Four-Unit Multifamily
For Sale
$430,000
224 Indian Paintbrush, Casper, WY 82604
Four residential units offer two-bedroom layouts, in-unit laundry, off-street parking, and separately paid electric service.
Property Size3,328 SF
Price / SF$129.21
Days on Market272
Property Features for 224 Indian Paintbrush
General Information
Standard status
Active
Size
3,328 SF
Property subtype
Multi-family / Four-Plex
Zoning
R2
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,436
Amenities
in-unit washer and dryer
Rocky Mountain Power
Evaporative Window
Mini Blinds
Dishwasher, Range/Oven, Refrigerator, Other
Concrete
Architectural
Wood
Frame-Lap
Wood Frame
No
Building Details
Year Built
1979
Buildings
1
Listing Agency:
RE/MAX The Group
(307) 265-0200
Listed By:
Nicole Briggs · License #10356
(307) 265-0200
Source:
Compass
Added: Dec 2, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:20AM
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 RE/MAX The Group
Investment Insights
Based on property information with market context.
Located at 224 Indian Paintbrush in Casper, this 3,328-square-foot multifamily property contains four residential units, each arranged with two bedrooms and one bathroom. Every apartment includes a washer and dryer, along with a dishwasher, range/oven, and refrigerator. Off-street parking is available for residents.
The owner pays for heat and water, while tenants pay electric service separately. Gas hot water serves the property. Unit 2 has received interior updates including new flooring, a vanity, mirror, lighting, and a tub/shower insert. Built in 1979, the building carries R2 zoning and features wood-frame construction with wood exterior elements.
The owner pays for heat and water, while tenants pay electric service separately. Gas hot water serves the property. Unit 2 has received interior updates including new flooring, a vanity, mirror, lighting, and a tub/shower insert. Built in 1979, the building carries R2 zoning and features wood-frame construction with wood exterior elements.
Key Highlights
- Four‑unit multifamily building totaling 3,328 square feet
- Each unit includes 2 bedrooms, 1 bathroom, and in‑unit washer and dryer
- Owner pays for heat and water; tenants pay electric separately
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
$28,032
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
6.52%
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%
$560,640
$560.6K
Cap Rate 7%
$400,457
$400.5K
Cap Rate 9%
$311,467
$311.5K
Market Conditions
NOI Build-Up for 3,328 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
$41.9K $12.60/SF
− Vacancy
−$1.9K −$0.57/SF
EGI
$40.0K $12.03/SF
− OpEx
−$12.0K −$3.61/SF
NOI
$28.0K $8.42/SF
Area
Natrona County, WY
Vacancy
4.50%
Lease Rate
$12.60 /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%
$560,640
Cap Rate 7%
$400,457
Cap Rate 9%
$311,467
Alternative Uses
Best Use
Multifamily LT 5
$400.5K
$350.4K – $467.2K
NOI $28,032 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$369.7K
$323.5K – $431.4K
NOI $25,882 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$743.0K
$650.2K – $866.9K
NOI $52,013 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 82604, WY
26,539
Population
11,589
Households
2.3
Avg Household Size
39
Median Age
27%
College-Educated
93%
High-School Grad
1,048.4 sq mi
ZIP Area
25
Density / Sq Mi
$75,683
Median Household Income
$41,825
Median Earnings
$1,090
Median Rent
$270,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer two-bedroom layouts, in-unit laundry, off-street parking, and separately paid electric service.
Where is this quadplex located?
The property is located at 224 Indian Paintbrush Casper, WY.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Four‑unit multifamily building totaling 3,328 square feet; Each unit includes 2 bedrooms, 1 bathroom, and in‑unit washer and dryer; Owner pays for heat and water; tenants pay electric separately
