Four-Unit Quadplex
For Sale
$775,000
743 W 2ND ST, Cheyenne, WY 82007
MULTI_FAMILY - Cheyenne, WY
Property Size3,320 SF
Price / SF$233.43
Days on Market64
Property Features for 743 W 2ND ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 8, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 3, Bathroom 5, Bathroom 4, Bedroom 8, Bathroom 1, Bathroom 7, Bedroom 7, Bedroom 2, Bathroom 6, Bedroom 4
Patio and Porch features
Deck
Interior features
Cable Access, Carpeted, Window Covering
Exterior features
Deck, Lawn Sprinklers, Landscaped
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
SOUTH PARK ESTATES
Standard status
Active
Size
3,320 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH PARK ESTATES, 5TH FILING: LOT 1, BLOCK 1
Tax Annual Amount
3722
Legal Description
SOUTH PARK ESTATES, 5TH FILING: LOT 1, BLOCK 1
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
2009
Floors in Building
2
Number of units
4
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Peak Properties, LLC
(307) 638-3995
Listed By:
Corey Rang · License #5002
(307) 640-3148
Added: Jun 8
Changed: Aug 10
Last Checked: Aug 10 at 10:06PM
MLS# 101075
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.
This four-unit quadplex was built in 2009 and offers a low-maintenance setup with frame construction, forced air natural gas heat, and a composition roof. Each unit includes two bedrooms and 1.5 baths, plus its own laundry for tenant convenience. Utilities are separated so each unit has its own electric and gas service, supporting straightforward day-to-day management. The property is approximately 3,320 square feet and is served by public water.
Exterior features include a deck, landscaped grounds, and lawn sprinklers. There is no HOA. One unit is currently used as an ABNB, while the remaining units support a strong rental history. The layout also lends itself to an owner-occupant scenario where one unit can be lived in while the other three units are rented.
Exterior features include a deck, landscaped grounds, and lawn sprinklers. There is no HOA. One unit is currently used as an ABNB, while the remaining units support a strong rental history. The layout also lends itself to an owner-occupant scenario where one unit can be lived in while the other three units are rented.
Key Highlights
- Four‑unit quadplex built in 2009 with frame construction
- Each unit offers two bedrooms and 1.5 baths plus its own laundry
- Separate electric and gas service for each unit
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
$33,733
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
4.35%
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%
$674,660
$674.7K
Cap Rate 7%
$481,900
$481.9K
Cap Rate 9%
$374,811
$374.8K
Market Conditions
NOI Build-Up for 3,320 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
$51.0K $15.36/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$48.2K $14.52/SF
− OpEx
−$14.5K −$4.35/SF
NOI
$33.7K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$674,660
Cap Rate 7%
$481,900
Cap Rate 9%
$374,811
Alternative Uses
Best Use
Multifamily LT 5
$481.9K
$421.7K – $562.2K
NOI $33,733 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$434.8K
$380.5K – $507.3K
NOI $30,438 @ 7.0% cap · market cap 3.93%
Theoretical Best
Retail
$544.0K
$476.0K – $634.7K
NOI $38,082 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex with separate electric and gas services, in-unit laundry, and no HOA.
Where is this quadplex located?
The property is located at 743 W 2ND ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 2009 with frame construction; Each unit offers two bedrooms and 1.5 baths plus its own laundry; Separate electric and gas service for each unit
