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    Turnkey Fly Fishing Lodge Property Title is generated by Realmo AI

    61 1st Street E, Fort Smith, MT 59035

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    For Sale
    $2,250,000

    COMMERCIAL - Fort Smith, MT

    Added:
    Sep 2, 2025
    Days on Market:
    278
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 61 1st Street E

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    K10090

    Taxes and HOA fees

    Tax Description
    YELLOWTAIL SUBD, S16, T06 S, R31 E, BLOCK 2, Lot 10 - 15, 23010 SQUARE FEET, ***FOREVER MERGED***. see attachments for full legals.
    Tax Annual Amount
    11054

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Baseboard
    Water source
    Public

    Building Details

    Year built
    1990
    Floors in Building
    1

    We can help!

    Listing Contact
    Ty Fisher

    Listing agent Ty Fisher License #RRE-BRO-LIC-127635

    Listing office Gold Buckle Real Estate 569 Upper Road, Hardin, MT

    Listing date Sep 2, 2025

    MLS# 349446

    Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fly fishing lodge with Big Horn Fly & Tackle Shop; same ownership since 1983 and currently fully operational
    • 8 motel‑style rooms plus 2 rustic cabins and 2 manufactured guest cabins
    • On‑site manager quarters with 3 bedrooms and 2 bathrooms, including guest dining facilities
    • Fly shop stocked with essential gear & tackle to support in‑property retail
    • Utilities include public water and public sewer
    • Electric baseboard heat; property built in 1990

    Overview

    This turnkey fly fishing lodge includes eight motel-style rooms, two rustic cabins, and two manufactured guest cabins, designed to support guest stays and related services. A manager quarters home with three bedrooms and two bathrooms is also included, along with guest dining facilities. The property operates a fly shop that is stocked with essential gear and tackle, supporting on-site retail for anglers.

    The lodge is located in Fort Smith, Montana, at 61 1st Street E. The business is positioned to serve outdoor visitors connected to the Big Horn River and the Big Horn Canyon National Recreation area.

    For operators looking to enter or expand in the outdoor hospitality and fishing industry, the package combines lodging, guest dining, and an on-site fly shop under one ownership history. The existing operational setup and defined guest accommodations can support continued use as a fly fishing lodge, with the option to continue offering guided fishing experiences through established local relationships as described.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Map

    City
    Fort Smith
    County
    Big Horn
    State
    Montana
    Longitude
    -107.915003
    Latitude
    45.307324

    FAQs

    What type of property is this?
    Hotel - Fully operational lodge with motel rooms, cabins, manager quarters, and an on-site fly shop with tackle inventory.
    Where is this hotel located?
    The property is located at 61 1st Street E Fort Smith, MT.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Fly fishing lodge with Big Horn Fly & Tackle Shop; same ownership since 1983 and currently fully operational; 8 motel‑style rooms plus 2 rustic cabins and 2 manufactured guest cabins; On‑site manager quarters with 3 bedrooms and 2 bathrooms, including guest dining facilities
    (406) 665-5151
    We can help!
    Listing Contact
    Ty Fisher
    Real Estate License ID: RRE-BRO-LIC-127635
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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