Fine Dining Restaurant and Golf
For Sale
$6,990,000
102 Ben Hogan Drive, Missoula, MT 59803
Turnkey fine dining operation paired with an on-site golf course and event-ready outdoor spaces.
Property Size10,109 SF
Lot Size65.00 Acres
Days on Market578
Property Features for 102 Ben Hogan Drive
General Information
Standard status
Active
Size
10,109 SF
Lot size
65.00 Acres
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Building Size
10,109 SF
Year Built
1992
Listing Agency:
PureWest Real Estate - Missoula
(406) 207-8200
Listed By:
Devin Khoury · License #14766
(406) 207-8200
Source:
Montanapropertyangels
Added: Jan 10, 2025
Changed: Aug 8
Last Checked: Aug 11 at 4:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of PureWest Real Estate - Missoula
Investment Insights
Based on property information with market context.
This offering combines The Keep fine dining restaurant with Highlands Golf Course on a single property. The restaurant is designed to take advantage of the surrounding landscape, with large windows and an open-air patio for indoor-outdoor dining. An all-beverage liquor license is included, and the operation is also described as well-suited for weddings, private events, and special gatherings, with both indoor and outdoor seating.
Set in Missoula, Montana, the property spans nearly 65 acres and includes the adjacent golf course, along with nearby trails and outdoor pathways that connect the dining experience to the recreational setting. The golf course is presented as meticulously maintained and is positioned as a recreation anchor for golfers of all levels, as well as a venue for private events.
For buyers, this is a cohesive hospitality and recreation asset with an established restaurant concept and an operational golf course included in the same purchase. The property also notes undeveloped pockets of land that could support outbuildings and additional development such as rentals or employee housing, subject to applicable approvals. With its event-focused restaurant layout and on-site course, the combination may fit operators seeking a turnkey dining and golf-centric destination in a single platform.
Set in Missoula, Montana, the property spans nearly 65 acres and includes the adjacent golf course, along with nearby trails and outdoor pathways that connect the dining experience to the recreational setting. The golf course is presented as meticulously maintained and is positioned as a recreation anchor for golfers of all levels, as well as a venue for private events.
For buyers, this is a cohesive hospitality and recreation asset with an established restaurant concept and an operational golf course included in the same purchase. The property also notes undeveloped pockets of land that could support outbuildings and additional development such as rentals or employee housing, subject to applicable approvals. With its event-focused restaurant layout and on-site course, the combination may fit operators seeking a turnkey dining and golf-centric destination in a single platform.
Key Highlights
- 1992‑built fine dining restaurant and golf course property spanning almost 65 acres in Missoula, Montana
- Includes an all‑beverage liquor license for the restaurant
- Restaurant features large windows and an open‑air patio, plus indoor and outdoor seating
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
$204,025
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
2.92%
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%
$4,080,500
$4.1M
Cap Rate 7%
$2,914,643
$2.9M
Cap Rate 9%
$2,266,944
$2.3M
Market Conditions
NOI Build-Up for 10,109 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
$279.0K $27.60/SF
− Vacancy
−$7.0K −$0.69/SF
EGI
$272.0K $26.91/SF
− OpEx
−$68.0K −$6.73/SF
NOI
$204.0K $20.18/SF
Area
Missoula County, MT
Vacancy
2.50%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
25.00%
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%
$4,080,500
Cap Rate 7%
$2,914,643
Cap Rate 9%
$2,266,944
Alternative Uses
Best Use
Specialty Retail
$2.91M
$2.55M – $3.40M
NOI $204,025 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59803, MT
17,203
Population
6,813
Households
2.5
Avg Household Size
40
Median Age
53%
College-Educated
97%
High-School Grad
97.0 sq mi
ZIP Area
177
Density / Sq Mi
$108,992
Median Household Income
$49,831
Median Earnings
$1,194
Median Rent
$492,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey fine dining operation paired with an on-site golf course and event-ready outdoor spaces.
Where is this conventional restaurant located?
The property is located at 102 Ben Hogan Drive Missoula, MT.
What is the asking price?
The asking price for this property is $6,990,000.
What are key features of this property?
This property features: 1992‑built fine dining restaurant and golf course property spanning almost 65 acres in Missoula, Montana; Includes an all‑beverage liquor license for the restaurant; Restaurant features large windows and an open‑air patio, plus indoor and outdoor seating
