Triplex with Attached
For Sale
$385,000
1008 E 23rd St, Cheyenne, WY 82001
Three residential units include a two-bedroom main-level home and two one-bedroom apartments.
Property Size2,630 SF
Price / SF$146.39
Days on Market100
Property Features for 1008 E 23rd St
General Information
Standard status
Active
Size
2,630 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 1BR, 1 x 1BR/1BA
Multifamily Units
3
Amenities
common laundry room
Building Details
Year Built
1919
Listing Agency:
RE/MAX Capitol Properties
(307) 635-0303
Listed By:
Allee Williamson · License #2647
Source:
Cheyennehomesource
Added: May 25
Changed: Aug 31
Last Checked: Aug 31 at 5:33PM
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 RE/MAX Capitol Properties
Investment Insights
Based on property information with market context.
This 2,861-square-foot triplex, built in 1919, includes three residential units with distinct layouts. The main-level residence features two bedrooms, hardwood flooring, an updated bathroom, a kitchen with coffee bar, formal dining room, and a south-facing sunroom. A basement apartment provides one bedroom and access near the shared laundry area. The third unit includes one bedroom, one bathroom, and a one-car attached garage.
The property is located at 1008 E 23rd St in Cheyenne, across from Poder Academy and near a hospital and Warren Air Force Base. Existing occupants have expressed interest in remaining, while the property information also identifies potential for an owner-occupant arrangement or short-term rental use.
The property is located at 1008 E 23rd St in Cheyenne, across from Poder Academy and near a hospital and Warren Air Force Base. Existing occupants have expressed interest in remaining, while the property information also identifies potential for an owner-occupant arrangement or short-term rental use.
Key Highlights
- Three‑unit residential property totaling 2,861 SF
- Main‑level two‑bedroom residence with hardwood floors and south‑facing sunroom
- Basement apartment includes one bedroom and proximity to common laundry
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
$26,722
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
6.94%
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%
$534,440
$534.4K
Cap Rate 7%
$381,743
$381.7K
Cap Rate 9%
$296,911
$296.9K
Market Conditions
NOI Build-Up for 2,630 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
$40.4K $15.36/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$38.2K $14.52/SF
− OpEx
−$11.5K −$4.35/SF
NOI
$26.7K $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%
$534,440
Cap Rate 7%
$381,743
Cap Rate 9%
$296,911
Alternative Uses
Best Use
Multifamily LT 5
$381.7K
$334.0K – $445.4K
NOI $26,722 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$344.5K
$301.4K – $401.9K
NOI $24,112 @ 7.0% cap · market cap 6.26%
Theoretical Best
Retail
$431.0K
$377.1K – $502.8K
NOI $30,168 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,259
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include a two-bedroom main-level home and two one-bedroom apartments.
Where is this triplex located?
The property is located at 1008 E 23rd St Cheyenne, WY.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Three‑unit residential property totaling 2,861 SF; Main‑level two‑bedroom residence with hardwood floors and south‑facing sunroom; Basement apartment includes one bedroom and proximity to common laundry
