Remodeled Medical Office
For Sale
$650,000
1300 W 4th St, Gillette, WY 82716
Commercial Sale, Gillette, WY
Property Size5,000 SF
Lot Size0.26 Acres
Price / SF$130
Days on Market224
Property Features for 1300 W 4th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 4
Directions
2nd St, take a left on Burma Ave, to W 4th Street
Subdivision
Downtown Area - Gillette
Standard status
Active
Size
5,000 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
2655
Building Details
Year built
1965
Listing Agency:
ERA Priority Real Estate · ERA Real Estate
(307) 686-9200
Listed By:
Laura Wilkinson · License #RE-14185
(307) 622-2760
Added: Feb 6
Changed: Sep 14
Last Checked: Sep 18 at 7:06PM
MLS# 26-134
Copyright © 2026 Northeast Wyoming REALTORS. 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 5,000-square-foot medical office property at 1300 W 4th St in Gillette offers a three-level configuration with a main reception area, a second reception space, and four bathrooms. The interior has been updated with new flooring and paint, creating a refreshed setting for professional operations. The multi-level arrangement supports separation among offices, exam rooms, consultation areas, or other specialized workspaces.
Built in 1965 on a 0.26-acre lot and zoned C-1, the property meets licensing criteria for a daycare or preschool. Its existing layout also accommodates medical and professional office use, with multiple areas that can be organized for privacy and distinct functions.
Built in 1965 on a 0.26-acre lot and zoned C-1, the property meets licensing criteria for a daycare or preschool. Its existing layout also accommodates medical and professional office use, with multiple areas that can be organized for privacy and distinct functions.
Key Highlights
- 5,000 square feet across three levels
- Main reception area plus a second reception space
- New flooring and paint throughout the updated interior
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
$48,938
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
7.53%
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%
$978,760
$978.8K
Cap Rate 7%
$699,114
$699.1K
Cap Rate 9%
$543,756
$543.8K
Market Conditions
NOI Build-Up for 5,000 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
$75.0K $15.00/SF
− Vacancy
−$9.8K −$1.95/SF
EGI
$65.3K $13.05/SF
− OpEx
−$16.3K −$3.26/SF
NOI
$48.9K $9.79/SF
Area
Campbell County, WY
Vacancy
13.00%
Lease Rate
$15.00 /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%
$978,760
Cap Rate 7%
$699,114
Cap Rate 9%
$543,756
Alternative Uses
Best Use
Office B
$699.1K
$611.7K – $815.6K
NOI $48,938 @ 7.0% cap · market cap 7.53%
Second Best
Healthcare Medical
$617.1K
$540.0K – $720.0K
NOI $43,200 @ 7.0% cap · market cap 6.65%
Theoretical Best
Specialty Retail
$877.9K
$768.1K – $1.02M
NOI $61,450 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
778
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 82716, WY
17,094
Population
7,771
Households
2.2
Avg Household Size
36
Median Age
16%
College-Educated
93%
High-School Grad
1,182.7 sq mi
ZIP Area
14
Density / Sq Mi
$77,169
Median Household Income
$45,276
Median Earnings
$890
Median Rent
$234,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible professional layout with reception areas, private work zones, and updated interior finishes.
Where is this medical office space located?
The property is located at 1300 W 4th St Gillette, WY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,000 square feet across three levels; Main reception area plus a second reception space; New flooring and paint throughout the updated interior
