Two-Unit Duplex with Private
For Sale
$335,000
508 W 23RD ST, Cheyenne, WY 82001
Up-and-down configuration with separate entrances, shared laundry, and enclosed outdoor areas.
Property Size1,872 SF
Price / SF$178.95
Days on Market52
Property Features for 508 W 23RD ST
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced front and backyard
covered front porch
shared laundry space
Building Details
Year Built
1919
Buildings
1
Listing Agency:
Coldwell Banker, The Property Exchange
Listed By:
Trenton Vonburg · License #3543
Source:
Karihappoldrealestate
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 6:22AM
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.
Built in 1919, this 1,872-square-foot up-and-down duplex contains two separate residences. Each unit provides two bedrooms and one bathroom, with its own private entrance. Shared laundry serves both units, while the property also includes a covered front porch and fenced front and rear yards.
The property is located at 508 W 23RD ST in Cheyenne, within walking distance of the Laramie County Library, state capitol, state museum, and downtown. Its two-unit layout and separate access points support flexible occupancy arrangements for an owner occupant or separate leasing of both residences.
The property is located at 508 W 23RD ST in Cheyenne, within walking distance of the Laramie County Library, state capitol, state museum, and downtown. Its two-unit layout and separate access points support flexible occupancy arrangements for an owner occupant or separate leasing of both residences.
Key Highlights
- 1,872‑square‑foot duplex built in 1919
- Two up‑and‑down units, each with 2 bedrooms and 1 bathroom
- Private entrance for each residence
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
$19,021
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
5.68%
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%
$380,420
$380.4K
Cap Rate 7%
$271,729
$271.7K
Cap Rate 9%
$211,344
$211.3K
Market Conditions
NOI Build-Up for 1,872 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
$28.8K $15.36/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$27.2K $14.52/SF
− OpEx
−$8.2K −$4.35/SF
NOI
$19.0K $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%
$380,420
Cap Rate 7%
$271,729
Cap Rate 9%
$211,344
Alternative Uses
Best Use
Multifamily LT 5
$271.7K
$237.8K – $317.0K
NOI $19,021 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$245.2K
$214.5K – $286.1K
NOI $17,163 @ 7.0% cap · market cap 5.12%
Theoretical Best
Retail
$306.8K
$268.4K – $357.9K
NOI $21,473 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,292
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?
Duplex - Up-and-down configuration with separate entrances, shared laundry, and enclosed outdoor areas.
Where is this duplex located?
The property is located at 508 W 23RD ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,872‑square‑foot duplex built in 1919; Two up‑and‑down units, each with 2 bedrooms and 1 bathroom; Private entrance for each residence
