Two-Level Office
For Sale
$800,000
813 E LINCOLNWAY, Cheyenne, WY 82001
Commercial/Industrial, Cheyenne, WY
Property Size6,000 SF
Lot Size0.08 Acres
Price / SF$133.33
Days on Market858
Property Features for 813 E LINCOLNWAY
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
Standard status
Active
Size
6,000 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
1800
Amenities
conference room
fiber optics internet
Building Details
Year built
1952
Building materials
Block
Roof type
Membrane
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Jim Weaver · License #10624
(307) 630-5161
Added: Apr 24, 2024
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 93256
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 6,000-square-foot office building is arranged across two levels, with 3,000 square feet upstairs and 3,000 square feet downstairs. The interior includes large office areas and a conference room. Downstairs fire sprinklers and dual exits support occupancy, while fiber-optic internet service is in place. Block construction, a membrane roof, and a 1952 construction date complete the physical profile.
The property is located at 813 E Lincolnway in Cheyenne, Wyoming, on a 0.08-acre lot. A 5-year lease with a Class A tenant is in place, and the property reports a 7.0% CAP.
The property is located at 813 E Lincolnway in Cheyenne, Wyoming, on a 0.08-acre lot. A 5-year lease with a Class A tenant is in place, and the property reports a 7.0% CAP.
Key Highlights
- 6,000 square feet across two levels
- 3,000 upstairs and 3,000 downstairs
- 5‑year lease with a Class A tenant
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
$30,608
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
3.83%
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%
$612,160
$612.2K
Cap Rate 7%
$437,257
$437.3K
Cap Rate 9%
$340,089
$340.1K
Market Conditions
NOI Build-Up for 6,000 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
$48.2K $8.04/SF
− Vacancy
−$7.4K −$1.24/SF
EGI
$40.8K $6.80/SF
− OpEx
−$10.2K −$1.70/SF
NOI
$30.6K $5.10/SF
Area
Laramie County, WY
Vacancy
15.40%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
25.00%
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%
$612,160
Cap Rate 7%
$437,257
Cap Rate 9%
$340,089
Alternative Uses
Best Use
Office B
$437.3K
$382.6K – $510.1K
NOI $30,608 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$983.2K
$860.3K – $1.15M
NOI $68,824 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 82001, WY
37,528
Population
17,977
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
55.1 sq mi
ZIP Area
681
Density / Sq Mi
$74,149
Median Household Income
$45,456
Median Earnings
$1,044
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Leased office property with conference space, downstairs sprinklers, and fiber-optic internet service.
Where is this office building located?
The property is located at 813 E LINCOLNWAY Cheyenne, WY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 6,000 square feet across two levels; 3,000 upstairs and 3,000 downstairs; 5‑year lease with a Class A tenant
