Two-Unit Duplex with Detached
New
For Sale
$354,500
1000 W 29TH ST, Cheyenne, WY 82001
Multi-Family, 1 1/2 Story, Cheyenne, WY
Property Size1,931 SF
Lot Size0.25 Acres
Price / SF$183.58
Days on Market4
Property Features for 1000 W 29TH ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Interior features
Cable Access, Carpeted
Exterior features
Fence, Storage
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Subdivision
RESIDENCE PARK
Standard status
Active
Size
1,931 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1502
Utilities
Heating system
Forced Air, Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Peak Properties, LLC
(307) 638-3995
Listed By:
Krista Boyer · License #1075
(307) 286-6160
Added: Sep 30
Last Checked: Oct 3 at 6:06AM
MLS# 102258
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 1,931-square-foot duplex, built in 1922, contains a three-bedroom, one-bathroom main-level unit and a one-bedroom, one-bathroom basement unit. The lower apartment has a kitchenette and separate entrance. Electrical and plumbing have been upgraded, and the property has newer Gill windows. A range and refrigerator are included, with forced-air heating powered by natural gas and electricity.
The property occupies two city lots totaling 0.25 acres in Cheyenne. Two detached garages, additional vehicle parking, and a fenced yard round out the site.
The property occupies two city lots totaling 0.25 acres in Cheyenne. Two detached garages, additional vehicle parking, and a fenced yard round out the site.
Key Highlights
- Two‑unit layout: three‑bedroom main‑level residence and one‑bedroom basement apartment
- Basement apartment includes a kitchenette and separate entrance
- 1,931 square feet on 0.25 acres across two city lots
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
$19,620
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
5.53%
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%
$392,400
$392.4K
Cap Rate 7%
$280,286
$280.3K
Cap Rate 9%
$218,000
$218.0K
Market Conditions
NOI Build-Up for 1,931 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
$29.7K $15.36/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$28.0K $14.52/SF
− OpEx
−$8.4K −$4.35/SF
NOI
$19.6K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /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%
$392,400
Cap Rate 7%
$280,286
Cap Rate 9%
$218,000
Alternative Uses
Best Use
Multifamily LT 5
$280.3K
$245.3K – $327.0K
NOI $19,620 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$252.9K
$221.3K – $295.1K
NOI $17,704 @ 7.0% cap · market cap 4.99%
Theoretical Best
Retail
$316.4K
$276.9K – $369.2K
NOI $22,150 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
780
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - A separate basement apartment has its own entrance, kitchenette, bedroom, and bathroom.
Where is this duplex located?
The property is located at 1000 W 29TH ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $354,500.
What are key features of this property?
This property features: Two‑unit layout: three‑bedroom main‑level residence and one‑bedroom basement apartment; Basement apartment includes a kitchenette and separate entrance; 1,931 square feet on 0.25 acres across two city lots
