Mullan Crossing Income
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3760 Mullan Road A, Missoula, MT 59808
Office condominium with a 10-year NNN lease in place.
Property Size1,879 SF
Price / SF$340.61
Days on Market1051
Property Features for 3760 Mullan Road A
General Information
Standard status
Active
Size
1,879 SF
Property subtype
Mixed Use
Zoning
C1-3
Building Details
Year Built
2023
Listing Agency:
Eagen Real Estate
(406) 542-1811
Listed By:
Jessie Eagen · License #RRE-BRO-LIC-8043
Source:
Crexi
Added: Sep 25, 2023
Changed: Aug 8
Last Checked: May 12 at 9:28PM
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.
Located north of Mullan Rd and west of Reserved St just off Clark Fork Ln, this 1,879 sqft office condominium is situated on the 1st floor of Building #2 at Mullan Crossing. Completed in the summer of 2023, this new construction offers modern amenities, energy efficiency, and a professional atmosphere. The property is currently operating as an income property with a 10-year NNN lease. The monthly income is $3471.75, with yearly rent escalators. The property includes a private entrance and ample parking. The tenant is responsible for property taxes, insurance, and maintenance costs.
Key Highlights
- Established income stream: Leased with a 10‑year NNN lease, providing $3471.75 monthly income with yearly rent escalators.
- Tenant responsible for expenses: NNN lease structure means tenant covers property taxes, insurance, and maintenance, minimizing landlord responsibilities.
- New construction: Completed in Summer 2023, offering modern amenities and energy efficiency.
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
$21,900
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
3.42%
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%
$438,000
$438.0K
Cap Rate 7%
$312,857
$312.9K
Cap Rate 9%
$243,333
$243.3K
Market Conditions
NOI Build-Up for 1,879 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
$39.5K $21.00/SF
− Vacancy
−$10.3K −$5.46/SF
EGI
$29.2K $15.54/SF
− OpEx
−$7.3K −$3.89/SF
NOI
$21.9K $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%
$438,000
Cap Rate 7%
$312,857
Cap Rate 9%
$243,333
Alternative Uses
Best Use
Office B
$312.9K
$273.8K – $365.0K
NOI $21,900 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$541.8K
$474.0K – $632.1K
NOI $37,923 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 59808, MT
21,546
Population
9,938
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
97%
High-School Grad
157.1 sq mi
ZIP Area
137
Density / Sq Mi
$76,795
Median Household Income
$39,324
Median Earnings
$1,236
Median Rent
$419,800
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 units - Office condominium with a 10-year NNN lease in place.
Where is this office units located?
The property is located at 3760 Mullan Road A Missoula, MT.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Established income stream: Leased with a 10‑year NNN lease, providing $3471.75 monthly income with yearly rent escalators.; Tenant responsible for expenses: NNN lease structure means tenant covers property taxes, insurance, and maintenance, minimizing landlord responsibilities.; New construction: Completed in Summer 2023, offering modern amenities and energy efficiency.
