Historic Restaurant
For Sale
$2,250,000
114 E Main, Manhattan, MT 59741
CommercialSale, Manhattan, MT
Property Size6,200 SF
Lot Size0.15 Acres
Price / SF$362.90
Days on Market348
Property Features for 114 E Main
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Directions
Take Broadway north into Manhattan off I-90. Take a Right on Main St and Auto Inn Pizza is on the right.
Subdivision
4MC - Manhattan City
Standard status
Active
APN
REE451
Size
6,200 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
MANHATTAN ORIG PLAT, S10, T01 N, R03 E, BLOCK 19, LOT 7 & 8
Tax Annual Amount
5861
Legal Description
MANHATTAN ORIG PLAT, S10, T01 N, R03 E, BLOCK 19, LOT 7 & 8
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1915
Listing Agency:
AmeriMont Real Estate
(406) 284-6546
Listed By:
Nancy Clark · License #BRO-63331
(406) 579-9190
Added: Sep 11, 2025
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# 405547
Copyright © 2026 Big Sky Country MLS. 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 restaurant property combines a 1915 building with an operating business and recently added air conditioning. The layout includes a bar, dining areas, a mezzanine, lower-level showroom, office, ADA bathrooms, and a separate three-quarter bathroom. Glass overhead doors open toward the sidewalk, supporting seasonal outdoor seating. Original wood trusses and white brick remain visible within the interior.
The commercial kitchen is equipped with a brick oven, prep area, walk-in cooler, and storage space. A full beverage liquor license is included, along with the restaurant equipment. The property is located at 114 E Main in Manhattan, Montana, with public water and public sewer service. Natural gas and forced-air heating are installed, with window-unit cooling.
The commercial kitchen is equipped with a brick oven, prep area, walk-in cooler, and storage space. A full beverage liquor license is included, along with the restaurant equipment. The property is located at 114 E Main in Manhattan, Montana, with public water and public sewer service. Natural gas and forced-air heating are installed, with window-unit cooling.
Key Highlights
- 1915 restaurant building at 114 E Main, Manhattan, MT 59741
- Operating business included with the real estate
- Brick oven kitchen with prep area, walk‑in cooler, and storage
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
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 59%
Groceries 41%
Manhattan Ace Hardware
Home Improvements & Furnishings
4,620 visits/mo
0.4 miles
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 operation with a brick oven kitchen, beverage liquor license, and adaptable seating areas.
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: 1915 restaurant building at 114 E Main, Manhattan, MT 59741; Operating business included with the real estate; Brick oven kitchen with prep area, walk‑in cooler, and storage
