Mixed-Use Building with Alley
New
For Sale
$1,200,000
939 Stephens Avenue, Missoula, MT 59801
CommercialSale, Missoula, MT
Property Size9,900 SF
Lot Size0.27 Acres
Price / SF$121.21
Days on Market6
Property Features for 939 Stephens Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
2
Parking
12
Parking features
On Street, Alley
Lot features
Level
Directions
GPS 939 Stephens Ave
Standard status
Active
APN
04220028215010000
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH MISSOULA, S28, T13 N, R19 W, BLOCK 77, Lot 13 - 15 Acres: 0.27
Tax Annual Amount
24974
Legal Description
SOUTH MISSOULA, S28, T13 N, R19 W, BLOCK 77, Lot 13 - 15 Acres: 0.27
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
flexible floor plan
alley access with overhead door
private on-site parking
Building Details
Year built
1962
Flooring type
Carpet, Concrete
Listing Agency:
Berkshire Hathaway HomeServices - Missoula
(406) 721-4141
Listed By:
Paulette McMannis · License #RRE-BRO-LIC-6990
(406) 880-4988
Added: Sep 17
Changed: Sep 22
Last Checked: Sep 22 at 7:06AM
MLS# 30078559
Copyright © 2026 Montana Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial building offers a flexible floor plan that can accommodate retail, office, service-business, or mixed-use occupancy. The property includes carpet and concrete flooring, forced-air heating, central air, new exterior paint, and solid construction. An overhead door provides access from the alley, while private on-site parking is also available.
The property occupies 0.269 acres at 939 Stephens Avenue in Missoula, with public water and public sewer service. Built in 1962, the building is located within RM1-45 zoning, where legal non-conforming commercial use is permitted. On-street and alley parking features further support access to the property.
The property occupies 0.269 acres at 939 Stephens Avenue in Missoula, with public water and public sewer service. Built in 1962, the building is located within RM1-45 zoning, where legal non-conforming commercial use is permitted. On-street and alley parking features further support access to the property.
Key Highlights
- 9,900 SF building with a flexible floor plan for retail, office, service, or mixed‑use occupancy
- 0.269‑acre property at 939 Stephens Avenue, Missoula, MT 59801
- RM1‑45 zoning permits legal non‑conforming commercial use
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
$69,795
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
5.82%
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%
$1,395,900
$1.4M
Cap Rate 7%
$997,071
$997.1K
Cap Rate 9%
$775,500
$775.5K
Market Conditions
NOI Build-Up for 9,900 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
$118.8K $12.00/SF
− Vacancy
−$7.1K −$0.72/SF
EGI
$111.7K $11.28/SF
− OpEx
−$41.9K −$4.23/SF
NOI
$69.8K $7.05/SF
Area
Missoula County, MT
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,395,900
Cap Rate 7%
$997,071
Cap Rate 9%
$775,500
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,245 @ 7.0% cap · market cap 10.19%
Second Best
Mixed Use
$997.1K
$872.4K – $1.16M
NOI $69,795 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$2.85M
$2.50M – $3.33M
NOI $199,807 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,262
Businesses Nearby
133k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 23%
Groceries 22%
Home Improvements & Furnishings 1%
Albertsons
Groceries
29,181 visits/mo
0.5 miles
Jo-Ann Fabric and Craft
Shops & Services
20,129 visits/mo
0.4 miles
Town Pump
Shops & Services
16,160 visits/mo
0.4 miles
Starbucks
Dining
15,453 visits/mo
0.5 miles
Conoco
Shops & Services
15,283 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial building with retail, office, service, and mixed-use occupancy options in a central Missoula setting.
Where is this mixed-use property located?
The property is located at 939 Stephens Avenue 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: 9,900 SF building with a flexible floor plan for retail, office, service, or mixed‑use occupancy; 0.269‑acre property at 939 Stephens Avenue, Missoula, MT 59801; RM1‑45 zoning permits legal non‑conforming commercial use
