Triplex with Attached
For Sale
$385,000
1008 E 23RD ST, Cheyenne, WY 82001
Multi-Family, Cheyenne, WY
Property Size2,861 SF
Lot Size0.13 Acres
Price / SF$134.57
Days on Market51
Property Features for 1008 E 23RD ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Patio and Porch features
Deck
Interior features
Cable Access, Window Covering
Exterior features
Deck, Fence, Landscaped, Storage
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Subdivision
CITY OF CHEYENNE
Standard status
Active
Size
2,861 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
East 5' Lot 5, West 38' Lot 6, Block 180
Tax Annual Amount
1683
Legal Description
East 5' Lot 5, West 38' Lot 6, Block 180
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
common laundry room
Building Details
Year built
1919
Number of units
3
Building materials
Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
RE/MAX Capitol Properties · RE/MAX International
(307) 635-0303
Listed By:
Allee Williamson
(307) 631-1654
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 29 at 7:06AM
MLS# 101382
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.
Built in 1919, this 2,861-square-foot triplex contains three residential units. The main-level apartment offers two bedrooms, hardwood flooring, an updated bathroom, a kitchen with coffee bar, formal dining room, and a sunroom with south-facing windows. The basement apartment includes one bedroom and is positioned near the shared laundry area. A separate one-bedroom, one-bath unit includes a one-car attached garage.
The property sits on a 0.13-acre fenced lot at 1008 E 23rd St in Cheyenne, with landscaped grounds, a deck, and additional storage. Construction is frame, with forced-air natural gas heat, public water, a composition roof, range/oven, and refrigerator. Poder Academy is across the street, while a hospital and Warren Air Force Base are nearby.
The property sits on a 0.13-acre fenced lot at 1008 E 23rd St in Cheyenne, with landscaped grounds, a deck, and additional storage. Construction is frame, with forced-air natural gas heat, public water, a composition roof, range/oven, and refrigerator. Poder Academy is across the street, while a hospital and Warren Air Force Base are nearby.
Key Highlights
- 2,861‑square‑foot triplex on a 0.13‑acre lot
- Unit mix includes one 2‑bedroom apartment and two 1‑bedroom apartments
- Unit 3 includes a 1‑car attached garage
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
$29,070
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
7.55%
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%
$581,400
$581.4K
Cap Rate 7%
$415,286
$415.3K
Cap Rate 9%
$323,000
$323.0K
Market Conditions
NOI Build-Up for 2,861 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
$43.9K $15.36/SF
− Vacancy
−$2.4K −$0.84/SF
EGI
$41.5K $14.52/SF
− OpEx
−$12.5K −$4.35/SF
NOI
$29.1K $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%
$581,400
Cap Rate 7%
$415,286
Cap Rate 9%
$323,000
Alternative Uses
Best Use
Multifamily LT 5
$415.3K
$363.4K – $484.5K
NOI $29,070 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K
NOI $26,230 @ 7.0% cap · market cap 6.81%
Theoretical Best
Retail
$468.8K
$410.2K – $547.0K
NOI $32,817 @ 7.0% cap · market cap 8.52%
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 apartment 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: 2,861‑square‑foot triplex on a 0.13‑acre lot; Unit mix includes one 2‑bedroom apartment and two 1‑bedroom apartments; Unit 3 includes a 1‑car attached garage
