Restaurant Building with
For Sale
$695,000
220 S Broadway Street, Belgrade, MT 59714
CommercialSale, Belgrade, MT
Property Size2,204 SF
Lot Size0.48 Acres
Price / SF$315.34
Days on Market151
Property Features for 220 S Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Downtown District
Zoning description
DD
Directions
I-90 Exit 298 to Jackrabbit Ln, east on Main St, south on S Broadway to the property on the right
Subdivision
3B - Belgrade City Limits
Standard status
Active
APN
RFF14032
Size
2,204 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FEATHERSTONE MILLS TR, S01, T01 S, R04 E, ACRES 0.344, 107' X 196' TRACT 3, COS 3135
Tax Annual Amount
6268
Legal Description
FEATHERSTONE MILLS TR, S01, T01 S, R04 E, ACRES 0.344, 107' X 196' TRACT 3, COS 3135
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating), Space Heater
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1972
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Lauren John · License #RBS-52525
(406) 600-2927
Added: Mar 24
Changed: Aug 19
Last Checked: Aug 21 at 11:06AM
MLS# 409818
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.
Investment Insights
Based on property information with market context.
This 2,204-square-foot restaurant property occupies a 0.48-acre lot in Belgrade. The 1972 building is arranged for food-service operations and includes a drive-through, outdoor seating, on-site parking, and a walk-in cooler. Heating is provided by baseboard, electric, and space-heater systems, while cooling includes ceiling fans.
The property fronts S Broadway Street within the Downtown District and is served by public water and public sewer. The real estate is offered separately from the operating business. Existing furniture, fixtures, and equipment may be available in a separate transaction.
The property fronts S Broadway Street within the Downtown District and is served by public water and public sewer. The real estate is offered separately from the operating business. Existing furniture, fixtures, and equipment may be available in a separate transaction.
Key Highlights
- 2,204‑square‑foot building on a 0.48‑acre lot
- Drive‑through, outdoor seating, and on‑site parking
- Food‑service layout with walk‑in cooler
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
$30,940
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
4.45%
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%
$618,800
$618.8K
Cap Rate 7%
$442,000
$442.0K
Cap Rate 9%
$343,778
$343.8K
Market Conditions
NOI Build-Up for 2,204 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
$44.2K $20.04/SF
− Vacancy
−$2.9K −$1.32/SF
EGI
$41.3K $18.72/SF
− OpEx
−$10.3K −$4.68/SF
NOI
$30.9K $14.04/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$618,800
Cap Rate 7%
$442,000
Cap Rate 9%
$343,778
Alternative Uses
Best Use
Specialty Retail
$442.0K
$386.8K – $515.7K
NOI $30,940 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$575.5K
$503.6K – $671.4K
NOI $40,286 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
194k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Dining 33%
Groceries 24%
Hotels & Casinos 2%
Albertsons
Groceries
47,372 visits/mo
0.4 miles
McDonald's
Dining
24,163 visits/mo
0.2 miles
Exxon
Shops & Services
16,521 visits/mo
0.3 miles
Town Pump
Shops & Services
16,118 visits/mo
0.3 miles
Taco Bell
Dining
15,128 visits/mo
0.3 miles
Demographics for 59714, MT
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
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?
Conventional restaurant - Downtown District property with food-service improvements, outdoor seating, on-site parking, and public utilities.
Where is this conventional restaurant located?
The property is located at 220 S Broadway Street Belgrade, MT.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,204‑square‑foot building on a 0.48‑acre lot; Drive‑through, outdoor seating, and on‑site parking; Food‑service layout with walk‑in cooler
