Restaurant Property with Commercial
For Sale
$1,260,000
1612 W 2nd St, Gillette, WY 82716
Commercial Sale, Gillette, WY
Property Size4,809 SF
Lot Size0.83 Acres
Price / SF$262.01
Days on Market29
Property Features for 1612 W 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Appliances
Yes
Directions
On 2nd St
Subdivision
GIL - Commercial - City
Standard status
Active
Size
4,809 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Annual Amount
4196
Building Details
Year built
1979
Listing Agency:
ERA Priority Real Estate · ERA Real Estate
(307) 686-9200
Listed By:
Stephanie Bryce · License #16020
(307) 686-9200
Added: Jul 31
Last Checked: Aug 28 at 4:06PM
MLS# 26-905
Copyright © 2026 Northeast Wyoming REALTORS. 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.
This 4,809-square-foot commercial building is configured for restaurant use and includes a fully equipped commercial kitchen, two bathrooms, and ample parking. The property also offers flexibility for other commercial applications. A new roof and multiple interior improvements completed within the past two years update the facility while preserving its existing restaurant infrastructure.
Located at 1612 W 2nd St in Gillette, the property provides street exposure and is zoned C-1. Restaurant operations are continuing while the property is offered for sale, allowing the business to remain open during the sale process.
Located at 1612 W 2nd St in Gillette, the property provides street exposure and is zoned C-1. Restaurant operations are continuing while the property is offered for sale, allowing the business to remain open during the sale process.
Key Highlights
- 4,809‑square‑foot restaurant property in Gillette, WY
- Fully equipped commercial kitchen
- New roof and interior improvements completed within the past two years
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
$59,102
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
4.69%
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%
$1,182,040
$1.2M
Cap Rate 7%
$844,314
$844.3K
Cap Rate 9%
$656,689
$656.7K
Market Conditions
NOI Build-Up for 4,809 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
$89.4K $18.60/SF
− Vacancy
−$10.6K −$2.21/SF
EGI
$78.8K $16.39/SF
− OpEx
−$19.7K −$4.10/SF
NOI
$59.1K $12.29/SF
Area
Campbell County, WY
Vacancy
11.90%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,182,040
Cap Rate 7%
$844,314
Cap Rate 9%
$656,689
Alternative Uses
Best Use
Specialty Retail
$844.3K
$738.8K – $985.0K
NOI $59,102 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
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
661
Businesses Nearby
85k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 29%
Hotels & Casinos 9%
Home Improvements & Furnishings 2%
McDonald's
Dining
19,691 visits/mo
0.2 miles
Shell
Shops & Services
19,347 visits/mo
0.1 miles
Kum & Go
Shops & Services
12,632 visits/mo
0.5 miles
Kum & Go
Shops & Services
9,342 visits/mo
0.3 miles
Sinclair
Shops & Services
4,548 visits/mo
0.2 miles
Demographics for 82716, WY
17,094
Population
7,771
Households
2.2
Avg Household Size
36
Median Age
16%
College-Educated
93%
High-School Grad
1,182.7 sq mi
ZIP Area
14
Density / Sq Mi
$77,169
Median Household Income
$45,276
Median Earnings
$890
Median Rent
$234,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Commercial kitchen, updated interiors, and on-site parking support continued food-service use or other commercial occupancy.
Where is this conventional restaurant located?
The property is located at 1612 W 2nd St Gillette, WY.
What is the asking price?
The asking price for this property is $1,260,000.
What are key features of this property?
This property features: 4,809‑square‑foot restaurant property in Gillette, WY; Fully equipped commercial kitchen; New roof and interior improvements completed within the past two years
