Fully Leased Restaurant
For Sale
$1,500,000
150 W 2nd, Casper, WY 82602
C-3-zoned commercial building occupied by restaurant and live-performance users in an active downtown district.
Property Size7,500 SF
Price / SF$200
Days on Market547
Property Features for 150 W 2nd
General Information
Standard status
Active
Size
7,500 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
C3
Occupancy
100%
Building Details
Year Built
1998
Buildings
1
Listing Agency:
Coldwell Banker The Legacy Group
(307) 315-6161
Listed By:
Thomas Russell · License #RE-14342
(307) 315-6161
Source:
Century21bell
Added: Feb 10, 2025
Changed: Aug 7
Last Checked: Aug 11 at 1:49PM
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 Coldwell Banker The Legacy Group
Investment Insights
Based on property information with market context.
This 7,500± square foot commercial building, completed in 1998, is fully leased and 100% occupied. Gruner Brothers Brewing is opening a restaurant and taproom, while Opera Wyoming is using former theater areas for live performances, community events, and entertainment. The property also includes seven private parking spaces and carries C-3 zoning.
Located at 150 W 2nd Street in downtown Casper, the building occupies the corner of 2nd and David Street. Nearby destinations include David Street Station, The Lyric Performing Arts Center, restaurants, retail, and other downtown attractions. The existing tenant mix combines food and beverage operations with performance and event use within a single commercial property.
Located at 150 W 2nd Street in downtown Casper, the building occupies the corner of 2nd and David Street. Nearby destinations include David Street Station, The Lyric Performing Arts Center, restaurants, retail, and other downtown attractions. The existing tenant mix combines food and beverage operations with performance and event use within a single commercial property.
Key Highlights
- 7,500± square foot commercial building completed in 1998
- Fully leased and 100% occupied
- Gruner Brothers Brewing restaurant and taproom planned for the property
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
$102,171
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
6.81%
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%
$2,043,420
$2.0M
Cap Rate 7%
$1,459,586
$1.5M
Cap Rate 9%
$1,135,233
$1.1M
Market Conditions
NOI Build-Up for 7,500 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
$142.2K $18.96/SF
− Vacancy
−$6.0K −$0.80/SF
EGI
$136.2K $18.16/SF
− OpEx
−$34.1K −$4.54/SF
NOI
$102.2K $13.62/SF
Area
Natrona County, WY
Vacancy
4.20%
Lease Rate
$18.96 /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%
$2,043,420
Cap Rate 7%
$1,459,586
Cap Rate 9%
$1,135,233
Alternative Uses
Best Use
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,171 @ 7.0% cap · market cap 6.81%
Second Best
Industrial
$472.7K
$413.6K – $551.5K
NOI $33,091 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$1.67M
$1.47M – $1.95M
NOI $117,216 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,468
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C-3-zoned commercial building occupied by restaurant and live-performance users in an active downtown district.
Where is this conventional restaurant located?
The property is located at 150 W 2nd Casper, WY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,500± square foot commercial building completed in 1998; Fully leased and 100% occupied; Gruner Brothers Brewing restaurant and taproom planned for the property
