Historic Mixed-Use Property Near
For Sale
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416 E Pine Street, Missoula, MT 59802
Historic Missoula property with office space and apartments.
Property Size5,543 SF
Price / SF$216.49
Days on Market1035
Property Features for 416 E Pine Street
General Information
Standard status
Active
Size
5,543 SF
Property subtype
Mixed Use
Zoning
6
Building Details
Year Built
1915
Listing Agency:
Portico Real Estate of Montana
Listed By:
Jeff Haley · License #RRE-RBS-LIC-79973
Source:
Crexi
Added: Oct 11, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:39AM
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 Portico Real Estate of Montana
Investment Insights
Based on property information with market context.
The Hatheway House, a historic building with roots tracing back to the early days of Missoula, offers a unique mixed-use opportunity. While CAMA data indicates a construction date around 1915, other sources suggest it may have been built closer to the turn of the century. Zoned RM1-35, this property features a spacious Victorian home with approximately 5543 square feet. The main structure includes two reception areas, two first-floor conference areas, and a third conference room area on the second floor. Ample storage and additional office space are available on the third floor. In addition to the main building, the property also includes two apartments located at the rear. This property is located between downtown Missoula and the University of Montana.
Key Highlights
- Prime Location: Situated between downtown Missoula and the University of Montana.
- Zoned RM1‑35: Offers diverse possibilities for use and development.
- Two Apartments: Additional income potential or living space.
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
$64,604
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
5.38%
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%
$1,292,080
$1.3M
Cap Rate 7%
$922,914
$922.9K
Cap Rate 9%
$717,822
$717.8K
Market Conditions
NOI Build-Up for 5,543 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
$116.4K $21.00/SF
− Vacancy
−$30.3K −$5.46/SF
EGI
$86.1K $15.54/SF
− OpEx
−$21.5K −$3.89/SF
NOI
$64.6K $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%
$1,292,080
Cap Rate 7%
$922,914
Cap Rate 9%
$717,822
Alternative Uses
Best Use
Office B
$922.9K
$807.6K – $1.08M
NOI $64,604 @ 7.0% cap · market cap 5.38%
Second Best
Mixed Use
$558.3K
$488.5K – $651.3K
NOI $39,078 @ 7.0% cap · market cap 3.26%
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.86M
NOI $111,872 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,813
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic Missoula property with office space and apartments.
Where is this mixed-use property located?
The property is located at 416 E Pine Street Missoula, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime Location: Situated between downtown Missoula and the University of Montana.; Zoned RM1‑35: Offers diverse possibilities for use and development.; Two Apartments: Additional income potential or living space.
