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    985 RANGE LINE RD Cheyenne, WY 82009

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    For Sale
    $675,000

    Rural Residential, RANCH - Cheyenne, WY

    Type:Farm
    Lot size:
    7.54 Acres
    Added:
    Aug 30, 2025
    Days on Market:
    238
    Last Refresh:
    Apr 24 at 5:06 am

    Property Features for 985 RANGE LINE RD

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Family Room, Kitchen, Living Room
    Parking
    3
    Patio and Porch features
    Patio, Porch, Deck
    Interior features
    Cable Tv, Great Room, Extra Insulation, Separate Dining, Main Floor Laundry, Walk-in Closet, Main Floor Primary, Thermal Windows, Tankless Waterheater, Programmable Thermostat, High Effic. Hvac 95% +, High Effic.ac 14+seerrat, Ceiling Fan
    Exterior features
    Back Fenced, Covered Patio, Covered Deck, Covered Porch
    Fencing
    Fenced
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Standard status
    Active
    Lot size
    7.54 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0
    Expense value
    810
    Expense
    Home Owner Assessments Fee

    Utilities

    Utilities
    Cable Available, Water Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2025
    Building materials
    Stone
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Shanae Martin

    Listing agent Shanae Martin

    Listing office eXp Realty, LLC 2617 E Lincolnway, Cheyenne, WY

    Listing date Aug 30, 2025

    MLS# 99255 Listing URL

    Copyright © 2026 Cheyenne Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Cheyenne Ranch with Horse Acres

    This property features a 5-bedroom, 3-bath home with main-level living and an open-concept layout. The kitchen includes a large island and quartz countertops. The split-bedroom design provides privacy. Outdoor spaces include a front porch and covered back deck. The property also features an oversized 3-car garage. Situated on approximately 7.54 acres, the property is suitable for horses and offers space for building a shop or barn. Located near Cheyenne, Wyoming, this property offers views and a blend of construction and modern comfort.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Pet Store Butcher

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -105.060804
    Latitude
    41.151653

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    FAQs

    What type of property is this?
    Horse & equestrian property - Spacious 5-bedroom home on 7.54 acres near Cheyenne.
    Where is this horse & equestrian property located?
    The property is located at 985 RANGE LINE RD Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Nearly 8 horse‑friendly acres offer ample space for a shop or barn.; True main‑level living with a bright, open concept layout.; Spacious kitchen with a large island and quartz countertops.
    (307) 701-8888
    We can help!
    Listing Contact
    Shanae Martin
    Real Estate License ID: RE-15984
    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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