Mixed-Use Property With Two
For Sale
$225,000
2009 AMES AVE, Cheyenne, WY 82001
Commercial/Industrial, Cheyenne, WY
Property Size1,008 SF
Lot Size0.18 Acres
Price / SF$223.21
Days on Market8
Property Features for 2009 AMES AVE
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
Standard status
Active
Size
1,008 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Addendum
Tax Annual Amount
929
Legal Description
See Addendum
Building Details
Year built
1917
Building materials
Frame
Roof type
Metal, Composition
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Justin Howell · License #13276
(307) 631-8850
Added: Sep 9
Changed: Sep 16
Last Checked: Sep 16 at 11:06PM
MLS# 102129
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 mixed-use property includes two ranch-style structures on a 0.18-acre parcel. The primary structure is finished and currently arranged as a one-bedroom, one-bath living space, with a layout that can also accommodate office or professional-suite use. The second structure is unfinished and requires heat and plumbing before occupancy or use.
Located at 2009 Ames Ave in Cheyenne, Wyoming, the property carries Mixed Use Business zoning and includes 1,008 square feet of property area. The frame construction dates to 1917, and the improvements have metal and composition roofing. The two-structure layout supports a combination of residential and commercial uses, subject to applicable zoning and completion requirements.
Located at 2009 Ames Ave in Cheyenne, Wyoming, the property carries Mixed Use Business zoning and includes 1,008 square feet of property area. The frame construction dates to 1917, and the improvements have metal and composition roofing. The two-structure layout supports a combination of residential and commercial uses, subject to applicable zoning and completion requirements.
Key Highlights
- Two ranch‑style structures on a 0.18‑acre Mixed Use Business parcel
- Finished primary structure configured with 1 bedroom and 1 bathroom
- Primary structure can accommodate residential, office, or professional‑suite use
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
$7,069
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
3.14%
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%
$141,380
$141.4K
Cap Rate 7%
$100,986
$101.0K
Cap Rate 9%
$78,544
$78.5K
Market Conditions
NOI Build-Up for 1,008 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
$13.3K $13.20/SF
− Vacancy
−$2.0K −$1.98/SF
EGI
$11.3K $11.22/SF
− OpEx
−$4.2K −$4.21/SF
NOI
$7.1K $7.01/SF
Area
Laramie County, WY
Vacancy
15.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
37.50%
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%
$141,380
Cap Rate 7%
$100,986
Cap Rate 9%
$78,544
Alternative Uses
Best Use
Mixed Use
$101.0K
$88.4K – $117.8K
NOI $7,069 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$165.2K
$144.5K – $192.7K
NOI $11,562 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,958
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
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed Use Business zoning supports residential and commercial configurations across two ranch-style structures.
Where is this mixed-use property located?
The property is located at 2009 AMES AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two ranch‑style structures on a 0.18‑acre Mixed Use Business parcel; Finished primary structure configured with 1 bedroom and 1 bathroom; Primary structure can accommodate residential, office, or professional‑suite use
