Restaurant and Retail
For Sale
$2,800,000
12 Spokane, Whitefish, MT 59937
Extensively renovated mixed-use building with a commercial kitchen, flexible seating, a private upstairs office, and covered patio.
Property Size6,130 SF
Price / SF$456.77
Days on Market106
Property Features for 12 Spokane
General Information
Standard status
Active
Size
6,130 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,466
Amenities
commercial kitchen
storage
pantry areas
flexible seating space
private upstairs office
covered outdoor patio
Garage: On Street
On Street
Building Details
Year Built
1950
Listing Agency:
National Parks Realty - Whitefish
Listed By:
Michael Anderson
Source:
Clearwaterproperties
Added: May 21
Changed: Sep 3
Last Checked: Sep 2 at 4:51PM
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 National Parks Realty - Whitefish
Investment Insights
Based on property information with market context.
This extensively renovated downtown building combines restaurant and retail use within a flexible mixed-use layout. Interior features include a spacious commercial kitchen, ample storage and pantry areas, and flexible seating space to support a variety of service and merchandising concepts. There is also a private upstairs office for back-of-house administration.
A covered outdoor patio is located off the alley, adding an additional customer-facing area. The property is located at 12 Spokane Avenue in Whitefish, Montana, in the heart of downtown.
A covered outdoor patio is located off the alley, adding an additional customer-facing area. The property is located at 12 Spokane Avenue in Whitefish, Montana, in the heart of downtown.
Key Highlights
- Extensively renovated mixed‑use building built in 1950 with downtown Whitefish setting
- Former Stumptown Marketplace with both retail and restaurant use
- Spacious commercial kitchen plus ample storage and pantry areas
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
$86,957
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
3.11%
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%
$1,739,140
$1.7M
Cap Rate 7%
$1,242,243
$1.2M
Cap Rate 9%
$966,189
$966.2K
Market Conditions
NOI Build-Up for 6,130 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
$128.7K $21.00/SF
− Vacancy
−$4.5K −$0.74/SF
EGI
$124.2K $20.27/SF
− OpEx
−$37.3K −$6.08/SF
NOI
$87.0K $14.19/SF
Area
Flathead County, MT
Vacancy
3.50%
Lease Rate
$21.00 /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%
$1,739,140
Cap Rate 7%
$1,242,243
Cap Rate 9%
$966,189
Alternative Uses
Best Use
Retail
$1.24M
$1.09M – $1.45M
NOI $86,957 @ 7.0% cap · market cap 3.11%
Second Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,554 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,805 @ 7.0% cap · market cap 3.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
21k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Groceries 41%
Shops & Services 10%
MacKenzie River Pizza Co.
Dining
10,140 visits/mo
0.1 miles
Markus Community Market
Groceries
8,723 visits/mo
0.1 miles
First Interstate Bank
Shops & Services
2,167 visits/mo
0.2 miles
Demographics for 59937, MT
14,354
Population
8,744
Households
1.6
Avg Household Size
45
Median Age
51%
College-Educated
97%
High-School Grad
310.5 sq mi
ZIP Area
46
Density / Sq Mi
$75,512
Median Household Income
$43,105
Median Earnings
$1,335
Median Rent
$654,800
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 - Extensively renovated mixed-use building with a commercial kitchen, flexible seating, a private upstairs office, and covered patio.
Where is this mixed-use property located?
The property is located at 12 Spokane Whitefish, MT.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Extensively renovated mixed‑use building built in 1950 with downtown Whitefish setting; Former Stumptown Marketplace with both retail and restaurant use; Spacious commercial kitchen plus ample storage and pantry areas
