Charming Duplex with Fenced
3205 REED AVE Cheyenne, WY 82001
3205 REED AVE, Cheyenne, WY, 82001
$315,000
For Sale
$315,000
MULTI_FAMILY - Cheyenne, WY
Property Size1,024 SF
Lot Size0.18 Acres
Price / SF$307.62
Days on Market14
Property Features for 3205 REED AVE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 2
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
- Interior features
- Cable Access, Carpeted
- Exterior features
- Fence, Storage
- Fencing
- Fenced
- Standard status
- Active
- Size
- 1,024 SF
- Lot size
- 0.18 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Description
- See Addendum
- Tax Annual Amount
- 938
Utilities
- Heating system
- Natural Gas, Forced Air
- Water source
- Public
Building Details
- Year built
- 1941
- Number of units
- 2
- Building materials
- Frame
- Roof type
- Composition
- Additional Structures
- Storage
Listing agency
#1 Properties
(307) 634-2222
Listed by
Vicki Sopr · License #13550
(307) 631-5069
Added: Jul 9 Updated: Jul 15 at 3:38PM Checked: Jul 22 at 5:06AM
MLS# 101376
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.
Investment Insights
Based on property information with market context.
This charming duplex offers two separate 1-bedroom, 1-bath units. The property is fully fenced and includes available garage space, providing practical on-site storage and privacy for residents. The home has been well maintained, with brand new decking and exterior updates that include a roof upgraded to class 4 shingles and new gutters.
Located at 3205 Reed Ave in Cheyenne, Wyoming, the duplex is described as conveniently positioned near shopping and dining, as well as FE Warren Air Force Base. The combination of nearby day-to-day amenities and access to a major employment hub may appeal to tenants seeking a manageable, established residential option.
For buyers looking for a residential income property, the duplex configuration creates an uncomplicated ownership setup with two distinct living units. Recent exterior improvements, including the roof, gutters, and decking, can help reduce near-term maintenance concerns. The fully fenced setting and on-site garage space further support day-to-day livability for occupants, while the duplex layout may also appeal to operators who prefer a smaller multifamily footprint.
Located at 3205 Reed Ave in Cheyenne, Wyoming, the duplex is described as conveniently positioned near shopping and dining, as well as FE Warren Air Force Base. The combination of nearby day-to-day amenities and access to a major employment hub may appeal to tenants seeking a manageable, established residential option.
For buyers looking for a residential income property, the duplex configuration creates an uncomplicated ownership setup with two distinct living units. Recent exterior improvements, including the roof, gutters, and decking, can help reduce near-term maintenance concerns. The fully fenced setting and on-site garage space further support day-to-day livability for occupants, while the duplex layout may also appeal to operators who prefer a smaller multifamily footprint.
Key Highlights
- Duplex built in 1941 with two 1‑bedroom, 1‑bath units
- Fully fenced property with storage and fenced exterior
- Heating includes forced air with natural gas
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $15.7k | $15.36 |
| − Vacancy | −$865 | −$0.84 |
| EGI | $14.9k | $14.52 |
| − OpEx | −$4.5k | −$4.35 |
| NOI | $10.4k | $10.16 |
1,024 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$148.6K
$130.1K – $173.4K
NOI $10,404 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$134.1K
$117.4K – $156.5K
NOI $9,388 @ 7.0% cap · market cap 2.98%
Theoretical Best
Retail
$167.8K
$146.8K – $195.8K
NOI $11,746 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Two 1-bedroom, 1-bath units with fenced yard and garage space, plus recent roof, gutters, and decking upgrades.
Where is this duplex located?
The property is located at 3205 REED AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Duplex built in 1941 with two 1‑bedroom, 1‑bath units; Fully fenced property with storage and fenced exterior; Heating includes forced air with natural gas
