Two-Story Warehouse with
924 & 938 Phillips Street Missoula, MT 59802
924 & 938 Phillips Street, Missoula, MT, 59802
Contact for pricing
For Sale
Contact for pricing
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 Market8
Property Features for 924 & 938 Phillips Street
General Information
- Standard status
- Active
- Size
- 10,640 SF
- Lot size
- 0.41 Acres
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1910
Listing agency
Windermere RE Missoula
Listed by
Kelly Donoghue · License #RRE-BRO-LIC-79258
Source
Crexi
Added: Jul 15 Updated: Jul 22 at 8:56AM Checked: Jul 22 at 8:56AM
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 RE 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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $224.7k | $21.12 |
| − Vacancy | −$18.2k | −$1.71 |
| EGI | $206.5k | $19.41 |
| − OpEx | −$92.9k | −$8.73 |
| NOI | $113.6k | $10.68 |
10,640 SF · lease $21.12/SF/yr · vacancy 8.10% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Burns St. Bistro — 1500 Burns St, Missoula, MT 59802
- River & Range Catering — 223 N Higgins Ave, Missoula, MT 59802
- Madeline’s Mediterranean Grille & Street Food — Missoula, MT 59802
- Big Sky Mobile Catering Corporation — 224 N Higgins Ave, Missoula, MT 59802
FAQs
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 Street 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
