Flex Space with Concrete
For Sale
$899,999
635 N Glenn, Casper, WY 82601
COMMERCIAL, Casper, WY
Property Size9,600 SF
Lot Size1.06 Acres
Price / SF$93.75
Days on Market172
Property Features for 635 N Glenn
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1
Fencing
Chain Link
Subdivision
CASPER CENTRAL
Standard status
Active
Lot size
1.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WYOMING IND PK BLK 7 LOT 7 & 8 S 50 (RPLT) COMMERCIAL
Tax Annual Amount
3057
Legal Description
WYOMING IND PK BLK 7 LOT 7 & 8 S 50 (RPLT) COMMERCIAL
Amenities
private bathroom
laundry hookups
utility sink
Building Details
Year built
2002
Roof type
Aluminum
Listing Agency:
Real Estate Leaders
(307) 337-2010
Listed By:
Justin Edberg · License #RE-16451
(307) 321-8937
Added: Mar 23
Changed: Aug 26
Last Checked: Sep 10 at 1:06PM
MLS# 20261269
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 9,600-square-foot flex property was built in 2002 and occupies 1.06 acres. The building includes concrete flooring, a private bathroom, laundry hookups, and a utility sink-ready area. An aluminum roof and chain-link fencing covering most of the lot add practical features for commercial operations.
Located at 635 N Glenn in Casper, the property provides immediate access to I-25 and sits within the city’s commercial district. M1 zoning supports its industrial-oriented commercial classification, while the combination of building area and site size provides a substantial footprint for an owner-user or other commercial operation.
Located at 635 N Glenn in Casper, the property provides immediate access to I-25 and sits within the city’s commercial district. M1 zoning supports its industrial-oriented commercial classification, while the combination of building area and site size provides a substantial footprint for an owner-user or other commercial operation.
Key Highlights
- 9,600 sq ft flex property on 1.06 acres
- M1 zoning with immediate access to I‑25
- Concrete floors throughout the building
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
$55,133
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
6.13%
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%
$1,102,660
$1.1M
Cap Rate 7%
$787,614
$787.6K
Cap Rate 9%
$612,589
$612.6K
Market Conditions
NOI Build-Up for 9,600 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
$91.0K $9.48/SF
− Vacancy
−$6.2K −$0.64/SF
EGI
$84.8K $8.84/SF
− OpEx
−$29.7K −$3.09/SF
NOI
$55.1K $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%
$1,102,660
Cap Rate 7%
$787,614
Cap Rate 9%
$612,589
Alternative Uses
Best Use
Flex RnD
$787.6K
$689.2K – $918.9K
NOI $55,133 @ 7.0% cap · market cap 6.13%
Second Best
Warehouse
$778.9K
$681.5K – $908.7K
NOI $54,522 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$2.14M
$1.88M – $2.50M
NOI $150,036 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
Well-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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - M1-zoned commercial property with a fenced lot, utility features, and immediate access to I-25.
Where is this flex space located?
The property is located at 635 N Glenn Casper, WY.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 9,600 sq ft flex property on 1.06 acres; M1 zoning with immediate access to I‑25; Concrete floors throughout the building
