Renovated 6-Plex Near
For Sale
Contact for pricing
1018 E 20th St, Cheyenne, WY 82001
Updated 6-unit multifamily property near downtown Cheyenne.
Property Size3,458 SF
Price / SF$242.91
Days on Market161
Property Features for 1018 E 20th St
General Information
Standard status
Active
Size
3,458 SF
Property subtype
Multifamily
Zoning
MR1
Listing Agency:
Coldwell Banker | The Property Exchange
(307) 214-7050
Listed By:
Lexi Leckemby · License #WY
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Coldwell Banker | The Property Exchange
Investment Insights
Based on property information with market context.
This is a renovated 6-plex located near downtown Cheyenne. The property has been updated with new flooring, paint, countertops, cabinetry, and bathrooms. The property size is 3458 square feet. This multifamily property presents an opportunity for portfolio expansion or entry into the rental market.
Key Highlights
- Fully renovated 6‑plex offers immediate rental income potential.
- All units feature new flooring, paint, countertops, cabinetry, and bathrooms.
- Excellent opportunity to expand an existing real estate portfolio.
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
$31,703
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
3.77%
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%
$634,060
$634.1K
Cap Rate 7%
$452,900
$452.9K
Cap Rate 9%
$352,256
$352.3K
Market Conditions
NOI Build-Up for 3,458 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
$60.2K $17.40/SF
− Vacancy
−$2.5K −$0.73/SF
EGI
$57.6K $16.67/SF
− OpEx
−$25.9K −$7.50/SF
NOI
$31.7K $9.17/SF
Area
Laramie County, WY
Vacancy
4.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$634,060
Cap Rate 7%
$452,900
Cap Rate 9%
$352,256
Alternative Uses
Best Use
Apartment 5plus
$452.9K
$396.3K – $528.4K
NOI $31,703 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$566.6K
$495.8K – $661.1K
NOI $39,665 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,108
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?
Apartment building - Updated 6-unit multifamily property near downtown Cheyenne.
Where is this apartment building located?
The property is located at 1018 E 20th St Cheyenne, WY.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Fully renovated 6‑plex offers immediate rental income potential.; All units feature new flooring, paint, countertops, cabinetry, and bathrooms.; Excellent opportunity to expand an existing real estate portfolio.
