South Higgins Avenue location places the asset within an established commercial corridor.
Key Highlights
- 8,400‑square‑foot retail building constructed in 1905
- 100% NNN leased
- 7.8% cap rate
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
$103,723
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
6.29%
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%
$2,074,460
$2.1M
Cap Rate 7%
$1,481,757
$1.5M
Cap Rate 9%
$1,152,478
$1.2M
Market Conditions
NOI Build-Up for 8,400 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
$151.2K $18.00/SF
− Vacancy
−$3.0K −$0.36/SF
EGI
$148.2K $17.64/SF
− OpEx
−$44.5K −$5.29/SF
NOI
$103.7K $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%
$2,074,460
Cap Rate 7%
$1,481,757
Cap Rate 9%
$1,152,478
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,723 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.42M
$2.12M – $2.83M
NOI $169,533 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19,500 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,326
Businesses Nearby
24k
Monthly Visits Nearby
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?
NNN property - South Higgins Avenue retail building with full NNN occupancy, recent capital improvements, and additional unfinished mezzanine space.
Where is this nnn property located?
The property is located at 819 S Higgins Avenue Missoula, MT.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: 8,400‑square‑foot retail building constructed in 1905; 100% NNN leased; 7.8% cap rate
