Upgraded Mixed-Use Property For
For Sale
$3,199,000
3819 Stephens Ave, Missoula, MT 59801
Modern, upgraded mixed-use property with cash flow and diverse tenants.
Property Size14,701 SF
Price / SF$217.60
Days on Market158
Property Features for 3819 Stephens Ave
General Information
Standard status
Active
Size
14,701 SF
Building Details
Year Built
1974
Listing Agency:
PureWest Real Estate - Missoula
(406) 207-8200
Listed By:
Devin Khoury · License #14766
Source:
Toporealestate
Added: Mar 26
Changed: Aug 25
Last Checked: Aug 29 at 11:34AM
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 PureWest Real Estate - Missoula
Investment Insights
Based on property information with market context.
This mixed-use property has undergone recent upgrades, ensuring it remains modern and functional. It is available with cash flows and net operating income for a new owner. The property features multiple levels with suites and an elevator. It is home to a diverse range of tenants with long-term commercial leases, providing stability and an attractive investment opportunity. The suites are designed with professional office spaces. The common areas are well maintained. The property includes two racquetball courts converted into workout centers. On the upper level are smaller suites that could be used as live-in owner quarters or rentals. Located near the South Hills of Missoula, the building offers an ideal setting. The property is complemented by multiple parking lots, ensuring convenience and accessibility. The property size is 14701 square feet.
Key Highlights
- Significant cash flows and NOI for a new owner
- Strong, long‑term commercial leases providing stability
- Recent upgrades ensuring a modern and functional building
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
$171,340
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
5.36%
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%
$3,426,800
$3.4M
Cap Rate 7%
$2,447,714
$2.4M
Cap Rate 9%
$1,903,778
$1.9M
Market Conditions
NOI Build-Up for 14,701 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
$308.7K $21.00/SF
− Vacancy
−$80.3K −$5.46/SF
EGI
$228.5K $15.54/SF
− OpEx
−$57.1K −$3.89/SF
NOI
$171.3K $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%
$3,426,800
Cap Rate 7%
$2,447,714
Cap Rate 9%
$1,903,778
Alternative Uses
Best Use
Office B
$2.45M
$2.14M – $2.86M
NOI $171,340 @ 7.0% cap · market cap 5.36%
Second Best
Mixed Use
$1.48M
$1.30M – $1.73M
NOI $103,642 @ 7.0% cap · market cap 3.24%
Theoretical Best
Specialty Retail
$4.24M
$3.71M – $4.95M
NOI $296,703 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
597
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?
Mixed-use property - Modern, upgraded mixed-use property with cash flow and diverse tenants.
Where is this mixed-use property located?
The property is located at 3819 Stephens Ave Missoula, MT.
What is the asking price?
The asking price for this property is $3,199,000.
What are key features of this property?
This property features: Significant cash flows and NOI for a new owner; Strong, long‑term commercial leases providing stability; Recent upgrades ensuring a modern and functional building
