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    202 & 301 Main St W White Sulphur Springs, MT 59645

    View on Map
    For Sale
    $15,500,000

    Commercial - White Sulphur Springs, MT

    Lot size:
    1.82 Acres
    Added:
    Nov 7, 2025
    Days on Market:
    145
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 202 & 301 Main St W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage
    Pool private
    1
    Exterior features
    Pool
    Standard status
    Active
    Lot size
    1.82 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    38000

    Utilities

    Heating system
    Geothermal (Heating), Heat Pump (Heating), Propane (Heating)

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Trampus Corder
    Trampus Corder

    Listing agent Trampus Corder

    Listing office Corder and Associates, LLC 1312 Front Street, Fort Benton, MT

    Listing date Nov 7, 2025

    MLS# 11603373 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Montana Hospitality and Wellness Destination

    Located in White Sulphur Springs, Montana, the Spa Hot Springs Motel & Tenderfoot Cabins offer a hospitality and wellness destination with a history spanning a century. The property combines Montana's natural beauty, historic charm, and the appeal of wellness travel. Situated on Main Street, the location provides visibility and accessibility, offering guests an experience rooted in mineral waters, comfort, and small-town hospitality. The property is located within a mountain valley, serving as a gateway to outdoor recreation, including skiing and snowboarding at Showdown Mountain and summer activities such as hiking, fishing, kayaking, and mountain biking. Spa Hot Springs features three mineral-fed soaking pools, two outdoors and one indoors, maintained between 100-105°F. The waters are drained nightly. There are 41 motel rooms and 12 Tenderfoot Cabins, combining Montana character with modern amenities. Pet-friendly policies and remodeled interiors support a repeat clientele. The 1.82-acre property offers income with potential. Opportunities include the addition of spa services, wellness retreats, yoga weekends, and corporate getaway packages. The property's layout and downtown location allow for lodging expansion, package offerings, and membership-based revenue models. The mineral waters have origins dating back to Indigenous use and commercial development in the 19th century. The property is positioned as a wellness destination. Spa Hot Springs Motel & Tenderfoot Cabins is suited for investors seeking a hospitality asset rooted in natural wellness and Montana heritage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Spa Hot Springs ... Hotel & Motel 2 Basset Brewery Production Facility Meagher Motor Auto Parts Store

    Suggested Use

    Spa & Massage Center Hair Salon Nail Salon Garden Center Discount Store Kitchen & Bath Showroom Electrical Service Furniture & Home Goods Car Rental Facility Clothing & Fashion Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    White Sulphur Springs
    County
    Meagher
    State
    Montana
    Longitude
    -110.905393
    Latitude
    46.547943

    Nearby Similar for Sale

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    • $220,000
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      White Sulphur Springs Office Investment

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    FAQs

    What type of property is this?
    Hotel - Hospitality and wellness destination in White Sulphur Springs, Montana.
    Where is this hotel located?
    The property is located at 202 & 301 Main St W White Sulphur Springs, MT.
    What is the asking price?
    The asking price for this property is $15,500,000.
    What are key features of this property?
    This property features: Natural Mineral Hot Springs: Features **three mineral‑fed soaking pools** with chemical‑free waters.; Strong Income Foundation with Growth Potential: Proven operational stability and multiple avenues for revenue growth.; Prime Location: Situated on Main Street in White Sulphur Springs, Montana, offering exceptional visibility and accessibility.
    (406) 622-3224
    We can help!
    Listing Contact
    Trampus Corder
    Trampus Corder
    Real Estate License ID: BRO-38039
    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.

    More about this property
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