Flex Space Complex with Overhead Garage
For Sale
$5,750,000
903 Wisconsin Avenue, Whitefish, MT 59937
Three-building flex space complex with six overhead-garage flex spaces, dual access, and 190 feet of Wisconsin Avenue frontage.
Property Size14,559 SF
Days on Market58
Property Features for 903 Wisconsin Avenue
General Information
Standard status
Active
Size
14,559 SF
Property subtype
Building/Land
Occupancy
100%
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$21,922
Amenities
courtyard
Building Details
Building Size
14,559 SF
Year Built
1994
Buildings
3
Tenancy
Multi
Listing Agency:
National Parks Realty - Whitefish
Listed By:
Jen Dolan · License #RRE-BRO-LIC-79245
(406) 212-0841
Source:
Nationalparksrealty
Added: Jul 20
Changed: Sep 9
Last Checked: Sep 15 at 9:31AM
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 National Parks Realty - Whitefish
Investment Insights
Based on property information with market context.
This flex space complex features three well-maintained buildings built in 1994. Two of the buildings are currently configured as five commercial units surrounding a courtyard, with established businesses including retail, a salon, and a dental office. An additional six versatile flex spaces along the eastern edge are equipped with overhead garage doors, and are fully leased by four long-term tenants.
The property sits along Wisconsin Avenue with 190 feet of frontage and dual access points, supported by ample parking. Reported occupancy has been strong, with 100% paid occupancy over the past decade and 95% over the past forty years.
With multiple buildings, a mix of courtyard-facing commercial units, and flex space suited for a range of uses with roll-up door access, the property provides a stabilized platform for an operator, investor, or developer seeking a multi-tenant commercial complex.
The property sits along Wisconsin Avenue with 190 feet of frontage and dual access points, supported by ample parking. Reported occupancy has been strong, with 100% paid occupancy over the past decade and 95% over the past forty years.
With multiple buildings, a mix of courtyard-facing commercial units, and flex space suited for a range of uses with roll-up door access, the property provides a stabilized platform for an operator, investor, or developer seeking a multi-tenant commercial complex.
Key Highlights
- 190 feet of frontage on Wisconsin Avenue with dual access points and ample parking
- Six flex spaces with overhead garage doors along the eastern edge
- Three well‑maintained buildings built in 1994
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
$206,527
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
3.59%
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%
$4,130,540
$4.1M
Cap Rate 7%
$2,950,386
$3.0M
Cap Rate 9%
$2,294,744
$2.3M
Market Conditions
NOI Build-Up for 14,559 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
$305.7K $21.00/SF
− Vacancy
−$10.7K −$0.74/SF
EGI
$295.0K $20.27/SF
− OpEx
−$88.5K −$6.08/SF
NOI
$206.5K $14.19/SF
Area
Flathead County, MT
Vacancy
3.50%
Lease Rate
$21.00 /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%
$4,130,540
Cap Rate 7%
$2,950,386
Cap Rate 9%
$2,294,744
Alternative Uses
Best Use
Retail
$2.95M
$2.58M – $3.44M
NOI $206,527 @ 7.0% cap · market cap 3.59%
Second Best
Healthcare Medical
$2.62M
$2.29M – $3.05M
NOI $183,260 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,540 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59937, MT
14,354
Population
8,744
Households
1.6
Avg Household Size
45
Median Age
51%
College-Educated
97%
High-School Grad
310.5 sq mi
ZIP Area
46
Density / Sq Mi
$75,512
Median Household Income
$43,105
Median Earnings
$1,335
Median Rent
$654,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Three-building flex space complex with six overhead-garage flex spaces, dual access, and 190 feet of Wisconsin Avenue frontage.
Where is this flex space located?
The property is located at 903 Wisconsin Avenue Whitefish, MT.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 190 feet of frontage on Wisconsin Avenue with dual access points and ample parking; Six flex spaces with overhead garage doors along the eastern edge; Three well‑maintained buildings built in 1994
