Four-Unit Brick Apartment
New
For Sale
$510,000
1617 CONVERSE AVE, Cheyenne, WY 82001
Multi-Family, 1 STORY, Cheyenne, WY
Property Size2,225 SF
Lot Size0.13 Acres
Price / SF$229.21
Days on Market2
Property Features for 1617 CONVERSE AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3
Appliances
Range/Oven, Refrigerator
Subdivision
GARDEN HOMES
Standard status
Active
Size
2,225 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
GARDEN HOMES SUBDIVISION: NORTH 50' OF BLOCK 4
Tax Annual Amount
1911
Legal Description
GARDEN HOMES SUBDIVISION: NORTH 50' OF BLOCK 4
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Century 21 Bell Real Estate · Century 21 Real Estate
(307) 635-0336
Listed By:
Dana Diekroeger
(307) 421-7593
Added: Oct 12
Last Checked: Oct 13 at 5:06PM
MLS# 102356
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.
This 2,225-square-foot brick quadplex was built in 1953 on a 0.13-acre lot. Electrical systems and hot water heaters have been updated, as have three of the four apartments. The property includes range/ovens and refrigerators, with forced-air natural gas heating and public water.
Key Highlights
- Four‑unit brick quadplex with 2,225 square feet of building area
- Three of four apartments have been updated
- Electrical systems and hot water heaters have been 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.
How Realmo checks its estimates
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Three apartments are occupied; the remaining unit is vacant and requires updating.
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 brick quadplex with 2,225 square feet of building area; Three of four apartments have been updated; Electrical systems and hot water heaters have been updated
