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    West Yellowstone Multi-Unit Investment Opportunity Title is generated by Realmo AI

    19 N Iris, West Yellowstone, MT 59758

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    Claim this Listing
    For Sale
    $2,494,000

    MULTI_FAMILY - Contemporary - West Yellowstone, MT

    Type:Cabin
    Property size:
    4,000 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $623/SF
    Added:
    Feb 24, 2026
    Days on Market:
    80
    Last Refresh:
    May 15 at 10:06 am

    Property Features for 19 N Iris

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Cabin
    Patio and Porch features
    Porch, Patio
    Interior features
    Fireplace, WindowTreatments
    Exterior features
    ConcreteDriveway
    Fireplace
    1
    Appliances
    Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    06-0062-34-2-06-25-0000
    Size
    4,000 SF
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    WEST YELLOWSTONE ORIGINAL PLAT, S34, T13 S, R05 E, BLOCK 22, LOT 10, ACRES 0.344, PLAT B-47-A3
    Tax Annual Amount
    4032

    Utilities

    Utilities
    Propane
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2020
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood
    Roof type
    Asphalt
    Architectural style
    Contemporary

    We can help!

    Listing Contact
    Misty Jessup
    Misty Jessup

    Listing agent Misty Jessup License #BRO-38618

    Listing office Misty Mountain Property P.O. Box 1178, West Yellowstone, MT

    Listing date Feb 24, 2026

    MLS# 408901 Listing URL

    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.

    HighLights

    • Prime location, just 8 blocks from Yellowstone National Park's West Entrance
    • Turn‑key, fully furnished short‑term rental property with proven income potential
    • Two modern cabins (built in 2020) each with 4 beds and 3 baths, featuring over 2,000 sq ft of living space
    • Zoned and sized to allow for construction of two additional homes, offering significant expansion potential
    • Each cabin features open‑concept kitchens, spacious living areas, game rooms, and fireplaces
    • Landscaped yard with large paver patio and fire pit, ideal for entertaining

    Overview

    This is a prime investment opportunity located just 8 blocks from the West Entrance of Yellowstone National Park. The property is a fully furnished, turn-key short-term rental featuring two modern cabins constructed in 2020. Each unit includes 4 bedrooms and 3 bathrooms, offering over 2,000 sq ft of living space. Designed with guest comfort and privacy in mind, both units feature open-concept kitchens and spacious living areas. Additional amenities include game rooms and fireplaces. The two homes share a landscaped yard, which includes a large herringbone paver patio and fire pit suitable for entertaining groups of up to 16. The 0.34-acre parcel is zoned and sized to allow for the construction of two additional homes, offering expansion potential. This multi-unit property blends income potential, location, and future development possibilities, making it suitable to capitalize on the West Yellowstone market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Map

    City
    West Yellowstone
    County
    Gallatin
    State
    Montana
    Longitude
    -111.112847
    Latitude
    44.659437

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    FAQs

    What type of property is this?
    Short term rental property - Turn-key short-term rental property near Yellowstone National Park.
    Where is this short term rental property located?
    The property is located at 19 N Iris West Yellowstone, MT.
    What is the asking price?
    The asking price for this property is $2,494,000.
    What are key features of this property?
    This property features: Prime location, just 8 blocks from Yellowstone National Park's West Entrance; Turn‑key, fully furnished short‑term rental property with proven income potential; Two modern cabins (built in 2020) each with 4 beds and 3 baths, featuring over 2,000 sq ft of living space
    (406) 640-3011
    We can help!
    Listing Contact
    Misty Jessup
    Misty Jessup
    Real Estate License ID: BRO-38618
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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