Duplex with Two
For Sale
$330,000
208 RUSSELL AVE, Cheyenne, WY 82007
Multi-Family, BI-LEVEL, Cheyenne, WY
Property Size1,560 SF
Lot Size0.15 Acres
Price / SF$211.54
Days on Market114
Property Features for 208 RUSSELL AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Interior features
Cable Access
Exterior features
Fence
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Subdivision
SOUTH CHEYENNE
Standard status
Active
Size
1,560 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 21 & 22, BLOCK 743 (SOUTH CHEYENNE)
Tax Annual Amount
1362
Legal Description
LOTS 21 & 22, BLOCK 743 (SOUTH CHEYENNE)
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
separate fenced yards
shared laundry area
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Capitol Properties · RE/MAX International
(307) 635-0303
Listed By:
Tammy Facemire · License #RE-14453
(307) 631-8621
Added: May 8
Changed: Aug 19
Last Checked: Aug 29 at 9:06AM
MLS# 100801
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 duplex at 208 Russell Ave in Cheyenne contains 1,560 square feet with two separate residential units. Each unit has 2 bedrooms and 1 bathroom, while the property also includes a shared laundry area, two 1-car garages, off-street parking, and an individual fenced yard for each residence. Frame construction, forced-air natural gas heat, public water, and a composition roof are reported. The home was built in 1935, with a new roof installed in 2024.
Both units are occupied under leases extending through April 2027. The property sits on a 0.15-acre corner lot and includes range/ovens and refrigerators. A fence, cable access, and separate yard areas add to the existing residential configuration.
Both units are occupied under leases extending through April 2027. The property sits on a 0.15-acre corner lot and includes range/ovens and refrigerators. A fence, cable access, and separate yard areas add to the existing residential configuration.
Key Highlights
- Two‑unit duplex totaling 1,560 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Two 1‑car garages plus off‑street parking
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
$15,851
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
4.80%
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%
$317,020
$317.0K
Cap Rate 7%
$226,443
$226.4K
Cap Rate 9%
$176,122
$176.1K
Market Conditions
NOI Build-Up for 1,560 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
$24.0K $15.36/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$22.6K $14.52/SF
− OpEx
−$6.8K −$4.35/SF
NOI
$15.9K $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%
$317,020
Cap Rate 7%
$226,443
Cap Rate 9%
$176,122
Alternative Uses
Best Use
Multifamily LT 5
$226.4K
$198.1K – $264.2K
NOI $15,851 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$204.3K
$178.8K – $238.4K
NOI $14,302 @ 7.0% cap · market cap 4.33%
Theoretical Best
Retail
$255.6K
$223.7K – $298.2K
NOI $17,894 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
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?
Duplex - Two leased units include private fenced yards, off-street parking, and access to shared laundry facilities.
Where is this duplex located?
The property is located at 208 RUSSELL AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,560 square feet; Each unit includes 2 bedrooms and 1 bathroom; Two 1‑car garages plus off‑street parking
