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    Cheyenne Commercial Condo with High Ceilings Title is generated by Realmo AI

    515 E CARLSON ST, Cheyenne, WY 82009

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    Under Contract
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    Lease/Rental - Cheyenne, WY

    Property size:
    4,352 SF
    Lot size:
    5.14 Acres
    Added:
    Dec 22, 2023
    Days on Market:
    875
    Last Refresh:
    May 14 at 11:06 pm

    Property Features for 515 E CARLSON ST

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active Under Contract
    Size
    4,352 SF
    Lot size
    5.14 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1965
    Floors in Building
    1
    Building materials
    Other
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Bonnie Berry

    Listing agent Bonnie Berry

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

    Listing date Dec 22, 2023

    MLS# 92152 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

    • Large, open 4300 SF space with very high ceilings suitable for various businesses.
    • Includes men's and women's locker rooms with showers and lockers.
    • Located in a high‑traffic, multi‑tenant business center on East Carlson Street, providing excellent exposure.
    • Recent renovations include new ceiling tiles, fresh paint, new carpet, and new lighting.
    • Close proximity to residential areas, church, bowling alley, roller skating facility, school and daycares.
    • Available for lease ($14.50/SF Triple Net) or for sale.

    Overview

    Located in the Indian Hills Business Center, this commercial condo is available for lease. The property features a wide-open area with very high ceilings, making it suitable for a sports center, such as batting cages or a dance studio. It includes men's and ladies' locker rooms, complete with showers and lockers. Situated in a high-traffic, multi-tenant area on East Carlson Street, the location offers great exposure and is close to residential areas, a church campus, a bowling alley, an indoor roller skating facility, an elementary school, and daycares, as well as multiple other tenants. The space has been updated with new ceiling tiles, fresh paint, new carpet, and new lighting, presenting a blank slate ready for business use. The property has an area of approximately 4300 square feet and is available for lease at $14.50 per square foot on a triple net lease. The lot size is 5.14 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Foundations Medical Clinic Best In Show Professional ... Pet Grooming Service City Barbers & Stylists Hair Salon Employee drug testing, ... Association / Organization Impressions Styling Salon Nail Salon

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.8204801
    Latitude
    41.1707817

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    FAQs

    What type of property is this?
    Retail space - Commercial condo in high-traffic area, ideal for sports center.
    Where is this retail space located?
    The property is located at 515 E CARLSON ST Cheyenne, WY.
    What are key features of this property?
    This property features: Large, open 4300 SF space with very high ceilings suitable for various businesses.; Includes men's and women's locker rooms with showers and lockers.; Located in a high‑traffic, multi‑tenant business center on East Carlson Street, providing excellent exposure.
    (307) 630-5444
    We can help!
    Listing Contact
    Bonnie Berry
    Learn More
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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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    515 E CARLSON ST, Cheyenne, WY 82009
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