One-Bedroom Apartment
For Sale
$435,000
164 N Fenway St, Casper, WY 82601
Well-maintained apartments feature private entrances, shared laundry, and outdoor gathering space near the medical community.
Property Size2,272 SF
Price / SF$191.46
Days on Market33
Property Features for 164 N Fenway St
General Information
Standard status
Active
Size
2,272 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,747
Amenities
outdoor space
laundry room
Listing Agency:
RE/MAX The Group
(307) 262-7670
Listed By:
Rebecca Sedar · License #1657
(307) 262-7670
Source:
Exprealty
Added: Jul 28
Changed: Aug 20
Last Checked: Aug 26 at 12:52PM
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 RE/MAX The Group
Investment Insights
Based on property information with market context.
This 2,272-square-foot apartment building contains one-bedroom, one-bath units, each with an individual entrance providing secure access. The units are described as very well maintained, while a separate laundry room serves the building with convenient access to all apartments. Outdoor space provides an area for residents to relax or gather.
The property is located near Casper’s medical community at 164 N Fenway St. The source information also notes a strong rental history and consistent occupancy.
The property is located near Casper’s medical community at 164 N Fenway St. The source information also notes a strong rental history and consistent occupancy.
Key Highlights
- 2,272‑square‑foot apartment building
- Each unit offers one bedroom and one bath
- Individual entrances provide secure access to each unit
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
$17,669
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
4.06%
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%
$353,380
$353.4K
Cap Rate 7%
$252,414
$252.4K
Cap Rate 9%
$196,322
$196.3K
Market Conditions
NOI Build-Up for 2,272 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
$33.5K $14.76/SF
− Vacancy
−$1.4K −$0.62/SF
EGI
$32.1K $14.14/SF
− OpEx
−$14.5K −$6.36/SF
NOI
$17.7K $7.78/SF
Area
Natrona County, WY
Vacancy
4.20%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$353,380
Cap Rate 7%
$252,414
Cap Rate 9%
$196,322
Alternative Uses
Best Use
Apartment 5plus
$252.4K
$220.9K – $294.5K
NOI $17,669 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$507.3K
$443.9K – $591.8K
NOI $35,509 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,535
Businesses Nearby
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
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?
Apartment building - Well-maintained apartments feature private entrances, shared laundry, and outdoor gathering space near the medical community.
Where is this apartment building located?
The property is located at 164 N Fenway St Casper, WY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 2,272‑square‑foot apartment building; Each unit offers one bedroom and one bath; Individual entrances provide secure access to each unit
