Renovated Historic Restaurant
For Sale
$749,999
104 S Broadway Avenue, Red Lodge, MT 59068
CommercialSale, Red Lodge, MT
Property Size3,050 SF
Price / SF$245.90
Days on Market79
Property Features for 104 S Broadway Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Red Lodge Original Townsite
Lot features
Alley
Directions
Located in the heart of downtown Red Lodge
Standard status
Active
APN
1073100
Size
3,050 SF
Taxes and HOA fees
Tax Description
Red Lodge Orignal Townsite S27, T07 S, R20 E, RLOP LT 17 BLK 18
Tax Annual Amount
3265
Legal Description
Red Lodge Orignal Townsite S27, T07 S, R20 E, RLOP LT 17 BLK 18
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Architectural style
Other
Listing Agency:
Montana Mountain Real Estate
(406) 223-8238
Listed By:
Suzanne Hahn
(406) 446-4744
Added: Jul 9
Changed: Sep 15
Last Checked: Sep 25 at 4:06AM
MLS# 357237
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.
Investment Insights
Based on property information with market context.
This 3050-square-foot restaurant occupies a historic building constructed in 1900 and recently renovated. The property retains elements of its earlier identity as a bakery, a use that continued for approximately 100 years before the current restaurant operation. Interior improvements are supported by central air conditioning, forced-air heating, and natural gas service.
The property is located at 104 S Broadway Avenue in Red Lodge, Montana, within the community center and outside Yellowstone Park. Public water and public sewer serve the building, providing established utility infrastructure for the commercial use.
The property is located at 104 S Broadway Avenue in Red Lodge, Montana, within the community center and outside Yellowstone Park. Public water and public sewer serve the building, providing established utility infrastructure for the commercial use.
Key Highlights
- 3050‑square‑foot restaurant property in Red Lodge
- Historic building constructed in 1900 and recently renovated
- Former bakery use continued for approximately 100 years
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
$36,316
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
4.84%
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%
$726,320
$726.3K
Cap Rate 7%
$518,800
$518.8K
Cap Rate 9%
$403,511
$403.5K
Market Conditions
NOI Build-Up for 3,050 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
$49.4K $16.20/SF
− Vacancy
−$988 −$0.32/SF
EGI
$48.4K $15.88/SF
− OpEx
−$12.1K −$3.97/SF
NOI
$36.3K $11.91/SF
Area
Carbon County, MT
Vacancy
2.00%
Lease Rate
$16.20 /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%
$726,320
Cap Rate 7%
$518,800
Cap Rate 9%
$403,511
Alternative Uses
Best Use
Specialty Retail
$518.8K
$454.0K – $605.3K
NOI $36,316 @ 7.0% cap · market cap 4.84%
Second Best
Retail
$446.1K
$390.3K – $520.4K
NOI $31,224 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$665.5K
$582.3K – $776.4K
NOI $46,584 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
19k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Home Improvements & Furnishings 40%
Dining 5%
Beartooth Iga
Groceries
10,322 visits/mo
0.3 miles
Red Lodge Ace Hardware
Home Improvements & Furnishings
4,763 visits/mo
0.2 miles
Red Lodge Jewelers
Home Improvements & Furnishings
2,672 visits/mo
0.1 miles
China Garden
Dining
890 visits/mo
0.1 miles
Demographics for 59068, MT
3,670
Population
2,967
Households
1.2
Avg Household Size
52
Median Age
47%
College-Educated
99%
High-School Grad
520.9 sq mi
ZIP Area
7
Density / Sq Mi
$63,704
Median Household Income
$33,293
Median Earnings
$795
Median Rent
$413,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Restaurant property with central air, forced-air heating, and public water and sewer service.
Where is this conventional restaurant located?
The property is located at 104 S Broadway Avenue Red Lodge, MT.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: 3050‑square‑foot restaurant property in Red Lodge; Historic building constructed in 1900 and recently renovated; Former bakery use continued for approximately 100 years
