Flex Warehouse with Retail
For Sale
$799,995
1831 E Yellowstone, Casper, WY 82609
Front retail office with counters and half bath, plus heated rear shop space and a steel dry storage warehouse with overhead doors.
Property Size8,500 SF
Price / SF$94.12
Days on Market84
Property Features for 1831 E Yellowstone
General Information
Standard status
Active
Size
8,500 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
C2
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
2
Building Details
Year Built
1974
Listing Agency:
Real Estate Leaders
(307) 262-0461
Listed By:
Donna Martensen · License #2250
(307) 262-0461
Source:
Tcrwyoming
Added: Jun 3
Changed: Aug 24
Last Checked: Aug 23 at 6:38AM
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 Real Estate Leaders
Investment Insights
Based on property information with market context.
The property consists of commercial buildings totaling 8,500 square feet, with retail and shop space in the front cinder-block building and additional warehouse storage in the rear steel building. The front building includes an office, retail counters, and a half bath. Behind it, there is all-heated shop space with a compressor and a 12' overhead door. Between the buildings, a side entrance provides access.
From Lennox Street, the chainlinked fenced and gated area offers convenient use for exterior storage. The steel building aligned with the front provides dry storage with power and a gas line in place, featuring 16' sidewalls and a 14' overhead door. The front includes signage and the property is described as having easy access to I-25.
The configuration combines customer-facing front space with multiple overhead-door entries and enclosed shop/storage areas, along with fenced outdoor storage between buildings and along the side entrance.
From Lennox Street, the chainlinked fenced and gated area offers convenient use for exterior storage. The steel building aligned with the front provides dry storage with power and a gas line in place, featuring 16' sidewalls and a 14' overhead door. The front includes signage and the property is described as having easy access to I-25.
The configuration combines customer-facing front space with multiple overhead-door entries and enclosed shop/storage areas, along with fenced outdoor storage between buildings and along the side entrance.
Key Highlights
- Commercial buildings totaling 8,500 SF on East Yellowstone with front signage
- Front cinder‑block building includes office, retail counters, and a 1/2 bath
- Heated rear shop space with a compressor and a 12' overhead door
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
$48,815
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
6.10%
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%
$976,300
$976.3K
Cap Rate 7%
$697,357
$697.4K
Cap Rate 9%
$542,389
$542.4K
Market Conditions
NOI Build-Up for 8,500 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
$80.6K $9.48/SF
− Vacancy
−$5.5K −$0.64/SF
EGI
$75.1K $8.84/SF
− OpEx
−$26.3K −$3.09/SF
NOI
$48.8K $5.74/SF
Area
Natrona County, WY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$976,300
Cap Rate 7%
$697,357
Cap Rate 9%
$542,389
Alternative Uses
Best Use
Retail
$1.08M
$944.3K – $1.26M
NOI $75,541 @ 7.0% cap · market cap 9.44%
Second Best
Flex RnD
$697.4K
$610.2K – $813.6K
NOI $48,815 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,845 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82609, WY
18,845
Population
9,184
Households
2.1
Avg Household Size
37
Median Age
33%
College-Educated
97%
High-School Grad
65.2 sq mi
ZIP Area
289
Density / Sq Mi
$70,902
Median Household Income
$43,256
Median Earnings
$1,043
Median Rent
$280,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Front retail office with counters and half bath, plus heated rear shop space and a steel dry storage warehouse with overhead doors.
Where is this flex space located?
The property is located at 1831 E Yellowstone Casper, WY.
What is the asking price?
The asking price for this property is $799,995.
What are key features of this property?
This property features: Commercial buildings totaling 8,500 SF on East Yellowstone with front signage; Front cinder‑block building includes office, retail counters, and a 1/2 bath; Heated rear shop space with a compressor and a 12' overhead door
