Quadplex with Gas
For Sale
$749,900
1217 TAFT AVE, Cheyenne, WY 82001
Multi-Family, Cheyenne, WY
Property Size3,952 SF
Price / SF$189.75
Days on Market107
Property Features for 1217 TAFT AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 8
Patio and Porch features
Deck
Interior features
Cable Access, Carpeted
Exterior features
Deck, Lawn Sprinklers, Landscaped
Appliances
Dishwasher, Range/Oven, Refrigerator
Subdivision
BRIAR GATE CONDOMINIUMS
Standard status
Active
Size
3,952 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 12A, B, C, D - BUILDING 12
Tax Annual Amount
595
Legal Description
UNIT 12A, B, C, D - BUILDING 12
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
in-unit washer/dryer
gas fireplaces
landscaped yard areas
Building Details
Year built
2004
Number of units
4
Building materials
Frame
Roof type
Composition
Listing Agency:
RE/MAX Capitol Properties · RE/MAX International
(307) 635-0303
Listed By:
Steven Prescott
(307) 630-9342
Added: May 15
Changed: Aug 19
Last Checked: Aug 29 at 11:06AM
MLS# 100826
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.
Located at 1217 Taft Ave in Cheyenne, this 3,952-square-foot quadplex was built in 2004 with frame construction. Each of the four apartments includes two bedrooms, one bathroom, a gas fireplace, dishwasher, range/oven, refrigerator, and washer/dryer. Natural-gas forced-air heating serves the building, while separately metered utilities support individual unit accounting.
The property includes off-street parking, landscaped lawn areas, sprinkler irrigation, and decks. Public water serves the building. An HOA handles lawn care, snow removal, exterior building maintenance, building insurance, and liability insurance. The property is near schools and parks.
The property includes off-street parking, landscaped lawn areas, sprinkler irrigation, and decks. Public water serves the building. An HOA handles lawn care, snow removal, exterior building maintenance, building insurance, and liability insurance. The property is near schools and parks.
Key Highlights
- Four‑unit property totaling 3,952 square feet
- Each unit offers 2 bedrooms and 1 bathroom
- Gas fireplaces, appliances, and washer/dryer included in each unit
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
$40,155
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
5.35%
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%
$803,100
$803.1K
Cap Rate 7%
$573,643
$573.6K
Cap Rate 9%
$446,167
$446.2K
Market Conditions
NOI Build-Up for 3,952 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
$60.7K $15.36/SF
− Vacancy
−$3.3K −$0.84/SF
EGI
$57.4K $14.52/SF
− OpEx
−$17.2K −$4.35/SF
NOI
$40.2K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /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%
$803,100
Cap Rate 7%
$573,643
Cap Rate 9%
$446,167
Alternative Uses
Best Use
Multifamily LT 5
$573.6K
$501.9K – $669.3K
NOI $40,155 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,232 @ 7.0% cap · market cap 4.83%
Theoretical Best
Retail
$647.6K
$566.7K – $755.5K
NOI $45,332 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 82001, WY
37,528
Population
17,977
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
55.1 sq mi
ZIP Area
681
Density / Sq Mi
$74,149
Median Household Income
$45,456
Median Earnings
$1,044
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching apartments feature two bedrooms, one bathroom, appliances, washer/dryer units, and private outdoor decks.
Where is this quadplex located?
The property is located at 1217 TAFT AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Four‑unit property totaling 3,952 square feet; Each unit offers 2 bedrooms and 1 bathroom; Gas fireplaces, appliances, and washer/dryer included in each unit
