Listing Agency: CENTURY 21 Real Estate Associates Gillette

Listed By: Pete Driver · License #12759 Show Phone

Source: Crexi

Added: Feb 3, 2024 Changed: Oct 5 Last Checked: Oct 11 at 3:52AM

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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 / Yr

$44,985

Cap Rate

3.33%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $44,985 @ 7.0% cap · market cap 3.33%

Second Best

Flex RnD

$596.7K

$522.2K – $696.2K (±1% cap)

NOI $41,772 @ 7.0% cap · market cap 3.09%

Theoretical Best

Specialty Retail

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,617 @ 7.0% cap · market cap 6.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Line Finders, LLC General Contractor Williston Fire & Safety ... General Contractor

Suggested Use

Top Pick Law Firm HVAC Service Grocery & Convenience Store Dental Office Barber Shop Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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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