Triplex with Three 1-Bed
For Sale
$410,000
3016 DEY AVE, Cheyenne, WY 82001
MULTI_FAMILY - Cheyenne, WY
Property Size2,416 SF
Lot Size0.05 Acres
Price / SF$169.70
Days on Market47
Property Features for 3016 DEY AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Interior features
Cable Access, Carpeted
Appliances
Range/Oven, Refrigerator
Subdivision
PARK ADD
Standard status
Active
Size
2,416 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2017
Tax Description
PARK ADDITION: LOT 1, EXCEPT NORTH 93.5', BLOCK 18
Tax Annual Amount
1124
Legal Description
PARK ADDITION: LOT 1, EXCEPT NORTH 93.5', BLOCK 18
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1935
Floors in Building
1
Number of units
3
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Jeremy Hamilton · License #10313
(307) 630-1582
Added: Jun 26
Changed: Aug 10
Last Checked: Aug 11 at 10:06AM
MLS# 101253
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 all-brick triplex investment property contains three 1-bedroom, 1-bath apartments. Each unit includes an eat-in kitchen and a nice-sized living room. Two of the units have been used as short-term rentals, offering flexibility for an owner looking to blend strategies. The basement apartment features a private entrance, which can help support tenant privacy.
The home is heated with natural gas forced air and has public water service. It was built in 1935 and sits on a 0.05-acre lot, under a composition roof. Interior features include cable access and carpeted flooring. Kitchen appliances include a range/oven and refrigerator.
The property is located close to F.E. Warren Air Force Base in Cheyenne, Wyoming, supporting convenient access for residents and visitors.
The home is heated with natural gas forced air and has public water service. It was built in 1935 and sits on a 0.05-acre lot, under a composition roof. Interior features include cable access and carpeted flooring. Kitchen appliances include a range/oven and refrigerator.
The property is located close to F.E. Warren Air Force Base in Cheyenne, Wyoming, supporting convenient access for residents and visitors.
Key Highlights
- Three 1‑bedroom, 1‑bath apartments with eat‑in kitchens
- Two units have been used as short‑term rentals
- Basement apartment has a private entrance
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
$24,548
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
5.99%
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%
$490,960
$491.0K
Cap Rate 7%
$350,686
$350.7K
Cap Rate 9%
$272,756
$272.8K
Market Conditions
NOI Build-Up for 2,416 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
$37.1K $15.36/SF
− Vacancy
−$2.0K −$0.84/SF
EGI
$35.1K $14.52/SF
− OpEx
−$10.5K −$4.35/SF
NOI
$24.5K $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%
$490,960
Cap Rate 7%
$350,686
Cap Rate 9%
$272,756
Alternative Uses
Best Use
Multifamily LT 5
$350.7K
$306.9K – $409.1K
NOI $24,548 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$316.4K
$276.9K – $369.2K
NOI $22,150 @ 7.0% cap · market cap 5.40%
Theoretical Best
Retail
$395.9K
$346.4K – $461.9K
NOI $27,713 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,740
Businesses Nearby
Explore this area
Business Placement
Demographics for 82001, WY
37,528
Population
17,977
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
55.1 sq mi
ZIP Area
681
Density / Sq Mi
$74,149
Median Household Income
$45,456
Median Earnings
$1,044
Median Rent
$291,400
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?
Triplex - All-brick triplex with three 1-bedroom apartments, including a basement unit with a private entrance, plus natural gas forced-air heat.
Where is this triplex located?
The property is located at 3016 DEY AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath apartments with eat‑in kitchens; Two units have been used as short‑term rentals; Basement apartment has a private entrance
