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    Medical Office Building For Lease Title is generated by Realmo AI

    1950 BLUEGRASS CIR, Cheyenne, WY 82009

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    Lease/Rental - Cheyenne, WY

    Property size:
    1,938 SF
    Lot size:
    2.61 Acres
    Added:
    Dec 26, 2025
    Days on Market:
    151
    Last Refresh:
    May 26 at 5:06 pm

    Property Features for 1950 BLUEGRASS CIR

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Size
    1,938 SF
    Lot size
    2.61 Acres

    Taxes and HOA fees

    Tax Year
    2019
    Tax Annual Amount
    0

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas

    Building Details

    Year built
    1996
    Floors in Building
    2
    Building materials
    Frame
    Roof type
    Asphalt, Composition, None
    Architectural style
    Other

    We can help!

    Listing Contact
    Jim Weaver
    Jim Weaver

    Listing agent Jim Weaver

    Listing office #1 Properties 6106 Yellowstone Rd, Cheyenne, WY

    Listing date Dec 26, 2025

    MLS# 99369 Listing URL

    Copyright © 2026 Cheyenne Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location on Dell Range Blvd.
    • Turnkey medical office space.
    • Includes reception area, 5 offices, break area, and private restroom.
    • Rent includes utilities, landscaping, snow removal, and common area services.
    • Constructed in 1996.
    • Heating system includes electric, forced air, and natural gas.

    Overview

    This medical office building is located on Dell Range Blvd in Cheyenne, Wyoming. The available unit features a reception area, five offices, a break area, and a private restroom. The property is situated on a 2.61-acre lot. The unit offers 1,938 square feet of space. The lease includes utilities, landscaping, snow removal, and common area services. The tenant is responsible for internet and phone services.
    Property Profile Location Intelligence

    Current Use by Public Records

    IMEG Engineering Consultant Endodontics of the Rockies Dental Office Beguin Andrew T Physician Cheyenne Physicians Group Medical Clinic Wyoming Spine & Neurosurgery ... Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Petco Vaccination Clinic — 1782 Dell Range Blvd, Cheyenne, WY 82009
    • La Zoetry Pet Clinic — 1439 Stillwater Ave #3, Cheyenne, WY 82009
    • Novak Raven DVM — 1439 Stillwater Ave #3, Cheyenne, WY 82009

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.7933137
    Latitude
    41.1592232

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    FAQs

    What type of property is this?
    Medical Office Space - Medical office space available for lease in Cheyenne, Wyoming.
    Where is this medical office space located?
    The property is located at 1950 BLUEGRASS CIR Cheyenne, WY.
    What are key features of this property?
    This property features: Prime location on Dell Range Blvd.; Turnkey medical office space.; Includes reception area, 5 offices, break area, and private restroom.
    (307) 630-5161
    We can help!
    Listing Contact
    Jim Weaver
    Jim Weaver
    Real Estate License ID: 10624
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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