B-3 Zoned Self-Storage With Bar
For Sale
$998,000
629 Madison, West Yellowstone, MT 59758
Full city lot with 20 storage units; one front unit has power and a former bar space for redevelopment.
Property Size7,200 SF
Price / SF$138.61
Days on Market26
Property Features for 629 Madison
General Information
Standard status
Active
Size
7,200 SF
Zoning
B3
Building Details
Building Size
7,200 SF
Year Built
1997
Listing Agency:
Montana Territorial Land Co
(406) 640-0395
Listed By:
Liz Watt · License #RBS-39031
Source:
Purewestrealestate
Added: Jul 23
Changed: Aug 13
Last Checked: Aug 17 at 4:52AM
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 Montana Territorial Land Co
Investment Insights
Based on property information with market context.
This for-sale property is a self-storage facility on a full city lot, zoned B-3. The site includes 20 storage units, creating an income-producing layout that can support day-to-day rental operations.
One of the front storage units is equipped with power, which can add flexibility for future use. The property also includes an additional front unit that was formerly operated as a bar, which the seller notes may offer redevelopment options, including conversion to a studio apartment or other flexible commercial-residential use.
Located at 629 Madison in West Yellowstone, Montana, the property combines existing storage income with an additional physical asset for creative expansion under the B-3 zoning designation.
One of the front storage units is equipped with power, which can add flexibility for future use. The property also includes an additional front unit that was formerly operated as a bar, which the seller notes may offer redevelopment options, including conversion to a studio apartment or other flexible commercial-residential use.
Located at 629 Madison in West Yellowstone, Montana, the property combines existing storage income with an additional physical asset for creative expansion under the B-3 zoning designation.
Key Highlights
- Full city lot zoned B‑3
- 20 storage units for income‑producing rental potential
- One front storage unit has power
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
$90,790
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
9.10%
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%
$1,815,800
$1.8M
Cap Rate 7%
$1,297,000
$1.3M
Cap Rate 9%
$1,008,778
$1.0M
Market Conditions
NOI Build-Up for 7,200 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
$108.0K $15.00/SF
− Vacancy
−$1.2K −$0.17/SF
EGI
$106.8K $14.83/SF
− OpEx
−$16.0K −$2.23/SF
NOI
$90.8K $12.61/SF
Area
Gallatin County, MT
Vacancy
1.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,815,800
Cap Rate 7%
$1,297,000
Cap Rate 9%
$1,008,778
Alternative Uses
Best Use
Warehouse
$1.30M
$1.13M – $1.51M
NOI $90,790 @ 7.0% cap · market cap 9.10%
Second Best
Self Storage
$1.23M
$1.08M – $1.44M
NOI $86,184 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$1.88M
$1.65M – $2.19M
NOI $131,604 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 59758, MT
1,932
Population
1,695
Households
1.1
Avg Household Size
43
Median Age
32%
College-Educated
90%
High-School Grad
413.9 sq mi
ZIP Area
5
Density / Sq Mi
$59,750
Median Household Income
$32,439
Median Earnings
$1,050
Median Rent
$476,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Full city lot with 20 storage units; one front unit has power and a former bar space for redevelopment.
Where is this self storage facility located?
The property is located at 629 Madison West Yellowstone, MT.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Full city lot zoned B‑3; 20 storage units for income‑producing rental potential; One front storage unit has power
