Casino Property with
For Sale
$1,475,000
2014 Harrison Avenue, Butte, MT 59701
CommercialSale, Butte, MT
Property Size7,350 SF
Lot Size0.55 Acres
Price / SF$200.68
Days on Market12
Property Features for 2014 Harrison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2
Directions
See address
Subdivision
10BE - Butte - E of Harrison to 4 Mi V
Standard status
Active
APN
0000450100 and 0000766000
Size
7,350 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHELSEA ADD, S19, T03 N, R07 W, BLOCK 2, LOT 4, S2 LT 4, ALL LTS 5 - 9, N2 LOT 10 and LOTS 37 & 38.
Tax Annual Amount
17500
Legal Description
CHELSEA ADD, S19, T03 N, R07 W, BLOCK 2, LOT 4, S2 LT 4, ALL LTS 5 - 9, N2 LOT 10 and LOTS 37 & 38.
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Listing Agency:
Century 21 Shea Realty · Century 21 Real Estate
(406) 723-5455
Listed By:
Gary Shea · License #BRO-10976
(406) 490-7432
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 26 at 5:06PM
MLS# 414112
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 commercial casino property includes more than 7,350 square feet across a street-level floor and basement, with approximately 4,950 square feet on the main level and 2,400 square feet below. The offering includes the building, parking areas on both sides, and an additional lot behind the property with access from Florence Street. Central air, public water, and public sewer serve the property. Furniture, fixtures, and equipment associated with the existing restaurant and casino operation are included, along with an all-beverage liquor license.
Located on Harrison Avenue directly north of I-90, the property has approximately 180 feet of frontage and an average annual daily traffic count of approximately 15,000 vehicles per day. The combined lots total more than 24,000 square feet and provide approximately 65 dedicated parking spaces. The property is currently occupied by The Derby restaurant and casino, with the existing operation available for continuation or replacement by another commercial use.
Located on Harrison Avenue directly north of I-90, the property has approximately 180 feet of frontage and an average annual daily traffic count of approximately 15,000 vehicles per day. The combined lots total more than 24,000 square feet and provide approximately 65 dedicated parking spaces. The property is currently occupied by The Derby restaurant and casino, with the existing operation available for continuation or replacement by another commercial use.
Key Highlights
- Casino and restaurant property with more than 7,350 square feet
- Approximately 65 dedicated parking spaces across multiple lots
- Approximately 180 feet of frontage along Harrison Avenue
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
$90,295
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
6.12%
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%
$1,805,900
$1.8M
Cap Rate 7%
$1,289,929
$1.3M
Cap Rate 9%
$1,003,278
$1.0M
Market Conditions
NOI Build-Up for 7,350 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
$123.5K $16.80/SF
− Vacancy
−$3.1K −$0.42/SF
EGI
$120.4K $16.38/SF
− OpEx
−$30.1K −$4.10/SF
NOI
$90.3K $12.29/SF
Area
Silver Bow County, MT
Vacancy
2.50%
Lease Rate
$16.80 /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%
$1,805,900
Cap Rate 7%
$1,289,929
Cap Rate 9%
$1,003,278
Alternative Uses
Best Use
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,295 @ 7.0% cap · market cap 6.12%
Second Best
Hotel Hospitality
$635.9K
$556.4K – $741.9K
NOI $44,513 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,130 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
85k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Dining 26%
Shops & Services 18%
Home Improvements & Furnishings 15%
Safeway
Groceries
27,153 visits/mo
0.4 miles
Starbucks
Dining
14,049 visits/mo
0.2 miles
Ace Hardware
Home Improvements & Furnishings
12,147 visits/mo
0.4 miles
Conoco
Shops & Services
5,885 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
4,048 visits/mo
0.1 miles
Demographics for 59701, MT
33,937
Population
16,834
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
509.7 sq mi
ZIP Area
67
Density / Sq Mi
$56,799
Median Household Income
$34,793
Median Earnings
$811
Median Rent
$219,200
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?
Casino - Freestanding commercial property with restaurant and casino improvements, dedicated parking, and an all-beverage liquor license.
Where is this casino located?
The property is located at 2014 Harrison Avenue Butte, MT.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Casino and restaurant property with more than 7,350 square feet; Approximately 65 dedicated parking spaces across multiple lots; Approximately 180 feet of frontage along Harrison Avenue
