Versatile Building in High-Traffic
For Sale
$1,595,000
Pending
939 Stephens, Missoula, MT 59801
9,900 SF building suitable for retail, office, or mixed-use.
Property Size9,935 SF
Days on Market82
Property Features for 939 Stephens
General Information
Standard status
Pending
Size
9,935 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,974
Amenities
Garage: Alley Access,On Street
Alley Access,On Street
Building Details
Year Built
1962
Listing Agency:
Berkshire Hathaway HomeServices - Missoula
Listed By:
Paulette McMannis · License #6990
Source:
Clearwaterproperties
Added: May 22
Changed: Aug 8
Last Checked: Aug 10 at 2:34AM
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 Berkshire Hathaway HomeServices - Missoula
Investment Insights
Based on property information with market context.
This 9,900 SF building is located in a high-traffic central location with easy access and exceptional visibility. The property is suitable for retail, office, service business, or mixed-use occupancy. The building can be occupied entirely or divided for multiple users, offering income potential. Features include new exterior paint, solid construction, a flexible floor plan, alley access with an overhead door, and private on-site parking. The property has legal non-conforming commercial use permitted within RM1-45 zoning.
Key Highlights
- High‑traffic central location with exceptional visibility.
- Versatile 9,900 SF building suitable for retail, office, service business, or mixed‑use.
- Income potential through division for multiple users.
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
$122,677
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
7.69%
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%
$2,453,540
$2.5M
Cap Rate 7%
$1,752,529
$1.8M
Cap Rate 9%
$1,363,078
$1.4M
Market Conditions
NOI Build-Up for 9,935 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
$178.8K $18.00/SF
− Vacancy
−$3.6K −$0.36/SF
EGI
$175.3K $17.64/SF
− OpEx
−$52.6K −$5.29/SF
NOI
$122.7K $12.35/SF
Area
Missoula County, MT
Vacancy
2.00%
Lease Rate
$18.00 /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%
$2,453,540
Cap Rate 7%
$1,752,529
Cap Rate 9%
$1,363,078
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,677 @ 7.0% cap · market cap 7.69%
Second Best
Office B
$1.65M
$1.45M – $1.93M
NOI $115,792 @ 7.0% cap · market cap 7.26%
Theoretical Best
Specialty Retail
$2.86M
$2.51M – $3.34M
NOI $200,513 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 59801, MT
30,629
Population
15,814
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,978
Density / Sq Mi
$55,022
Median Household Income
$34,320
Median Earnings
$1,086
Median Rent
$393,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - 9,900 SF building suitable for retail, office, or mixed-use.
Where is this retail space located?
The property is located at 939 Stephens Missoula, MT.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: High‑traffic central location with exceptional visibility.; Versatile 9,900 SF building suitable for retail, office, service business, or mixed‑use.; Income potential through division for multiple users.
