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115 S 4th ST W Missoula, MT 59801
21,852 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Building/Land
Listing Status Active
Purchase Type For Sale
Square Footage 21,852 sqft
Price per Sqft $308
MLS Listing ID 30076458
HOA Y/N No
Year Built 1923
Annual Tax Amount $68,414
Tax Year 2025
Lot Size 0.957 Acres
Acres 0.957
Property Sub-Type Building/Land
Property Description
Waypointe represents one of the premier urban infill redevelopment opportunities in Missoula's celebrated Hip Strip district. Ownership has assembled a contiguous 41,700-square-foot development site - a rare feat in this supply constrained corridor - following the successful approval of an alley vacation in June 2025. The result is a clean, unencumbered footprint with no alley bisecting the site, significantly expanding buildable area and design flexibility.
The property currently generates approximately $298,788 of stabilized annual NOI from seven commercial tenants operating under predominantly triple-net lease structures with leases staggered through 2026-2029. Most redevelopment sites generate little or no income during entitlement, design and permitting - Waypointe provides a developer nearly $300,000 annually to offset carrying costs, equation to $896,000 in aggregate NOI through the current lease term. Missoula's new Unified Development Code (Title 22, effective March 4, 2026) has transformed the regulatory environment. Parking minimums have been eliminated citywide, density maximums removed, and by-right development is now permitted - eliminating discretionary review risk. The Hip Strip is zoned to match the City's highest density downtown. Attached in Documents is the OM and a history of the property PDF with more information.
In my 34 years of real estate this is probably the 2nd or 3rd best redevelopment site I've seen in Missoula.
The property currently generates approximately $298,788 of stabilized annual NOI from seven commercial tenants operating under predominantly triple-net lease structures with leases staggered through 2026-2029. Most redevelopment sites generate little or no income during entitlement, design and permitting - Waypointe provides a developer nearly $300,000 annually to offset carrying costs, equation to $896,000 in aggregate NOI through the current lease term. Missoula's new Unified Development Code (Title 22, effective March 4, 2026) has transformed the regulatory environment. Parking minimums have been eliminated citywide, density maximums removed, and by-right development is now permitted - eliminating discretionary review risk. The Hip Strip is zoned to match the City's highest density downtown. Attached in Documents is the OM and a history of the property PDF with more information.
In my 34 years of real estate this is probably the 2nd or 3rd best redevelopment site I've seen in Missoula.
Location
State MT
County Missoula
Interior
Interior Features InteriorFeatures
Fireplace No
Exterior
Parking Features On Street
Water Access Desc Public
Garage No
Building
Foundation See Remarks
Sewer Public Sewer
Water Public
Others
Tax ID 04220021421070000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Eagen Real Estate
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