Flex Space With Separate
For Sale
$1,975,000
1217 S GREELEY HWY, Cheyenne, WY 82007
Commercial/Industrial, Cheyenne, WY
Property Size5,200 SF
Lot Size1.97 Acres
Price / SF$379.81
Days on Market80
Property Features for 1217 S GREELEY HWY
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Land
Subdivision
LARAMIE
Standard status
Active
Size
5,200 SF
Lot size
1.97 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ALLISON TRACTS: TRACT 39, EXCEPT THE NORTH 131.95'
Tax Annual Amount
8485
Legal Description
ALLISON TRACTS: TRACT 39, EXCEPT THE NORTH 131.95'
Building Details
Year built
2006
Building materials
Stone
Roof type
Composition, Metal
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Natacha Gaspar · License #1932
(307) 640-6915
Added: Jun 17
Changed: Sep 3
Last Checked: Sep 4 at 11:06PM
MLS# 101152
Copyright © 2026 Cheyenne 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 flex space property combines a stone commercial building with a separate shop on a 1.97-acre parcel. The office building is divided into two independently accessed suites, each with a kitchen and two bathrooms, while a 1,500-square-foot basement provides storage and conference areas. The property was built in 2006 and includes metal and composition roofing.
Constructed in 2018, the 40' x 96' outbuilding includes four 16-foot overhead doors, heat, a ventilation system, office space, and a bathroom. It is leased to a mechanic. Tenants are separately metered and pay their own utilities, and the parcel was originally platted for an additional building site between the existing structures.
Constructed in 2018, the 40' x 96' outbuilding includes four 16-foot overhead doors, heat, a ventilation system, office space, and a bathroom. It is leased to a mechanic. Tenants are separately metered and pay their own utilities, and the parcel was originally platted for an additional building site between the existing structures.
Key Highlights
- 1.97‑acre parcel with an additional building site originally platted between the existing structures
- 40' x 96' outbuilding constructed in 2018
- Four 16‑foot overhead doors, heat, ventilation, office space, and bathroom in the shop
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
$59,647
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
3.02%
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%
$1,192,940
$1.2M
Cap Rate 7%
$852,100
$852.1K
Cap Rate 9%
$662,744
$662.7K
Market Conditions
NOI Build-Up for 5,200 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
$96.7K $18.60/SF
− Vacancy
−$11.5K −$2.21/SF
EGI
$85.2K $16.39/SF
− OpEx
−$25.6K −$4.92/SF
NOI
$59.6K $11.47/SF
Area
Laramie County, WY
Vacancy
11.90%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,192,940
Cap Rate 7%
$852,100
Cap Rate 9%
$662,744
Alternative Uses
Best Use
Retail
$852.1K
$745.6K – $994.1K
NOI $59,647 @ 7.0% cap · market cap 3.02%
Second Best
Industrial
$421.9K
$369.2K – $492.3K
NOI $29,536 @ 7.0% cap · market cap 1.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Multi-building commercial property with flexible office and shop configurations, separate utility metering, and an established mechanic tenancy.
Where is this flex space located?
The property is located at 1217 S GREELEY HWY Cheyenne, WY.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 1.97‑acre parcel with an additional building site originally platted between the existing structures; 40' x 96' outbuilding constructed in 2018; Four 16‑foot overhead doors, heat, ventilation, office space, and bathroom in the shop
