Flex Space with
For Sale
$299,900
540 E C Street, Casper, WY 82601
COMMERCIAL, Casper, WY
Property Size4,200 SF
Price / SF$71.40
Days on Market347
Property Features for 540 E C Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1
Subdivision
CASPER CENTRAL
Standard status
Active
Taxes and HOA fees
Tax Year
2025
Tax Description
PT NE SE: (AKA CB & Q DEEDED PT NE SE 4-33-79) 4-33-79 COMMERCIAL
Tax Annual Amount
1402
Legal Description
PT NE SE: (AKA CB & Q DEEDED PT NE SE 4-33-79) 4-33-79 COMMERCIAL
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1920
Building materials
Wood Frame
Roof type
Flat
Listing Agency:
Real Estate Leaders
(307) 337-2010
Listed By:
Julian Cogdill · License #13203
(307) 258-5514
Added: Sep 29, 2025
Changed: Sep 2
Last Checked: Sep 10 at 12:06PM
MLS# 20255307
Copyright © 2026 Wyoming Multiple Listing Service. 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 4,200 SF flex property at 540 E C Street includes a 2,100 SF workshop area with an office, half bath, and laundry. The upper level adds 2,100 SF of loft space with a bedroom, kitchenette, 3/4 bath, and an area for gatherings. The property is being sold mostly furnished, subject to exclusions.
Constructed in 1920 with wood-frame construction, the building has a flat roof and forced-air heating fueled by natural gas. Its combination of workshop, loft, office, and household-style features supports a range of commercial, storage, and personal-use configurations without assigning a specific permitted use beyond the available property facts.
Constructed in 1920 with wood-frame construction, the building has a flat roof and forced-air heating fueled by natural gas. Its combination of workshop, loft, office, and household-style features supports a range of commercial, storage, and personal-use configurations without assigning a specific permitted use beyond the available property facts.
Key Highlights
- 4,200 SF total building area
- 2,100 SF workshop with office, half bath, and laundry
- Upper‑level 2,100 SF loft with bedroom, kitchenette, 3/4 bath, and gathering space
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
$24,121
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
8.04%
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%
$482,420
$482.4K
Cap Rate 7%
$344,586
$344.6K
Cap Rate 9%
$268,011
$268.0K
Market Conditions
NOI Build-Up for 4,200 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
$39.8K $9.48/SF
− Vacancy
−$2.7K −$0.64/SF
EGI
$37.1K $8.84/SF
− OpEx
−$13.0K −$3.09/SF
NOI
$24.1K $5.74/SF
Area
Natrona County, WY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$482,420
Cap Rate 7%
$344,586
Cap Rate 9%
$268,011
Alternative Uses
Best Use
Flex RnD
$344.6K
$301.5K – $402.0K
NOI $24,121 @ 7.0% cap · market cap 8.04%
Second Best
Warehouse
$340.8K
$298.2K – $397.6K
NOI $23,853 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$937.7K
$820.5K – $1.09M
NOI $65,641 @ 7.0% cap · market cap 21.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,291
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level configuration includes a workshop, office, baths, laundry, and kitchenette.
Where is this flex space located?
The property is located at 540 E C Street Casper, WY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 4,200 SF total building area; 2,100 SF workshop with office, half bath, and laundry; Upper‑level 2,100 SF loft with bedroom, kitchenette, 3/4 bath, and gathering space
