Mixed-Use Property with Office
For Sale
$1,975,000
1217 S Greeley Hwy, Cheyenne, WY 82007
Office suites, a leased shop, and separate utility metering support flexible occupancy and management.
Property Size5,200 SF
Price / SF$379.81
Days on Market84
Property Features for 1217 S Greeley Hwy
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Commercial
Building Details
Year Built
2006
Listing Agency:
#1 Properties
(307) 640-6915
Listed By:
Natacha Gaspar · License #1932
Source:
Cheyennehomesource
Added: Jun 8
Changed: Aug 30
Last Checked: Aug 30 at 6:05PM
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 #1 Properties
Investment Insights
Based on property information with market context.
This mixed-use property at 1217 S Greeley Hwy includes a primary commercial building arranged as two office suites with private entrances. Suite A contains 3,000 SF, while Suite B includes 2,200 SF; both suites have a kitchen and two bathrooms. A 1,500-square-foot basement provides storage and conference space. The property also includes a 40' x 96' outbuilding constructed in 2018, with four 16-foot overhead doors, heat, a ventilation system, office space, and a bathroom.
The office occupants may continue or end their occupancy, while the shop remains leased to a mechanic. Separate metering places utility responsibility with each tenant. The approximately 1.97-acre parcel was originally platted for an additional building site between the office building and shop. The property year built is 2006.
The office occupants may continue or end their occupancy, while the shop remains leased to a mechanic. Separate metering places utility responsibility with each tenant. The approximately 1.97-acre parcel was originally platted for an additional building site between the office building and shop. The property year built is 2006.
Key Highlights
- Approximately 1.97 acres with an additional building site originally platted between the office and shop
- Two office suites: Suite A is 3,000 SF and Suite B is 2,200 SF
- Each office suite includes a kitchen, two bathrooms, and a private entrance
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
$59,647
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
3.02%
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%
$1,192,940
$1.2M
Cap Rate 7%
$852,100
$852.1K
Cap Rate 9%
$662,744
$662.7K
Market Conditions
NOI Build-Up for 5,200 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
$96.7K $18.60/SF
− Vacancy
−$11.5K −$2.21/SF
EGI
$85.2K $16.39/SF
− OpEx
−$25.6K −$4.92/SF
NOI
$59.6K $11.47/SF
Area
Laramie County, WY
Vacancy
11.90%
Lease Rate
$18.60 /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%
$1,192,940
Cap Rate 7%
$852,100
Cap Rate 9%
$662,744
Alternative Uses
Best Use
Retail
$852.1K
$745.6K – $994.1K
NOI $59,647 @ 7.0% cap · market cap 3.02%
Second Best
Mixed Use
$520.9K
$455.8K – $607.8K
NOI $36,465 @ 7.0% cap · market cap 1.85%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office suites, a leased shop, and separate utility metering support flexible occupancy and management.
Where is this mixed-use property located?
The property is located at 1217 S Greeley Hwy Cheyenne, WY.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Approximately 1.97 acres with an additional building site originally platted between the office and shop; Two office suites: Suite A is 3,000 SF and Suite B is 2,200 SF; Each office suite includes a kitchen, two bathrooms, and a private entrance
