Central Cheyenne Medical/Professional
For Sale
Contact for pricing
2120 Logan Ave, Cheyenne, WY 82001
Turnkey 2,744 SF office building in high-visibility location.
Property Size2,744 SF
Price / SF$236.88
Days on Market212
Property Features for 2120 Logan Ave
General Information
Standard status
Active
Size
2,744 SF
Property subtype
Special Purpose
Zoning
CB
Building Details
Year Built
1959
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker | The Property Exchange
(307) 286-7112
Listed By:
Ben Trautwein · License #WY 11590
Source:
Crexi
Added: Jan 21
Changed: Aug 8
Last Checked: Aug 20 at 4:23PM
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 Coldwell Banker | The Property Exchange
Investment Insights
Based on property information with market context.
This commercial building offers approximately 2,744 square feet of flexible space in a central Cheyenne location. The property benefits from high visibility, with traffic counts of approximately 5,000 vehicles per day. Previously used as a dental office, the property is suited for continued medical use or adaptation for various professional office users. It is suitable for owner-users or investors seeking a centrally located property to establish or expand their business presence.
Key Highlights
- Turnkey, well‑maintained commercial building.
- High‑visibility location with traffic counts of ±5,000 vehicles per day.
- Approximately 2,744 SF of flexible space.
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
$23,708
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
3.65%
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%
$474,160
$474.2K
Cap Rate 7%
$338,686
$338.7K
Cap Rate 9%
$263,422
$263.4K
Market Conditions
NOI Build-Up for 2,744 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
$49.4K $18.00/SF
− Vacancy
−$9.9K −$3.60/SF
EGI
$39.5K $14.40/SF
− OpEx
−$15.8K −$5.76/SF
NOI
$23.7K $8.64/SF
Area
Laramie County, WY
Vacancy
20.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$474,160
Cap Rate 7%
$338,686
Cap Rate 9%
$263,422
Alternative Uses
Best Use
Healthcare Medical
$338.7K
$296.4K – $395.1K
NOI $23,708 @ 7.0% cap · market cap 3.65%
Second Best
Office B
$200.0K
$175.0K – $233.3K
NOI $13,998 @ 7.0% cap · market cap 2.15%
Theoretical Best
Retail
$449.6K
$393.4K – $524.6K
NOI $31,475 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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- Tri-State Veterinary Clinic — 1805 E 19th St #100, Cheyenne, WY 82001
Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey 2,744 SF office building in high-visibility location.
Where is this medical office space located?
The property is located at 2120 Logan Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Turnkey, well‑maintained commercial building.; High‑visibility location with traffic counts of ±5,000 vehicles per day.; Approximately 2,744 SF of flexible space.
