John R. Toole House | 1005 Gerald Avenue 1005 Gerald Ave 18,875 SF Office Building Missoula, MT 59801 $3,500,000 ($185.43/SF)

SterlingCRE Advisors is pleased to present The John R. Toole House at 1005 Gerald Avenue, a National Register–listed historic property offering a compelling adaptive reuse opportunity in Missoula’s University District. The building totals approximately ±13,977 square feet above grade with an additional ±4,898 square feet of below-grade space, providing flexibility for a range of redevelopment concepts.
The property’s historic designation makes it eligible for the Federal 20% Historic Tax Credit and Montana’s 5% Historic Tax Credit. With these, a buyer can potentially offset up to 25% of qualified rehabilitation costs and materially improve redevelopment economics.
Combined with the property’s quiet neighborhood setting, historic character, and adopted U-R4 zoning, which allows a broad range of uses by right, the asset offers a rare opportunity to reposition a legacy property while preserving its architectural and historical significance.
1005 Gerald Avenue is well-suited for an owner-user or mission-driven investor seeking a distinctive, neighborhood-compatible asset with long-term intrinsic value. Potential uses include boutique medical or wellness practices, institutional or educational users, professional office conversion, or residential condominium redevelopment consistent with historic preservation standards.
Properties of this quality and significance are exceptionally rare in Missoula’s University District. Bring your vision and continue the tradition of beauty and architectural excellence for Missoula!
NOTE: As in most historic properties of this vintage, it is likely (though not verified) that the property is impacted by asbestos and/or lead-based paint. Additionally, a previous leak (now fixed) impacted the third floor. Buyers should conduct thorough due diligence to verify the exact status of these, and other, components of the property.