Flex Property With Heated
For Sale
$799,995
1831 E Yellowstone Hwy, Casper, WY 82609
COMMERCIAL, Casper, WY
Property Size8,500 SF
Lot Size0.63 Acres
Price / SF$94.12
Days on Market93
Property Features for 1831 E Yellowstone Hwy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Fencing
Chain Link
Subdivision
CASPER EAST
Standard status
Active
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E. Burlington BBLK 3, Lots 10-12 & Lots 13-17 & W. 47' inclusive
Tax Annual Amount
4250
Legal Description
E. Burlington BBLK 3, Lots 10-12 & Lots 13-17 & W. 47' inclusive
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1974
Building materials
Steel
Roof type
Aluminum
Listing Agency:
Real Estate Leaders
(307) 337-2010
Listed By:
Donna Martensen · License #2250
(307) 262-0461
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 3 at 1:06AM
MLS# 20262799
Copyright © 2026 Wyoming Multiple Listing Service. 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 property comprises commercial buildings totaling 8,500 square feet on a 0.63-acre site. The front cinder-block building contains a retail area, office, counters, and a half bath, while the rear portion provides heated shop space with a compressor and a 12-foot overhead door. A separate 4,500-square-foot steel building offers dry storage, 16-foot sidewalls, a 14-foot overhead door, electrical power, and a gas line. Construction dates to 1974, with forced-air and natural-gas heating and central air conditioning.
The property fronts East Yellowstone Highway in Casper and includes signage, access to I-25, and a side entrance from Lennox Street. A chain-link fence and gate enclose the area between the buildings for exterior storage. The property is zoned C2.
The property fronts East Yellowstone Highway in Casper and includes signage, access to I-25, and a side entrance from Lennox Street. A chain-link fence and gate enclose the area between the buildings for exterior storage. The property is zoned C2.
Key Highlights
- 8,500 square feet of commercial buildings on 0.63 acres
- 4,500‑square‑foot steel building with 16‑foot sidewalls
- Heated shop area with compressor and 12‑foot overhead door
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
$48,815
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
6.10%
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%
$976,300
$976.3K
Cap Rate 7%
$697,357
$697.4K
Cap Rate 9%
$542,389
$542.4K
Market Conditions
NOI Build-Up for 8,500 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
$80.6K $9.48/SF
− Vacancy
−$5.5K −$0.64/SF
EGI
$75.1K $8.84/SF
− OpEx
−$26.3K −$3.09/SF
NOI
$48.8K $5.74/SF
Area
Natrona County, WY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$976,300
Cap Rate 7%
$697,357
Cap Rate 9%
$542,389
Alternative Uses
Best Use
Retail
$1.08M
$944.3K – $1.26M
NOI $75,541 @ 7.0% cap · market cap 9.44%
Second Best
Flex RnD
$697.4K
$610.2K – $813.6K
NOI $48,815 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,845 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82609, WY
18,845
Population
9,184
Households
2.1
Avg Household Size
37
Median Age
33%
College-Educated
97%
High-School Grad
65.2 sq mi
ZIP Area
289
Density / Sq Mi
$70,902
Median Household Income
$43,256
Median Earnings
$1,043
Median Rent
$280,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial compound includes retail, office, fenced exterior storage, and powered dry storage improvements.
Where is this flex space located?
The property is located at 1831 E Yellowstone Hwy Casper, WY.
What is the asking price?
The asking price for this property is $799,995.
What are key features of this property?
This property features: 8,500 square feet of commercial buildings on 0.63 acres; 4,500‑square‑foot steel building with 16‑foot sidewalls; Heated shop area with compressor and 12‑foot overhead door
