Turnkey Cheyenne Mixed-Use
For Sale
$799,000
2200 Logan Ave, Cheyenne, WY 82001
Renovated commercial space with residential units, generating $6,059/month.
Property Size3,888 SF
Price / SF$205.50
Days on Market110
Property Features for 2200 Logan Ave
General Information
Standard status
Active
Size
3,888 SF
Taxes and HOA fees
Annual Taxes
$2,704
Listing Agency:
Real Broker, LLC
(307) 772-1184
Listed By:
JP Fluellen · License #12637
(307) 772-1184
Source:
Exprealty
Added: May 12
Changed: Aug 20
Last Checked: Aug 26 at 11:01AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This mixed-use property in Cheyenne features a renovated main-floor workspace and three updated residential apartments on the lower level. The property generates a total gross monthly income of $6,059 from eleven tenancies. The 1,968 square-foot main floor has undergone a complete renovation, including asbestos abatement, new electrical and plumbing systems, new flooring, a kitchen, a vaulted ceiling with exposed wood beams, and a designer finish package. The flexible layout includes one open coworking-style room, nine private offices, a full kitchen, a restroom, and functional ramp access. Currently operating as a coworking community with eight active commercial members, the space could be occupied by a single business or used as a hybrid of own-occupied and commercial office leases. The lower level houses three residential apartments, including two one-bedroom, one-bathroom units at approximately 600 square feet each, and one two-bedroom, one-bathroom unit at approximately 750 square feet. Each apartment has its own private exterior entrance, separate from the commercial space, and in-unit updates. Additional features include a new composition roof installed in 2026, off-street and on-street parking, and a detached two-car garage at the rear for storage, fleet parking, or rental income. The property offers potential for owner-users to occupy the main floor while basement income offsets the mortgage, or for investors seeking immediate stabilized cash flow with value-add upside. All commercial leases are month-to-month, providing flexibility to raise rents or reconfigure for single-tenant use. The property size is 3,888 square feet.
Key Highlights
- Turnkey mixed‑use property with immediate stabilized cash flow of $6,059/month gross from eleven income‑producing tenancies.
- Fully renovated 1,968 SF main‑floor commercial space with a $400,000 renovation, including new electrical, plumbing, flooring, kitchen, and designer finishes.
- Three updated residential apartments (two 1BR/1BA, one 2BR/1BA) on the lower level, each with private exterior entrance.
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
$27,265
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
3.41%
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%
$545,300
$545.3K
Cap Rate 7%
$389,500
$389.5K
Cap Rate 9%
$302,944
$302.9K
Market Conditions
NOI Build-Up for 3,888 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
$51.3K $13.20/SF
− Vacancy
−$7.7K −$1.98/SF
EGI
$43.6K $11.22/SF
− OpEx
−$16.4K −$4.21/SF
NOI
$27.3K $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%
$545,300
Cap Rate 7%
$389,500
Cap Rate 9%
$302,944
Alternative Uses
Best Use
Mixed Use
$389.5K
$340.8K – $454.4K
NOI $27,265 @ 7.0% cap · market cap 3.41%
Second Best
Office B
$283.3K
$247.9K – $330.6K
NOI $19,834 @ 7.0% cap · market cap 2.48%
Theoretical Best
Retail
$637.1K
$557.5K – $743.3K
NOI $44,598 @ 7.0% cap · market cap 5.58%
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
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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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial space with residential units, generating $6,059/month.
Where is this mixed-use property located?
The property is located at 2200 Logan Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Turnkey mixed‑use property with immediate stabilized cash flow of $6,059/month gross from eleven income‑producing tenancies.; Fully renovated 1,968 SF main‑floor commercial space with a $400,000 renovation, including new electrical, plumbing, flooring, kitchen, and designer finishes.; Three updated residential apartments (two 1BR/1BA, one 2BR/1BA) on the lower level, each with private exterior entrance.
