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    97 S Red Willow Road Evanston, WY 82930

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    For Sale
    $4,500,000

    Industrial Building - Evanston, WY

    Added:
    Sep 11, 2025
    Days on Market:
    231
    Last Refresh:
    Apr 29 at 4:06 pm

    Property Features for 97 S Red Willow Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Established Industrial
    Standard status
    Active

    Taxes and HOA fees

    Tax Annual Amount
    15150

    Utilities

    Heating system
    Electric (Heating), Radiant
    Cooling system
    Central Air

    Building Details

    Year built
    2024
    Roof type
    Aluminum
    Architectural style
    Other

    We can help!

    Listing Contact
    Kody Watts

    Listing agent Kody Watts License #RE-15364

    Listing office Keller Williams Realty Western Trails 907 N. Poplar, Suite 232, Rapid City, WY

    Listing date Sep 11, 2025

    MLS# 20255087 Listing URL

    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.

    Overview

    Evanston, WY Industrial Manufacturing Facility

    This manufacturing facility in Evanston, Wyoming, comprises 65,674 square feet across two buildings situated on 5.43 acres. The primary building, constructed in 1981 with additions in 2000, 2015, and 2017, spans 50,770 square feet and features 22-foot warehouse ceilings. It includes multiple loading docks, roll-up doors, office areas, break rooms, showers, lab space, and packaging rooms. A second, modern warehouse building completed in 2024 provides an additional 14,904 square feet with a 33-foot high-cube ceiling for expanded capacity and flexibility. Both buildings are equipped with 3-phase power, suitable for various industrial operations. This strategically designed and updated property presents an opportunity for manufacturing, distribution, or specialized industrial uses within a growing regional market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    BPI Labs, Inc. Industrial Manufacturer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Uinta
    State
    Wyoming
    Longitude
    -110.997799
    Latitude
    41.335416

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    FAQs

    What type of property is this?
    Industrial property - 65,674 SF industrial facility on 5.43 acres in Evanston, WY.
    Where is this industrial property located?
    The property is located at 97 S Red Willow Road Evanston, WY.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Brand new 14,904 sq ft warehouse (built in 2024) featuring a 33ft high‑cube ceiling.; Primary 50,770 sq ft manufacturing building with 22ft ceilings, multiple loading docks, and roll‑up doors.; Total of 65,674 sq ft across two buildings on 5.43 acres.
    (801) 809-0914
    We can help!
    Listing Contact
    Kody Watts
    Real Estate License ID: RE-15364
    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.

    More about this property
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