Apartment Buildings Under
For Sale
$2,249,995
1420-1432 BIG MEADOW DR, Cheyenne, WY 82009
Multi-Family, 2 STORY, Cheyenne, WY
Property Size11,900 SF
Lot Size0.62 Acres
Price / SF$189.08
Days on Market65
Property Features for 1420-1432 BIG MEADOW DR
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 10, Bathroom 5, Bedroom 7, Bedroom 3, Bedroom 6, Bathroom 7, Bedroom 5, Bedroom 11, Bathroom 12, Bathroom 3, Bathroom 6, Bathroom 4, Bathroom 2, Bathroom 9, Bathroom 1, Bedroom 10, Bedroom 12, Bedroom 1, Bathroom 11, Bedroom 8, Bedroom 9, Bathroom 8, Bedroom 4, Bedroom 2
Exterior features
Lawn Sprinklers, Landscaped
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
ROCKING A AT SWEETGRASS
Standard status
Active
Size
11,900 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
As per County Records
Legal Description
As per County Records
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
5
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Dave Coleman · License #12697
(307) 214-6009
Added: Jul 2
Changed: Sep 3
Last Checked: Sep 4 at 7:06PM
MLS# 101313
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 multifamily property encompasses 11,900 square feet on 0.62 acres and is under construction, with completion identified for 2025. The offering includes five twin-home units that may be acquired together or separately. Each residence is described with three bedrooms, two and a half bathrooms, and a two-car garage. Interior features include a kitchen package with a dishwasher, disposal, microwave, range/oven, and refrigerator.
The property is located at 1420-1432 Big Meadow Drive in Cheyenne, Wyoming, within ZIP Code 82009. Site improvements include landscaping and lawn sprinklers, while public water, composition roofing, frame construction, and natural-gas forced-air heat are specified. The residences are presented as quality-construction multifamily housing with large bedrooms.
The property is located at 1420-1432 Big Meadow Drive in Cheyenne, Wyoming, within ZIP Code 82009. Site improvements include landscaping and lawn sprinklers, while public water, composition roofing, frame construction, and natural-gas forced-air heat are specified. The residences are presented as quality-construction multifamily housing with large bedrooms.
Key Highlights
- Five twin‑home units offered as a package or individually
- 11,900 square feet on 0.62 acres
- Under construction with a 2025 year built
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
$109,100
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
4.85%
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%
$2,182,000
$2.2M
Cap Rate 7%
$1,558,571
$1.6M
Cap Rate 9%
$1,212,222
$1.2M
Market Conditions
NOI Build-Up for 11,900 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
$207.1K $17.40/SF
− Vacancy
−$8.7K −$0.73/SF
EGI
$198.4K $16.67/SF
− OpEx
−$89.3K −$7.50/SF
NOI
$109.1K $9.17/SF
Area
Laramie County, WY
Vacancy
4.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,182,000
Cap Rate 7%
$1,558,571
Cap Rate 9%
$1,212,222
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,100 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.95M
$1.71M – $2.28M
NOI $136,500 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 82009, WY
35,700
Population
15,361
Households
2.3
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
1,277.8 sq mi
ZIP Area
28
Density / Sq Mi
$102,727
Median Household Income
$57,157
Median Earnings
$1,106
Median Rent
$415,000
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?
Apartment building - Planned multifamily improvements feature spacious layouts, private garages, landscaped grounds, and natural-gas forced-air heating.
Where is this apartment building located?
The property is located at 1420-1432 BIG MEADOW DR Cheyenne, WY.
What is the asking price?
The asking price for this property is $2,249,995.
What are key features of this property?
This property features: Five twin‑home units offered as a package or individually; 11,900 square feet on 0.62 acres; Under construction with a 2025 year built
