Two-Story Warehouse with
For Sale
$1,350,000
924 & 938 Phillips, Missoula, MT 59802
Two adjacent parcels support a two-story warehouse with main-floor office/warehouse space and two second-floor apartments.
Property Size10,640 SF
Lot Size0.41 Acres
Price / SF$126.88
Days on Market34
Property Features for 924 & 938 Phillips
General Information
Standard status
Active
Size
10,640 SF
Lot size
0.41 Acres
Property subtype
Commercial
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,194
Building Details
Year Built
1910
Year Renovated
1985
Stories
2
Listing Agency:
Windermere R E Missoula
Listed By:
Kelly Mytty Donoghue · License #79258
Source:
Clearwaterproperties
Added: Jul 21
Changed: Aug 23
Last Checked: Aug 23 at 7:56AM
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 Windermere R E Missoula
Investment Insights
Based on property information with market context.
This for-sale dual-property package includes two adjacent and contiguous parcels with a two-story warehouse building originally constructed in 1910 and remodeled in 1985. The building provides a total of 8,728 SF of usable space, including approximately 7,478 SF of main-floor office and warehouse space, 1,250 SF of second-floor apartment space, and an additional 1,250 SF of unheated basement storage.
The main level includes a kitchen, multiple private offices, warehouse space, multiple overhead doors, two walk-in coolers, and 12-foot sidewalls, along with convenient off-street parking. The second floor contains two separate one-bedroom, one-bathroom apartment units. Please see the listing agent for current rental information.
The site offers access from both Phillips Street and Waverly Street and is positioned along the railroad corridor to the north, providing a blend of industrial character and urban accessibility.
The main level includes a kitchen, multiple private offices, warehouse space, multiple overhead doors, two walk-in coolers, and 12-foot sidewalls, along with convenient off-street parking. The second floor contains two separate one-bedroom, one-bathroom apartment units. Please see the listing agent for current rental information.
The site offers access from both Phillips Street and Waverly Street and is positioned along the railroad corridor to the north, providing a blend of industrial character and urban accessibility.
Key Highlights
- Two adjacent parcels totaling 17,680 SF (7,040 SF and 10,680 SF) at 924 & 938 Phillips Street
- Two‑story warehouse built in 1910, remodeled in 1985, offering 8,728 SF of usable space
- Main floor includes about 7,478 SF of office/warehouse space with multiple overhead doors, kitchen, and private offices
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
$113,583
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
8.41%
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%
$2,271,660
$2.3M
Cap Rate 7%
$1,622,614
$1.6M
Cap Rate 9%
$1,262,033
$1.3M
Market Conditions
NOI Build-Up for 10,640 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
$224.7K $21.12/SF
− Vacancy
−$18.2K −$1.71/SF
EGI
$206.5K $19.41/SF
− OpEx
−$92.9K −$8.73/SF
NOI
$113.6K $10.68/SF
Area
Missoula County, MT
Vacancy
8.10%
Lease Rate
$21.12 /SF/Yr
Expense Ratio
45.00%
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%
$2,271,660
Cap Rate 7%
$1,622,614
Cap Rate 9%
$1,262,033
Alternative Uses
Best Use
Flex RnD
$1.88M
$1.64M – $2.19M
NOI $131,459 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,583 @ 7.0% cap · market cap 8.41%
Theoretical Best
Specialty Retail
$3.07M
$2.68M – $3.58M
NOI $214,742 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,615
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 59802, MT
19,892
Population
10,416
Households
1.9
Avg Household Size
37
Median Age
52%
College-Educated
96%
High-School Grad
45.4 sq mi
ZIP Area
438
Density / Sq Mi
$65,054
Median Household Income
$36,541
Median Earnings
$1,021
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Big Sky Mobile Catering Corporation — 224 N Higgins Ave, Missoula, MT 59802
Frequently Asked Questions
What type of property is this?
Flex space - Two adjacent parcels support a two-story warehouse with main-floor office/warehouse space and two second-floor apartments.
Where is this flex space located?
The property is located at 924 & 938 Phillips Missoula, MT.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two adjacent parcels totaling 17,680 SF (7,040 SF and 10,680 SF) at 924 & 938 Phillips Street; Two‑story warehouse built in 1910, remodeled in 1985, offering 8,728 SF of usable space; Main floor includes about 7,478 SF of office/warehouse space with multiple overhead doors, kitchen, and private offices
