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.
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School Ratings & Info
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.
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