Casino with 20 Leased Gaming
For Sale
Under Contract
$329,000
108 S Main Street, Bridger, MT 59014
COMMERCIAL - Bridger, MT
Property Size3,024 SF
Lot Size0.28 Acres
Price / SF$108.80
Days on Market76
Property Features for 108 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Parking
12
Subdivision
Bridger Original Townsite
Lot features
Alley
Directions
From Billings Hwy 90 West to Laurel then south on Hwy 212/310 to Rockvale then Hwy 310 to Cody, Wyoming. Bridger is approx. 16 miles from Rockvale. Subject property is on the right side. Enter in the side door by parking lot since front doors are locked.
Standard status
Active Under Contract
APN
2003100
Size
3,024 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
BRIDGER ORIGINAL TOWNSITE, S21, T06 S, R23 E, BRIDGER OP LTS 6-5 BLK 12
Tax Annual Amount
3353
Legal Description
BRIDGER ORIGINAL TOWNSITE, S21, T06 S, R23 E, BRIDGER OP LTS 6-5 BLK 12
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
conference/event room
Building Details
Year built
1950
Floors in Building
1
Building materials
Frame, WoodSiding
Roof type
Membrane
Listing Agency:
H BAR S Real Estate
(406) 446-3535
Listed By:
Denine Hritz · License #RRE-RBS-LIC-16776
(406) 426-0046
Added: May 28
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 358013
Copyright © 2026 Billings Association of Realtors. 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.
Established, income-producing casino on the main thoroughfare through Bridger, MT, with traffic tied to a popular route to Pryor Mountain Wild Mustangs, Yellowstone National Park, and Cody, WY. The property includes a private conference/event room for meetings, events, and parties, plus a spacious office and storage area with rear access for easier loading. Parking lot accommodates approx. 12 cars, with additional street parking.
The operation includes 20 leased gaming machines already in place. A beer & wine license is included in the sale upon buyer qualification with the State. Improvements completed within the last 6 years include AC, front awning, hardyboard siding, water heater, and most of the roof. The building is framed with wood siding, with forced air heating using natural gas, central air cooling, and a membrane roof. Utilities include public water and public sewer.
Zoned Commercial by the City of Bridger.
The operation includes 20 leased gaming machines already in place. A beer & wine license is included in the sale upon buyer qualification with the State. Improvements completed within the last 6 years include AC, front awning, hardyboard siding, water heater, and most of the roof. The building is framed with wood siding, with forced air heating using natural gas, central air cooling, and a membrane roof. Utilities include public water and public sewer.
Zoned Commercial by the City of Bridger.
Key Highlights
- 20 leased gaming machines already in place
- Private conference/event room for meetings, events, and parties
- Storage with rear access for easier loading
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
$22,753
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
6.92%
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%
$455,060
$455.1K
Cap Rate 7%
$325,043
$325.0K
Cap Rate 9%
$252,811
$252.8K
Market Conditions
NOI Build-Up for 3,024 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
$54.4K $18.00/SF
− Vacancy
−$6.5K −$2.16/SF
EGI
$47.9K $15.84/SF
− OpEx
−$25.1K −$8.32/SF
NOI
$22.8K $7.52/SF
Area
Carbon County, MT
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$455,060
Cap Rate 7%
$325,043
Cap Rate 9%
$252,811
Alternative Uses
Best Use
Hotel Hospitality
$325.0K
$284.4K – $379.2K
NOI $22,753 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$659.8K
$577.3K – $769.8K
NOI $46,187 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Explore this area
Business Placement
Demographics for 59014, MT
1,483
Population
715
Households
2.1
Avg Household Size
51
Median Age
16%
College-Educated
96%
High-School Grad
759.0 sq mi
ZIP Area
2
Density / Sq Mi
$48,958
Median Household Income
$24,978
Median Earnings
$775
Median Rent
$262,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Casino - Commercially zoned casino with central air, 20 leased gaming machines, and a private conference/event room.
Where is this casino located?
The property is located at 108 S Main Street Bridger, MT.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 20 leased gaming machines already in place; Private conference/event room for meetings, events, and parties; Storage with rear access for easier loading
