Building Details

Year built 2019

Listing Agency: BHHS - Preferred Real Estate Group · Berkshire Hathaway HomeServices b***@vcn.com Show Phone

Listed By: Veronica Ramirez · License #2563 Show Phone

Added: Jan 6 Changed: Aug 26 Last Checked: Aug 30 at 10:06PM

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MLS# 26-8

Copyright © 2026 Northeast Wyoming REALTORS. 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.

Built in 2019, this 8,160-square-foot flex property combines a large shop with dedicated administrative and storage areas. The building includes a 600-square-foot office, a 600-square-foot mezzanine, and two bathrooms, creating a practical configuration for commercial operations, storage, and workspace needs.

The property occupies 6.5 acres along Hwy 387 in Wright, Wyoming, providing substantial outdoor area in addition to the building. C-1 zoning and the sizable site support a range of commercial applications, including equipment storage and potential future site development.

Key Highlights

• 8,160 SF shop building completed in 2019
• 6.5‑acre site along Hwy 387 in Wright, WY
• 600 SF mezzanine storage area

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

$48,710

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

5.47%

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%

$974,200 $974.2K

Cap Rate 7%

$695,857 $695.9K

Cap Rate 9%

$541,222 $541.2K

Market Conditions

NOI Build-Up for 8,160 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

$82.3K $10.08/SF

− Vacancy

−$12.7K −$1.55/SF

EGI

$69.6K $8.53/SF

− OpEx

−$20.9K −$2.56/SF

NOI

$48.7K $5.97/SF

Area

Campbell County, WY

Vacancy

15.40%

Lease Rate

$10.08 /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%

$974,200

Cap Rate 7%

$695,857

Cap Rate 9%

$541,222

Alternative Uses

Best Use

Industrial

$695.9K

$608.9K – $811.8K (±1% cap)

NOI $48,710 @ 7.0% cap · market cap 5.47%

Second Best

Flex RnD

$646.2K

$565.4K – $753.9K (±1% cap)

NOI $45,231 @ 7.0% cap · market cap 5.08%

Theoretical Best

Specialty Retail

$1.43M

$1.25M – $1.67M (±1% cap)

NOI $100,286 @ 7.0% cap · market cap 11.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Location Intelligence

Demographics for 82732, WY

1,932

Population

951

Households

2

Avg Household Size

39

Median Age

11%

College-Educated

82%

High-School Grad

76.9 sq mi

ZIP Area

25

Density / Sq Mi

$92,083

Median Household Income

$61,979

Median Earnings

$1,037

Median Rent

$226,300

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - The property includes dedicated office and mezzanine storage areas within its shop layout.

Where is this flex space located?

The property is located at Hwy 387 Wright, WY.

What is the asking price?

The asking price for this property is $890,000.

What are key features of this property?

This property features: 8,160 SF shop building completed in 2019; 6.5‑acre site along Hwy 387 in Wright, WY; 600 SF mezzanine storage area