Updated
New
For Sale
$510,000
1617 Converse Ave, Cheyenne, WY 82001
Three occupied residences provide current rental income, while a fourth unit is vacant and ready for updates.
Property Size2,225 SF
Price / SF$229.21
Days on Market4
Property Features for 1617 Converse Ave
General Information
Standard status
Active
Size
2,225 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1953
Listing Agency:
Century 21 Bell Real Estate
Listed By:
Dana Diekroeger · License #635
(307) 421-7593
Source:
Karihappoldrealestate
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 16 at 6:18AM
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 Century 21 Bell Real Estate
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Investment Insights
Based on property information with market context.
This 2,225-square-foot quadplex, built in 1953, includes four residential units. Electrical systems and hot water heaters have been updated, along with three of the four units. Three units are rented, and the remaining unit is vacant and ready for additional work.
The property is located at 1617 Converse Ave in Cheyenne, Wyoming.
The property is located at 1617 Converse Ave in Cheyenne, Wyoming.
Key Highlights
- Four‑unit residential property
- 2,225 square feet; built in 1953
- Electrical systems and hot water heaters updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,607
Cap Rate
4.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$452,140
$452.1K
Cap Rate 7%
$322,957
$323.0K
Cap Rate 9%
$251,189
$251.2K
Market Conditions
NOI Build-Up for 2,225 SF
Gross rent
$34.2K $15.36/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$32.3K $14.52/SF
− OpEx
−$9.7K −$4.35/SF
NOI
$22.6K $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 Rate 5%
$452,140
Cap Rate 7%
$322,957
Cap Rate 9%
$251,189
Alternative Uses
Best Use
Multifamily LT 5
$323.0K
$282.6K – $376.8K
NOI $22,607 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$291.4K
$255.0K – $340.0K
NOI $20,399 @ 7.0% cap · market cap 4.00%
Theoretical Best
Retail
$364.6K
$319.0K – $425.4K
NOI $25,522 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
845
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Three occupied residences provide current rental income, while a fourth unit is vacant and ready for updates.
Where is this quadplex located?
The property is located at 1617 Converse Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four‑unit residential property; 2,225 square feet; built in 1953; Electrical systems and hot water heaters updated
