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    10 Painted Hills Dr, Unit 10 Sheridan, WY 82801

    Sponsored
    For Sale
    $449,500

    Vacant Land - Sheridan, WY

    Lot size:
    35.00 Acres
    Days on Market:
    8
    Last Refresh:
    Mar 4 at 12:06 pm

    Property Features for 10 Painted Hills Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    100
    APN
    55831620000433
    Parking features
    Garage
    Lot size
    35.00 Acres

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Wallack
    Jeff Wallack

    Jeff Wallack Real Estate (307) 200-8554

    Listing agent Jeff Wallack (307) 200-8554

    Listing date Feb 25, 2026

    MLS# 11469206 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.

    Learn more

    Property Insight Report

    Overview

    Sheridan Vacant Land with Mountain Views

    This 35-acre property, classified as agricultural land, offers views of the Big Horn Mountains, including Blacktooth, and the Painted Hills. The land is fenced and includes a shared well, natural springs for livestock, three livestock tanks, and a portable corral. A shooting range is currently on the property. According to county regulations, one main home and additional outbuildings such as a barn, shop, or small dwelling unit can be built. There are permits in place for a stock reservoir and for a ground water spring. The well is 625' deep with a permit for 25 gallons per minute. Located 4 miles east of Sheridan off US Hwy 14 and 1 mile north of Forever Grace Ranch, this property is Tract No. 10 of Whispering Hills/Painted Hills. The property is located near Sheridan, the economic center for north-central Wyoming and southern Montana, with a diversified service economy including government, healthcare, education, real estate, mining, and financial services, and a growing manufacturing sector. The land could potentially accommodate a hunting cabin for rental income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hunting land

    Suggested Use

    Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Sheridan
    County
    Sheridan
    State
    Wyoming
    Longitude
    -106.870998
    Latitude
    44.738301

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    FAQs

    What type of property is this?
    Agricultural land - 35 acres of land with mountain views near Sheridan, WY.
    Where is this agricultural land located?
    The property is located at 10 Painted Hills Dr, Unit 10 Sheridan, WY.
    What is the asking price?
    The asking price for this property is $449,500.
    What are key features of this property?
    This property features: - 35 acres with agriculture classification resulting in very low property taxes ($26 annually).; - Enjoy unobstructed, **panoramic views of the Big Horn Mountains** (including Blacktooth) and the Painted Hills.; - Shared well with a **strong flow rate (25 gallons per minute)** per State of Wyoming permit.
    (307) 200-8554
    Request Owner's contact information
    10 Painted Hills Dr, Unit 10 Sheridan, WY 82801
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    Sheridan, WY 82801
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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
    10 Painted Hills Dr, Unit 10 Sheridan, WY 82801
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    We can help!
    Listing Contact
    Jeff Wallack
    Jeff Wallack
    Real Estate License ID: RE-15636
    (307) 200-8554
    Learn more
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