Honey-Themed Retail
For Sale
$550,000
19 S Tracy, Bozeman, MT 59715
COMMERCIAL - Bozeman, MT
Property Size3,780 SF
Price / SF$145.50
Days on Market507
Property Features for 19 S Tracy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B3
Parking features
On Street
Directions
Main Street Downtown, S on Tracy, 2nd Building on the Right (West side of the road).
Subdivision
1SM - Boz Main to Kagy
Standard status
Active
APN
RGH1153
Size
3,780 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
STORY ADD, S07, T02 S, R06 E, BLOCK A, Lot 1, NW4 BEING 54'X35'
Tax Annual Amount
13125
Legal Description
STORY ADD, S07, T02 S, R06 E, BLOCK A, Lot 1, NW4 BEING 54'X35'
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1928
Listing Agency:
Gallatin Realty Group
(406) 570-5422
Listed By:
Michelle Haverstick · License #BRO-63222
(406) 570-5422
Added: Apr 2, 2025
Changed: Aug 4
Last Checked: Aug 21 at 6:06AM
MLS# 400721
Copyright © 2026 Big Sky Country 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.
Honey-themed specialty retail storefront featuring jarred and on-tap honey and themed retail products. The offering includes equipment for beekeeping/beginner hobbyists, along with inventory, website and domain, and a Square point of sale system. The business also offers classes and honey tastings.
The lower level is suited for larger-scale classes, trainings, and tastings, and may also be used as a commercial kitchen to promote honey or related products. The building was constructed in 1928 and connects to public water and public sewer. Cooling is provided by central air, with parking available on street.
Located at 19 S Tracy in Bozeman, this storefront is presented with an assumable lease and includes the materials needed for continued retail operations, including the Point of Sale setup and inventory. Sellers are willing to teach a new owner the ropes.
The lower level is suited for larger-scale classes, trainings, and tastings, and may also be used as a commercial kitchen to promote honey or related products. The building was constructed in 1928 and connects to public water and public sewer. Cooling is provided by central air, with parking available on street.
Located at 19 S Tracy in Bozeman, this storefront is presented with an assumable lease and includes the materials needed for continued retail operations, including the Point of Sale setup and inventory. Sellers are willing to teach a new owner the ropes.
Key Highlights
- Specialty honey retail storefront, jarred and fresh honey on tap
- Includes beekeeping equipment, inventory, website, domain name, and Square point of sale system
- Lower level supports larger classes, trainings, and tastings; could be used as a commercial kitchen
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
$44,294
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
8.05%
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%
$885,880
$885.9K
Cap Rate 7%
$632,771
$632.8K
Cap Rate 9%
$492,156
$492.2K
Market Conditions
NOI Build-Up for 3,780 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
$68.0K $18.00/SF
− Vacancy
−$4.8K −$1.26/SF
EGI
$63.3K $16.74/SF
− OpEx
−$19.0K −$5.02/SF
NOI
$44.3K $11.72/SF
Area
Gallatin County, MT
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$885,880
Cap Rate 7%
$632,771
Cap Rate 9%
$492,156
Alternative Uses
Best Use
Retail
$632.8K
$553.7K – $738.2K
NOI $44,294 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$987.0K
$863.7K – $1.15M
NOI $69,092 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,170
Businesses Nearby
59k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Hotels & Casinos 25%
Dining 17%
Apparel 11%
Kimpton Armory Hotel Bozeman
Hotels & Casinos
12,269 visits/mo
0.1 miles
MacKenzie River Pizza Co.
Dining
8,194 visits/mo
0.2 miles
Conoco
Shops & Services
7,236 visits/mo
0.5 miles
Fjallraven
Apparel
6,477 visits/mo
0.0 miles
Owenhouse Ace Hardware
Home Improvements & Furnishings
6,198 visits/mo
0.0 miles
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Specialty honey retail storefront with central air, on-street parking, and a lower level for classes, tastings, or a commercial kitchen.
Where is this storefront property located?
The property is located at 19 S Tracy Bozeman, MT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Specialty honey retail storefront, jarred and fresh honey on tap; Includes beekeeping equipment, inventory, website, domain name, and Square point of sale system; Lower level supports larger classes, trainings, and tastings; could be used as a commercial kitchen
