Tenant-Occupied
For Sale
$400,000
1002 Hot Springs Ave, Cheyenne, WY 82001
Two residences offer a three-bedroom main level and a two-bedroom lower-level layout.
Property Size2,216 SF
Price / SF$180.51
Days on Market174
Property Features for 1002 Hot Springs Ave
General Information
Standard status
Active
Size
2,216 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1957
Buildings
1
Tenancy
Multi
Listing Agency:
Wyoming Real Estate Group
(702) 371-2527
Listed By:
Derek Colling · License #13033
Source:
Cheyennehomesource
Added: Mar 9
Changed: Aug 28
Last Checked: Aug 28 at 7:53PM
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 Wyoming Real Estate Group
Investment Insights
Based on property information with market context.
This two-unit residential property at 1002 Hot Springs Ave in Cheyenne includes an upper residence and a basement residence. The main-floor unit contains three bedrooms and one bathroom, while the lower unit has two bedrooms and one bathroom. The configuration provides distinct living spaces within one building, with each unit offering its own bedroom and bath arrangement.
Both residences are currently occupied by tenants. Constructed in 1957, the property combines an established building with a clear two-unit layout and a location in Cheyenne, Wyoming. The separate upper and lower levels make the physical arrangement easy to understand for ownership and management purposes.
Both residences are currently occupied by tenants. Constructed in 1957, the property combines an established building with a clear two-unit layout and a location in Cheyenne, Wyoming. The separate upper and lower levels make the physical arrangement easy to understand for ownership and management purposes.
Key Highlights
- Two‑unit up/down duplex configuration
- Main‑level unit with 3 bedrooms and 1 bathroom
- Basement unit with 2 bedrooms and 1 bathroom
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
$22,516
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
5.63%
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%
$450,320
$450.3K
Cap Rate 7%
$321,657
$321.7K
Cap Rate 9%
$250,178
$250.2K
Market Conditions
NOI Build-Up for 2,216 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
$34.0K $15.36/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$32.2K $14.52/SF
− OpEx
−$9.6K −$4.35/SF
NOI
$22.5K $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%
$450,320
Cap Rate 7%
$321,657
Cap Rate 9%
$250,178
Alternative Uses
Best Use
Multifamily LT 5
$321.7K
$281.5K – $375.3K
NOI $22,516 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$290.2K
$254.0K – $338.6K
NOI $20,316 @ 7.0% cap · market cap 5.08%
Theoretical Best
Retail
$363.1K
$317.7K – $423.7K
NOI $25,419 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
619
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer a three-bedroom main level and a two-bedroom lower-level layout.
Where is this duplex located?
The property is located at 1002 Hot Springs Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit up/down duplex configuration; Main‑level unit with 3 bedrooms and 1 bathroom; Basement unit with 2 bedrooms and 1 bathroom
