Restaurant Building with Brick
For Sale
$2,250,000
114 E Main, Manhattan, MT 59741
Turnkey restaurant property with bar service, flexible seating, commercial kitchen infrastructure, and a full beverage liquor license.
Property Size6,200 SF
Price / SF$362.90
Days on Market9
Property Features for 114 E Main
General Information
Standard status
Active
Size
6,200 SF
Property subtype
CommercialSale
Restaurant
Equipment Included
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Amenities
ADA bathrooms
separate office
private 3/4 bathroom
modern glass overhead garage doors
Building Details
Year Built
1915
Buildings
1
Listing Agency:
AmeriMont Real Estate
(406) 579-9190
Listed By:
Nancy Clark · License #BRO-63331
(406) 579-9190
Source:
Montanarootsrealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 1:11PM
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 AmeriMont Real Estate
Investment Insights
Based on property information with market context.
This restaurant property combines an operating business with a 1915 building designed by Bozeman architect Fred Wilson. The main floor contains 5,000 square feet, complemented by a 600-square-foot mezzanine for additional seating. Street-level windows and glass overhead garage doors connect the interior to the sidewalk, while the bar area supports beer, cocktails, or coffee service. The property also includes ADA bathrooms, a separate office, and a private 3/4 bathroom.
The lower level features a showroom with original wooden trusses and white brick walls. Recent improvements include new air conditioning. The fully equipped kitchen includes a brick pizza oven, prep area, walk-in cooler, and storage space. The sale includes a full beverage liquor license and the restaurant business, along with existing equipment.
The lower level features a showroom with original wooden trusses and white brick walls. Recent improvements include new air conditioning. The fully equipped kitchen includes a brick pizza oven, prep area, walk-in cooler, and storage space. The sale includes a full beverage liquor license and the restaurant business, along with existing equipment.
Key Highlights
- 6,200 square feet across the building, including 5,000 square feet on the main floor and a 600‑square‑foot mezzanine
- 1915 building designed by Bozeman architect Fred Wilson
- Fully equipped brick oven pizza kitchen with prep area and walk‑in cooler
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
$87,036
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
3.87%
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%
$1,740,720
$1.7M
Cap Rate 7%
$1,243,371
$1.2M
Cap Rate 9%
$967,067
$967.1K
Market Conditions
NOI Build-Up for 6,200 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
$124.2K $20.04/SF
− Vacancy
−$8.2K −$1.32/SF
EGI
$116.0K $18.72/SF
− OpEx
−$29.0K −$4.68/SF
NOI
$87.0K $14.04/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$20.04 /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%
$1,740,720
Cap Rate 7%
$1,243,371
Cap Rate 9%
$967,067
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $87,036 @ 7.0% cap · market cap 3.87%
Second Best
Industrial
$919.8K
$804.8K – $1.07M
NOI $64,384 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,326 @ 7.0% cap · market cap 5.04%
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
206
Businesses Nearby
3k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 100%
L & F Market
Groceries
3,203 visits/mo
0.1 miles
Demographics for 59741, MT
5,397
Population
2,330
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
99%
High-School Grad
164.9 sq mi
ZIP Area
33
Density / Sq Mi
$86,382
Median Household Income
$48,460
Median Earnings
$1,676
Median Rent
$562,300
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant property with bar service, flexible seating, commercial kitchen infrastructure, and a full beverage liquor license.
Where is this conventional restaurant located?
The property is located at 114 E Main Manhattan, 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: 6,200 square feet across the building, including 5,000 square feet on the main floor and a 600‑square‑foot mezzanine; 1915 building designed by Bozeman architect Fred Wilson; Fully equipped brick oven pizza kitchen with prep area and walk‑in cooler
