Building Details

Year built 1993

Building materials Frame

Roof type Composition

Listing Agency: eXp Realty, LLC w***@exprealty.net Show Phone

Listed By: Derede Darden · License #RE-16015 Show Phone

Added: Jul 7 Changed: Aug 10 Last Checked: Aug 23 at 10:06AM

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MLS# 101353

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 flex-space property includes 2,288 total square feet, with 1,144 square feet on the main level. Improvements include fresh exterior paint, an updated main floor, and a remodeled bathroom. Built in 1993 with frame construction and a composition roof, the property sits on 0.50 acres and includes parking. The layout is suited to a range of commercial functions, including retail, office, warehouse, showroom, storage, and service-business use.

The property is located in the business park at 205 Butler Ave in Pine Bluffs, next to the Pine Bluffs RV/Trailer Park and near the Prairie View Subdivision. Its position just off I-80 provides direct interstate proximity for a commercial operation serving the surrounding area.

Key Highlights

• 2,288 total square feet, including 1,144 square feet on the main level
• 0.50‑acre commercial property in a business park
• Located just off I‑80 in Pine Bluffs

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

$6,498

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

2.83%

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%

$129,960 $130.0K

Cap Rate 7%

$92,829 $92.8K

Cap Rate 9%

$72,200 $72.2K

Market Conditions

NOI Build-Up for 1,144 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

$11.5K $10.08/SF

− Vacancy

−$2.2K −$1.97/SF

EGI

$9.3K $8.11/SF

− OpEx

−$2.8K −$2.43/SF

NOI

$6.5K $5.68/SF

Area

Laramie County, WY

Vacancy

19.50%

Lease Rate

$10.08 /SF/Yr

Expense Ratio

30.00%

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%

$129,960

Cap Rate 7%

$92,829

Cap Rate 9%

$72,200

Alternative Uses

Best Use

Industrial

$92.8K

$81.2K – $108.3K (±1% cap)

NOI $6,498 @ 7.0% cap · market cap 2.83%

Second Best

Flex RnD

$85.7K

$75.0K – $99.9K (±1% cap)

NOI $5,996 @ 7.0% cap · market cap 2.61%

Theoretical Best

Retail

$187.5K

$164.0K – $218.7K (±1% cap)

NOI $13,122 @ 7.0% cap · market cap 5.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

124

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 82082, WY

1,764

Population

751

Households

2.3

Avg Household Size

42

Median Age

23%

College-Educated

95%

High-School Grad

320.0 sq mi

ZIP Area

6

Density / Sq Mi

$66,388

Median Household Income

$42,972

Median Earnings

$725

Median Rent

$316,300

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Updated commercial space with parking and adaptable retail, office, warehouse, showroom, storage, or service-business applications.

Where is this flex space located?

The property is located at 205 BUTLER AVE Pine Bluffs, WY.

What is the asking price?

The asking price for this property is $229,900.

What are key features of this property?

This property features: 2,288 total square feet, including 1,144 square feet on the main level; 0.50‑acre commercial property in a business park; Located just off I‑80 in Pine Bluffs