Duplex with Two
For Sale
$330,000
208 Russell Ave, Cheyenne, WY 82007
Two residences offer private fenced yards, shared laundry, and off-street parking on a corner lot.
Property Size1,560 SF
Price / SF$211.54
Days on Market131
Property Features for 208 Russell Ave
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced yards
shared laundry area
Building Details
Year Built
1935
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Capitol Properties
(307) 635-0303
Listed By:
Tammy Facemire · License #RE-14453
Source:
Cheyennehomesource
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 31 at 5:25PM
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 Capitol Properties
Investment Insights
Based on property information with market context.
Located at 208 Russell Ave in Cheyenne, this 1,560-square-foot duplex contains two separate residences, each with 2 bedrooms and 1 bathroom. The property includes two 1-car garages, off-street parking, and a shared laundry area. Separate fenced yards provide each unit with its own outdoor space.
Built in 1935, the building received a new roof in 2024. Both units are occupied under leases extending through April 2027, providing an established operating arrangement for the next owner.
Built in 1935, the building received a new roof in 2024. Both units are occupied under leases extending through April 2027, providing an established operating arrangement for the next owner.
Key Highlights
- Two‑unit duplex totaling 1,560 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Two 1‑car garages plus off‑street parking
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
$15,851
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
4.80%
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%
$317,020
$317.0K
Cap Rate 7%
$226,443
$226.4K
Cap Rate 9%
$176,122
$176.1K
Market Conditions
NOI Build-Up for 1,560 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
$24.0K $15.36/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$22.6K $14.52/SF
− OpEx
−$6.8K −$4.35/SF
NOI
$15.9K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /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%
$317,020
Cap Rate 7%
$226,443
Cap Rate 9%
$176,122
Alternative Uses
Best Use
Multifamily LT 5
$226.4K
$198.1K – $264.2K
NOI $15,851 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$204.3K
$178.8K – $238.4K
NOI $14,302 @ 7.0% cap · market cap 4.33%
Theoretical Best
Retail
$255.6K
$223.7K – $298.2K
NOI $17,894 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
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?
Duplex - Two residences offer private fenced yards, shared laundry, and off-street parking on a corner lot.
Where is this duplex located?
The property is located at 208 Russell Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,560 square feet; Each unit has 2 bedrooms and 1 bathroom; Two 1‑car garages plus off‑street parking
