Fine Dining Restaurant and Golf
For Sale
$6,990,000
102 Ben Hogan Drive Missoula, Missoula, MT 59803
Turnkey fine dining restaurant with open-air patio and large windows, adjacent to a maintained Highlands golf course.
Property Size10,109 SF
Lot Size65.00 Acres
Price / SF$691.46
Days on Market37
Property Features for 102 Ben Hogan Drive Missoula
General Information
Standard status
Active
Size
10,109 SF
Total Parking Spaces
110
Lot size
65.00 Acres
Property subtype
Business Opportunity
Zoning
Commercial
Additional Details
Business Included
Yes
Liquor License
Yes
Amenities
Full,Finished
true
false
Beamed Ceilings,Entrance Foyer
Gentle Sloping,Landscaped,Level,Meadow,On Golf Course,Secluded,Sprinklers In Ground,Split Possible,See Remarks,Views
Golf Course
64.377
110
Public Records
Additional Parking,Circular Driveway,Golf Cart Garage
Asphalt
Poured,Basement
City Street
10109
Building Details
Year Built
1992
Listing Agency:
(406) 795-7774
Listed By:
Lynnette Avery
(406) 795-7774
Source:
Exitrealtyhelena
Added: Jul 15
Changed: Aug 18
Last Checked: Aug 20 at 4:20AM
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 Lynnette Avery
Investment Insights
Based on property information with market context.
Located at 102 Ben Hogan Drive in Missoula, Montana, this for-sale property combines a fine dining restaurant with an operating golf course. The Keep Restaurant features large windows and an open-air patio, with indoor and outdoor seating intended to take advantage of surrounding views. The operation is described as turnkey with established clientele, and the property also includes a golf shop. An all-beverage liquor license is included.
The Highlands Golf course is described as meticulously maintained and designed to accommodate golfers of all levels. The restaurant and golf course are connected through adjacent outdoor pathways and trails, creating a combined dining and outdoor recreation setting.
The property is further described as offering room for outbuildings or expansion, with undeveloped pockets of land noted for potential rental development or employee housing. The restaurant is also positioned as a venue for weddings and special gatherings, including private and corporate events.
The Highlands Golf course is described as meticulously maintained and designed to accommodate golfers of all levels. The restaurant and golf course are connected through adjacent outdoor pathways and trails, creating a combined dining and outdoor recreation setting.
The property is further described as offering room for outbuildings or expansion, with undeveloped pockets of land noted for potential rental development or employee housing. The restaurant is also positioned as a venue for weddings and special gatherings, including private and corporate events.
Key Highlights
- 64.377‑acre property with golf course frontage and landscaped grounds, including meadow, level areas, and in‑ground sprinklers
- Restaurant setup with large windows and an open‑air patio, plus indoor‑outdoor use connected to the adjacent Highlands golf course
- All‑beverage liquor license included (per remarks), offering potential for expanded event and catering revenue
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
112
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Golf course & driving range - Turnkey fine dining restaurant with open-air patio and large windows, adjacent to a maintained Highlands golf course.
Where is this golf course & driving range located?
The property is located at 102 Ben Hogan Drive Missoula 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: 64.377‑acre property with golf course frontage and landscaped grounds, including meadow, level areas, and in‑ground sprinklers; Restaurant setup with large windows and an open‑air patio, plus indoor‑outdoor use connected to the adjacent Highlands golf course; All‑beverage liquor license included (per remarks), offering potential for expanded event and catering revenue
