NNN Commercial Property with Upgraded
New
For Sale
$2,313,386
2200 E 15th St, Cheyenne, WY 82001
The tenant handles taxes, insurance, and routine maintenance under the stated lease structure.
Property Size9,920 SF
Price / SF$233.20
Days on Market4
Property Features for 2200 E 15th St
General Information
Standard status
Active
Size
9,920 SF
Property subtype
Mixed Use
Additional Details
Cap Rate
7.5%
Building Details
Building Size
9,920 SF
Year Built
1938
Tenancy
Single
Listing Agency:
Coldwell Banker, The Property Exchange
(307) 460-0563
Listed By:
James Bowers · License #12840
Source:
Cbcworldwide
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 18 at 4:30AM
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 9,920-square-foot commercial property was built in 1938 and is occupied by a long-term tenant with community roots dating to the 1970s. Recent capital work includes upgraded roofing systems and modern HVAC units, while the lease structure limits landlord obligations to the roof, structure, and HVAC.
The property is located at 2200 E 15th St in Cheyenne, one block from Lincolnway. The tenant is responsible for property taxes, insurance, and routine maintenance. The investment is offered at a 7.5% cap rate, providing a clearly defined operating framework for ownership.
The property is located at 2200 E 15th St in Cheyenne, one block from Lincolnway. The tenant is responsible for property taxes, insurance, and routine maintenance. The investment is offered at a 7.5% cap rate, providing a clearly defined operating framework for ownership.
Key Highlights
- 9,920‑square‑foot commercial property built in 1938
- Long‑term tenant with roots in the community since the 1970s
- 7.5% cap rate
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
$69,564
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
3.01%
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%
$1,391,280
$1.4M
Cap Rate 7%
$993,771
$993.8K
Cap Rate 9%
$772,933
$772.9K
Market Conditions
NOI Build-Up for 9,920 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
$130.9K $13.20/SF
− Vacancy
−$19.6K −$1.98/SF
EGI
$111.3K $11.22/SF
− OpEx
−$41.7K −$4.21/SF
NOI
$69.6K $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%
$1,391,280
Cap Rate 7%
$993,771
Cap Rate 9%
$772,933
Alternative Uses
Best Use
Mixed Use
$993.8K
$869.6K – $1.16M
NOI $69,564 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.63M
$1.42M – $1.90M
NOI $113,789 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
902
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - The tenant handles taxes, insurance, and routine maintenance under the stated lease structure.
Where is this nnn property located?
The property is located at 2200 E 15th St Cheyenne, WY.
What is the asking price?
The asking price for this property is $2,313,386.
What are key features of this property?
This property features: 9,920‑square‑foot commercial property built in 1938; Long‑term tenant with roots in the community since the 1970s; 7.5% cap rate
