Remodeled Downtown Flex
For Sale
$1,000,000
100 N Ash, Casper, WY 82601
M1-zoned property combines open commercial area with heated rear warehouse capacity.
Property Size5,777 SF
Price / SF$173.10
Days on Market306
Property Features for 100 N Ash
General Information
Standard status
Active
Size
5,777 SF
Total Parking Spaces
18
Property subtype
Commercial
Zoning
M1
Site & Location
Corner Location
Yes
Traffic Count
15,000 vehicles/day
Additional Details
Warehouse Space
1,500 SF
Amenities
energy-efficient systems
updated electrical and plumbing
contemporary fixtures
high ceilings
abundant natural light
premium finishes
heated warehouse space
Building Details
Year Built
1976
Buildings
1
Building Size
5,777 SF
Tenancy
Single
Listing Agency:
Lpt Realty
(307) 871-2521
Listed By:
Nathaniel Steinhoff
(307) 871-2521
Source:
Tcrwyoming
Added: Oct 28, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lpt Realty
Investment Insights
Based on property information with market context.
This 5,777-square-foot flex property at 100 N Ash in Casper occupies a 1976-built commercial building that has undergone a full remodel. The interior provides an open layout suited to retail, office, studio, or similar commercial functions, with high ceilings, natural light, contemporary finishes, and approximately 1,500 square feet of heated warehouse space. Updated electrical and plumbing systems, energy-efficient improvements, and modern fixtures are also in place.
The property sits at the intersection of 1st and Ash near Casper’s downtown corridor, with visibility supported by a 2024 traffic study reporting over 15,000 vehicles per day. Eighteen dedicated off-street parking spaces are supplemented by street parking. The site is zoned M1 and is located near the Platte River and 3 Crowns Golf Course.
The property sits at the intersection of 1st and Ash near Casper’s downtown corridor, with visibility supported by a 2024 traffic study reporting over 15,000 vehicles per day. Eighteen dedicated off-street parking spaces are supplemented by street parking. The site is zoned M1 and is located near the Platte River and 3 Crowns Golf Course.
Key Highlights
- 5,777‑square‑foot flex property at 100 N Ash, Casper, Wyoming
- Approximately 1,500 square feet of heated rear warehouse space
- Full remodel includes updated electrical, plumbing, fixtures, and energy‑efficient systems
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
$64,081
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
6.41%
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%
$1,281,620
$1.3M
Cap Rate 7%
$915,443
$915.4K
Cap Rate 9%
$712,011
$712.0K
Market Conditions
NOI Build-Up for 5,777 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
$100.5K $17.40/SF
− Vacancy
−$15.1K −$2.61/SF
EGI
$85.4K $14.79/SF
− OpEx
−$21.4K −$3.70/SF
NOI
$64.1K $11.09/SF
Area
Natrona County, WY
Vacancy
15.00%
Lease Rate
$17.40 /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%
$1,281,620
Cap Rate 7%
$915,443
Cap Rate 9%
$712,011
Alternative Uses
Best Use
Office B
$915.4K
$801.0K – $1.07M
NOI $64,081 @ 7.0% cap · market cap 6.41%
Second Best
Retail
$733.4K
$641.8K – $855.7K
NOI $51,341 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,288 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - M1-zoned property combines open commercial area with heated rear warehouse capacity.
Where is this flex space located?
The property is located at 100 N Ash Casper, WY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 5,777‑square‑foot flex property at 100 N Ash, Casper, Wyoming; Approximately 1,500 square feet of heated rear warehouse space; Full remodel includes updated electrical, plumbing, fixtures, and energy‑efficient systems
