Downtown Mixed-Use
New
For Sale
$500,000
Pending
115 Broadway, Red Lodge, MT 59068
Retail space occupies the lower level, with an unfinished apartment above for future use.
Property Size3,775 SF
Days on Market5
Property Features for 115 Broadway
General Information
Standard status
Pending
Size
3,775 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,411
Amenities
Garage: Open
0.00
Open
Building Details
Year Built
1900
Listing Agency:
Coal Creek Realty & Prop. Mgmt
(406) 446-2266
Listed By:
Tera Reynolds · License #RRE-BRO-LIC-15935
Source:
Clearwaterproperties
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 8:35AM
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 Coal Creek Realty & Prop. Mgmt
Investment Insights
Based on property information with market context.
This 3,775-square-foot mixed-use property combines nearly 2,500 square feet of retail area with an unfinished upper-level apartment. The residence measures 1,250 square feet and includes two bedrooms and one bathroom, providing a separate component for future completion or use. The ground-floor space currently operates as a rock shop.
The property is located at 115 N Broadway Ave in Red Lodge’s downtown business district. Red Lodge serves as a gateway to Yellowstone National Park during the summer and Red Lodge Mountain ski area in the winter, bringing seasonal visitor activity to the community. The combination of downtown retail space and an unfinished residential component supports multiple potential configurations within one building.
The property is located at 115 N Broadway Ave in Red Lodge’s downtown business district. Red Lodge serves as a gateway to Yellowstone National Park during the summer and Red Lodge Mountain ski area in the winter, bringing seasonal visitor activity to the community. The combination of downtown retail space and an unfinished residential component supports multiple potential configurations within one building.
Key Highlights
- 3,775‑square‑foot mixed‑use property
- Nearly 2,500 square feet of retail space
- Unfinished 1,250‑square‑foot upper‑level apartment
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 lower level, with an unfinished apartment above for future use.
Where is this mixed-use property located?
The property is located at 115 Broadway 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; Nearly 2,500 square feet of retail space; Unfinished 1,250‑square‑foot upper‑level apartment
