Two-Suite Flex
For Sale
$400,000
2308 Clover Rd, Casper, WY 82604
Two independently configured suites combine office, restroom, warehouse, and shop functionality.
Property Size5,150 SF
Lot Size1.02 Acres
Price / SF$77.67
Days on Market49
Property Features for 2308 Clover Rd
General Information
Standard status
Active
Size
5,150 SF
Lot size
1.02 Acres
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Additional Details
Voltage
220 V
Taxes and HOA fees
Annual Taxes
$2,627
Amenities
RV hookups
rear RV dump station
Building Details
Buildings
1
Building Size
5,150 SF
Construction
steel frame
Tenancy
Multi
Listing Agency:
eXp Realty, LLC
Listed By:
Alisha Collins · License #10247
(307) 247-1806
Source:
Exprealty
Added: Jul 21
Changed: Sep 6
Last Checked: Sep 6 at 1:42PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1976, this 5,150-square-foot steel flex building occupies 1.02 acres at 2308 Clover Road in Casper. The property contains two separate warehouse and shop suites, with each side providing office space, a restroom, and independent utility service. Both suites include insulated work areas, heated concrete floors, 220-volt electrical service, natural gas, and overhead storage lofts. The left suite also has drive-through overhead doors and a laundry room adjoining the rear office, and it is leased to long-term tenants.
The site is zoned LIGHT INDUST and provides Vista West water service, split electrical service, a fenced rear yard, RV hookups, and a rear RV dump station. The layout supports business operations, equipment storage, and larger-vehicle maneuvering, with parking and outdoor storage areas incorporated into the property.
The site is zoned LIGHT INDUST and provides Vista West water service, split electrical service, a fenced rear yard, RV hookups, and a rear RV dump station. The layout supports business operations, equipment storage, and larger-vehicle maneuvering, with parking and outdoor storage areas incorporated into the property.
Key Highlights
- 5,150‑square‑foot steel flex building on 1.02 acres
- Two separate warehouse/shop suites, each with an office, restroom, and independent utilities
- Left suite includes drive‑through overhead doors and is leased to long‑term tenants
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
$29,576
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
7.39%
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%
$591,520
$591.5K
Cap Rate 7%
$422,514
$422.5K
Cap Rate 9%
$328,622
$328.6K
Market Conditions
NOI Build-Up for 5,150 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
$48.8K $9.48/SF
− Vacancy
−$3.3K −$0.64/SF
EGI
$45.5K $8.84/SF
− OpEx
−$15.9K −$3.09/SF
NOI
$29.6K $5.74/SF
Area
Natrona County, WY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$591,520
Cap Rate 7%
$422,514
Cap Rate 9%
$328,622
Alternative Uses
Best Use
Flex RnD
$422.5K
$369.7K – $492.9K
NOI $29,576 @ 7.0% cap · market cap 7.39%
Second Best
Warehouse
$417.8K
$365.6K – $487.5K
NOI $29,249 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,488 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two independently configured suites combine office, restroom, warehouse, and shop functionality.
Where is this flex space located?
The property is located at 2308 Clover Rd Casper, WY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 5,150‑square‑foot steel flex building on 1.02 acres; Two separate warehouse/shop suites, each with an office, restroom, and independent utilities; Left suite includes drive‑through overhead doors and is leased to long‑term tenants
