Commercial Shop with Office
For Sale
Contact for pricing
2201 Mitchell Ave, Gillette, WY 82718
Large commercial shop with office space near Hwy 59.
Property Size7,536 SF
Price / SF$179.14
Days on Market935
Property Features for 2201 Mitchell Ave
General Information
Standard status
Active
Size
7,536 SF
Property subtype
Special Purpose
Listing Agency:
CENTURY 21 Real Estate Associates Gillette
(307) 687-0440
Listed By:
Pete Driver · License #12759
Source:
Crexi
Added: Feb 3, 2024
Changed: Aug 14
Last Checked: Aug 26 at 6:12AM
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 CENTURY 21 Real Estate Associates Gillette
Investment Insights
Based on property information with market context.
This commercial property features a large shop with integrated office space, situated one block from Highway 59 and offering access to Interstate 90. The shop area spans 4500 square feet and includes three 12' x 14' overhead doors equipped with electric openers, as well as two metal passage doors. It is equipped with a bathroom, 240V electrical service, and four large gas shop heaters. The office component provides 3036 square feet of space, incorporating a break area, a spacious open entry, two private offices, and a large open area that leads into the shop. The property is secured with fencing and has two access points, one from Mitchell Avenue and the other from Country Club Road.
Key Highlights
- Prime Location: Just one block off Hwy 59 with easy access to I‑90
- Substantial Shop Space: 4500 sq/ft shop with 3 large overhead doors, 240V power, and gas heaters
- Dedicated Office Space: 3036 sq/ft office area with break area, open entry, and private offices
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
$44,985
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
3.33%
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%
$899,700
$899.7K
Cap Rate 7%
$642,643
$642.6K
Cap Rate 9%
$499,833
$499.8K
Market Conditions
NOI Build-Up for 7,536 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
$76.0K $10.08/SF
− Vacancy
−$11.7K −$1.55/SF
EGI
$64.3K $8.53/SF
− OpEx
−$19.3K −$2.56/SF
NOI
$45.0K $5.97/SF
Area
Campbell County, WY
Vacancy
15.40%
Lease Rate
$10.08 /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%
$899,700
Cap Rate 7%
$642,643
Cap Rate 9%
$499,833
Alternative Uses
Best Use
Industrial
$642.6K
$562.3K – $749.8K
NOI $44,985 @ 7.0% cap · market cap 3.33%
Second Best
Flex RnD
$596.7K
$522.2K – $696.2K
NOI $41,772 @ 7.0% cap · market cap 3.09%
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,617 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82718, WY
25,764
Population
10,228
Households
2.5
Avg Household Size
34
Median Age
27%
College-Educated
92%
High-School Grad
1,596.8 sq mi
ZIP Area
16
Density / Sq Mi
$104,454
Median Household Income
$51,047
Median Earnings
$1,042
Median Rent
$289,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Large commercial shop with office space near Hwy 59.
Where is this flex space located?
The property is located at 2201 Mitchell Ave Gillette, WY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Prime Location: Just one block off Hwy 59 with easy access to I‑90; Substantial Shop Space: 4500 sq/ft shop with 3 large overhead doors, 240V power, and gas heaters; Dedicated Office Space: 3036 sq/ft office area with break area, open entry, and private offices
