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    207 3Rd St Laramie, WY 82070

    View on Map
    For Sale
    $875,000

    Laramie Building with Restaurant & Multiuse Units For Sale in Downtown Area

    Property size:
    12,400 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $70/SF
    Added:
    Oct 7, 2025
    Days on Market:
    205
    Last Refresh:
    Oct 7 at 4:26 pm

    Property Features for 207 3Rd St

    General Information

    Standard status
    Active
    Property type
    Other retail properties, Office Units, Retail properties & Spaces, Office properties & Spaces
    Size
    12,400 SF
    Net Rentable
    12,200 SF
    Lot size
    0.15 Acres
    Occupancy
    50%
    Investment Type
    Owner User

    Building Details

    Year Built
    1952
    Year Renovated
    1990
    Buildings
    1
    Stories
    2
    Units
    2

    We can help!

    Listing Contact
    Fherman

    Listing agent Fherman

    Listing office

    Listing date Oct 7, 2025

    Overview

    Laramie Mixed-Use Building For Sale

    This commercial building features a 7,300-square-foot restaurant unit at street level and a 4,200-square-foot multi-use unit below grade. Situated in the heart of Laramie's historic downtown area, the property benefits from high traffic and visibility on US Highway 287 (3rd St.) and business highway US 80, with a daily traffic count of 9,348. The building is located one block from the Laramie city buildings and two blocks from the Albany County building complex, and is within walking distance of a number of public facilities and churches. It is also located just a few blocks west of the University of Wyoming campus. A free public bus shuttle route is located within one block of the property. The property includes a full production kitchen with most equipment included. A new membrane roof and a new restaurant make-up unit were installed in 2024. The total property size is 12,400 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Green House Collective ... Music Venue MOMO HOUSE BAR ... Restaurant palermos italian resturant Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Laramie
    County
    Albany
    State
    Wyoming
    Longitude
    -105.593282
    Latitude
    41.3115405

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    FAQs

    What type of property is this?
    Other retail property - Laramie Building with Restaurant & Multiuse Units For Sale in Downtown Area
    Where is this other retail property located?
    The property is located at 207 3Rd St Laramie, WY.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: High traffic,visibility location on US Hwy 287; New membrane roof 2024 and new restaurant make‑up unit 2024; Full production kitchen with most equipment included
    (719) 659-1758
    We can help!
    Listing Contact
    Fherman
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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