Flex Space with
For Sale
$940,000
3666 AVIATOR CT, Cheyenne, WY 82009
Commercial/Industrial, Cheyenne, WY
Property Size6,400 SF
Lot Size1.37 Acres
Price / SF$134.29
Days on Market369
Property Features for 3666 AVIATOR CT
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
Standard status
Active
Size
7,000 SF
Lot size
1.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 32
Tax Annual Amount
2901
Legal Description
Lot 32
Building Details
Year built
2023
Building materials
Steel
Roof type
Metal
Listing Agency:
RE/MAX Capitol Properties · RE/MAX International
(307) 635-0303
Listed By:
Steven Prescott
(307) 630-9342
Added: Aug 26, 2025
Changed: Aug 19
Last Checked: Aug 29 at 9:06AM
MLS# 98307
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.
Completed in 2023, this 7,000-square-foot steel flex property includes two separately accessed apartment units, each with two bedrooms, one bathroom, a living room, and a kitchen. The building also provides a heated and insulated 40-by-50-foot shop and a 50-by-40-foot hangar with a powered 40-by-12-foot bifold door. Metal roofing completes the structure.
The 1.37-acre property is situated directly on Skyview Airpark’s 4,000-foot grass airstrip in Cheyenne, Wyoming. Its configuration supports office, warehouse, residential rental, and hangar uses as identified in the property information, bringing several distinct functional components together in one building.
The 1.37-acre property is situated directly on Skyview Airpark’s 4,000-foot grass airstrip in Cheyenne, Wyoming. Its configuration supports office, warehouse, residential rental, and hangar uses as identified in the property information, bringing several distinct functional components together in one building.
Key Highlights
- 7,000‑square‑foot flex property completed in 2023
- Two 1,200‑square‑foot apartment units, each with 2 bedrooms and 1 bathroom
- 40X50 shop space with heating and insulation
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
$48,281
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
5.14%
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%
$965,620
$965.6K
Cap Rate 7%
$689,729
$689.7K
Cap Rate 9%
$536,456
$536.5K
Market Conditions
NOI Build-Up for 7,000 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
$70.6K $10.08/SF
− Vacancy
−$13.8K −$1.97/SF
EGI
$56.8K $8.11/SF
− OpEx
−$8.5K −$1.22/SF
NOI
$48.3K $6.90/SF
Area
Laramie County, WY
Vacancy
19.50%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
15.00%
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%
$965,620
Cap Rate 7%
$689,729
Cap Rate 9%
$536,456
Alternative Uses
Best Use
Warehouse
$689.7K
$603.5K – $804.7K
NOI $48,281 @ 7.0% cap · market cap 5.14%
Second Best
Industrial
$568.0K
$497.0K – $662.7K
NOI $39,761 @ 7.0% cap · market cap 4.23%
Theoretical Best
Retail
$1.15M
$1.00M – $1.34M
NOI $80,294 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82009, WY
35,700
Population
15,361
Households
2.3
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
1,277.8 sq mi
ZIP Area
28
Density / Sq Mi
$102,727
Median Household Income
$57,157
Median Earnings
$1,106
Median Rent
$415,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Steel flex property combines residential units, heated shop space, and aviation-oriented improvements.
Where is this flex space located?
The property is located at 3666 AVIATOR CT Cheyenne, WY.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: 7,000‑square‑foot flex property completed in 2023; Two 1,200‑square‑foot apartment units, each with 2 bedrooms and 1 bathroom; 40X50 shop space with heating and insulation
