Mixed-Use Building with
New
For Sale
$500,000
115 Broadway Avenue N, Red Lodge, MT 59068
CommercialSale, Red Lodge, MT
Property Size3,775 SF
Lot Size0.07 Acres
Price / SF$132.45
Days on Market2
Property Features for 115 Broadway Avenue N
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CBD - Central Business District
Parking
2
Parking features
Open
Subdivision
Red Lodge Original Townsite
Directions
In downtown Red Lodge on the main st Broadway, between 7th St and 8th St on the west side of the road.
Standard status
Active
APN
1001700
Size
3,775 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
RED LODGE ORIGINAL TOWNSITE, S27, T07 S, R20 E, RLOP LT 5 BLK 38
Tax Annual Amount
3411
Legal Description
RED LODGE ORIGINAL TOWNSITE, S27, T07 S, R20 E, RLOP LT 5 BLK 38
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
Block
Roof type
Tar/Gravel
Listing Agency:
Coal Creek Realty & Prop. Mgmt
(406) 446-2266
Listed By:
Tera Reynolds · License #RRE-BRO-LIC-15935
(406) 446-2266
Added: Aug 20
Last Checked: Aug 21 at 1:06AM
MLS# 361388
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 mixed-use property contains 3,775 square feet across a block-built structure dating to 1900. The main level provides nearly 2,500 square feet of retail space and is currently configured for a rock shop. Above it, an unfinished 1,250-square-foot apartment layout includes two bedrooms and one bathroom, creating additional space for future completion or use.
The property is located at 115 Broadway Avenue N in Red Lodge’s downtown business district. Public water and sewer serve the building, while forced-air heating is supplied by natural gas. Additional physical features include an open parking area and a tar-and-gravel roof. The 0.072-acre site offers a compact mixed-use footprint with retail and upper-level residential components.
The property is located at 115 Broadway Avenue N in Red Lodge’s downtown business district. Public water and sewer serve the building, while forced-air heating is supplied by natural gas. Additional physical features include an open parking area and a tar-and-gravel roof. The 0.072-acre site offers a compact mixed-use footprint with retail and upper-level residential components.
Key Highlights
- 3,775‑square‑foot mixed‑use property at 115 Broadway Avenue N
- Nearly 2,500 square feet of main‑level retail space
- Unfinished 1,250‑square‑foot upper‑level apartment with 2 bedrooms and 1 bathroom
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
$38,647
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
7.73%
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%
$772,940
$772.9K
Cap Rate 7%
$552,100
$552.1K
Cap Rate 9%
$429,411
$429.4K
Market Conditions
NOI Build-Up for 3,775 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
$56.6K $15.00/SF
− Vacancy
−$1.4K −$0.38/SF
EGI
$55.2K $14.63/SF
− OpEx
−$16.6K −$4.39/SF
NOI
$38.6K $10.24/SF
Area
Carbon County, MT
Vacancy
2.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$772,940
Cap Rate 7%
$552,100
Cap Rate 9%
$429,411
Alternative Uses
Best Use
Retail
$552.1K
$483.1K – $644.1K
NOI $38,647 @ 7.0% cap · market cap 7.73%
Second Best
Mixed Use
$521.0K
$455.8K – $607.8K
NOI $36,467 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$823.7K
$720.7K – $961.0K
NOI $57,658 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
37k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 34%
Groceries 28%
Home Improvements & Furnishings 20%
Dining 16%
Beartooth Iga
Groceries
10,322 visits/mo
0.1 miles
Town Pump
Shops & Services
10,260 visits/mo
0.5 miles
Red Lodge Ace Hardware
Home Improvements & Furnishings
4,763 visits/mo
0.0 miles
SUBWAY
Dining
2,730 visits/mo
0.4 miles
Red Lodge Jewelers
Home Improvements & Furnishings
2,672 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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail space occupies the main level, with an unfinished apartment area above for future use.
Where is this mixed-use property located?
The property is located at 115 Broadway Avenue N Red Lodge, MT.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,775‑square‑foot mixed‑use property at 115 Broadway Avenue N; Nearly 2,500 square feet of main‑level retail space; Unfinished 1,250‑square‑foot upper‑level apartment with 2 bedrooms and 1 bathroom
