Updated Duplex with Separate
New
For Sale
$479,900
1412 MADISON AVE, Cheyenne, WY 82001
Multi-Family, Cheyenne, WY
Property Size3,272 SF
Lot Size0.31 Acres
Price / SF$146.67
Days on Market2
Property Features for 1412 MADISON AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 1
Patio and Porch features
Patio
Interior features
Carpeted
Exterior features
Patio, Fence, Storage
Fencing
Fenced
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
MARTIN
Standard status
Active
Size
3,272 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MARTIN SUBDIVISION: LOT 3, TRACT 7, LESS THE NORTH
Legal Description
MARTIN SUBDIVISION: LOT 3, TRACT 7, LESS THE NORTH
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
fenced yard
patio
mature trees
off-street parking
laundry hookups
Building Details
Year built
1956
Number of units
2
Building materials
Block
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Real Broker, LLC
(307) 772-1184
Listed By:
JP Fluellen · License #12637
(307) 772-1184
Added: Aug 24
Last Checked: Aug 25 at 5:06AM
MLS# 101892
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.
Located at 1412 Madison Avenue in Cheyenne, this duplex contains approximately 3,272 square feet across two separate residences. The primary unit measures approximately 2,384 square feet and includes 5 bedrooms, 2.5 bathrooms, multiple living areas, storage, updated bathrooms, and its own utility service. The secondary residence provides approximately 888 square feet of single-level living with 1 bedroom, 1 bathroom, a kitchen, living area, laundry hookups, and separate utilities.
Both units are vacant, allowing the next owner to occupy one residence, lease both, or establish a shared family arrangement. The property sits on a 0.31-acre lot with a fenced yard, patio, mature trees, storage, and off-street parking. Public water service, forced-air natural gas heating, and a composition roof are also in place. Schools, parks, shopping, restaurants, medical facilities, and downtown Cheyenne are located in the surrounding area.
Both units are vacant, allowing the next owner to occupy one residence, lease both, or establish a shared family arrangement. The property sits on a 0.31-acre lot with a fenced yard, patio, mature trees, storage, and off-street parking. Public water service, forced-air natural gas heating, and a composition roof are also in place. Schools, parks, shopping, restaurants, medical facilities, and downtown Cheyenne are located in the surrounding area.
Key Highlights
- Two‑unit duplex with approximately 3,272 square feet
- Primary residence: approximately 2,384 square feet, 5 bedrooms, and 2.5 bathrooms
- Secondary residence: approximately 888 square feet, 1 bedroom, and 1 bathroom
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
$33,246
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
6.93%
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%
$664,920
$664.9K
Cap Rate 7%
$474,943
$474.9K
Cap Rate 9%
$369,400
$369.4K
Market Conditions
NOI Build-Up for 3,272 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
$50.3K $15.36/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$47.5K $14.52/SF
− OpEx
−$14.2K −$4.35/SF
NOI
$33.2K $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%
$664,920
Cap Rate 7%
$474,943
Cap Rate 9%
$369,400
Alternative Uses
Best Use
Multifamily LT 5
$474.9K
$415.6K – $554.1K
NOI $33,246 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$428.5K
$375.0K – $500.0K
NOI $29,998 @ 7.0% cap · market cap 6.25%
Theoretical Best
Retail
$536.2K
$469.2K – $625.5K
NOI $37,532 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
351
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?
Duplex - Two vacant residences offer flexible owner-occupant, rental, and multigenerational living arrangements.
Where is this duplex located?
The property is located at 1412 MADISON AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex with approximately 3,272 square feet; Primary residence: approximately 2,384 square feet, 5 bedrooms, and 2.5 bathrooms; Secondary residence: approximately 888 square feet, 1 bedroom, and 1 bathroom
