Four-Unit Apartment
For Sale
$749,900
1231 Taft Ave, Cheyenne, WY 82001
Well-maintained quadplex with consistent three-bedroom layouts, private utility metering, fireplaces, and dedicated off-street parking.
Property Size3,952 SF
Price / SF$189.75
Days on Market166
Property Features for 1231 Taft Ave
General Information
Standard status
Active
Size
3,952 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Amenities
gas fireplaces
washer/dryer
landscaped yard areas
separately metered
Building Details
Year Built
2004
Buildings
1
Construction
2X6 construction
Listing Agency:
RE/MAX Capitol Properties
(307) 635-0303
Listed By:
Steven Prescott
Source:
Cheyennehomesource
Added: Mar 17
Changed: Aug 28
Last Checked: Aug 28 at 12:19PM
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.
Built in 2004, this 3,952-square-foot quadplex contains four apartments, each offering three bedrooms and two bathrooms. The units include appliances, washers and dryers, gas fireplaces, and 2X6 construction. Landscaped yard areas and off-street parking serve the building, while separate utility metering supports individual unit operations.
The property is located at 1231 Taft Ave in Cheyenne, WY 82001, with schools and parks nearby. HOA services cover lawn care, snow removal, exterior building maintenance, building insurance, and liability insurance.
The property is located at 1231 Taft Ave in Cheyenne, WY 82001, with schools and parks nearby. HOA services cover lawn care, snow removal, exterior building maintenance, building insurance, and liability insurance.
Key Highlights
- Four units, each with 3 bedrooms and 2 bathrooms
- 3,952 SF quadplex built in 2004
- 2X6 construction with gas fireplaces
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
$40,155
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
5.35%
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%
$803,100
$803.1K
Cap Rate 7%
$573,643
$573.6K
Cap Rate 9%
$446,167
$446.2K
Market Conditions
NOI Build-Up for 3,952 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
$60.7K $15.36/SF
− Vacancy
−$3.3K −$0.84/SF
EGI
$57.4K $14.52/SF
− OpEx
−$17.2K −$4.35/SF
NOI
$40.2K $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%
$803,100
Cap Rate 7%
$573,643
Cap Rate 9%
$446,167
Alternative Uses
Best Use
Multifamily LT 5
$573.6K
$501.9K – $669.3K
NOI $40,155 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,232 @ 7.0% cap · market cap 4.83%
Theoretical Best
Retail
$647.6K
$566.7K – $755.5K
NOI $45,332 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
242
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?
Quadplex - Well-maintained quadplex with consistent three-bedroom layouts, private utility metering, fireplaces, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 1231 Taft Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Four units, each with 3 bedrooms and 2 bathrooms; 3,952 SF quadplex built in 2004; 2X6 construction with gas fireplaces
