Four-Unit
New
For Sale
$575,000
Pending
2412 Pattison Ave, Cheyenne, WY 82009
Four two-bedroom units feature laundry hookups, carpet and LVP flooring, off-street parking, and a utility shed.
Property Size3,368 SF
Days on Market6
Property Features for 2412 Pattison Ave
General Information
Standard status
Pending
Size
3,368 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Amenities
laundry hookups
Building Details
Year Built
1973
Listing Agency:
#1 Properties
Listed By:
Roy Howell · License #109
(307) 631-8880
Source:
Karihappoldrealestate
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 16 at 1:22PM
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 #1 Properties
Investment Insights
Based on property information with market context.
This 3,368-square-foot quadplex contains four two-bedroom units and was built in 1973. The property includes carpet and LVP flooring, laundry hookups, off-street parking, exterior paint, and landscaped grounds. A landlord utility shed is also included.
Located at 2412 Pattison Ave in Cheyenne, Wyoming, the property combines four similarly configured units within one multifamily asset. The unit layout and on-site features provide a straightforward physical configuration for review.
Located at 2412 Pattison Ave in Cheyenne, Wyoming, the property combines four similarly configured units within one multifamily asset. The unit layout and on-site features provide a straightforward physical configuration for review.
Key Highlights
- Four two‑bedroom units in a quadplex configuration
- 3,368 square feet; built in 1973
- Laundry hookups in the units
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
$34,221
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
5.95%
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%
$684,420
$684.4K
Cap Rate 7%
$488,871
$488.9K
Cap Rate 9%
$380,233
$380.2K
Market Conditions
NOI Build-Up for 3,368 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
$51.7K $15.36/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$48.9K $14.52/SF
− OpEx
−$14.7K −$4.35/SF
NOI
$34.2K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /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%
$684,420
Cap Rate 7%
$488,871
Cap Rate 9%
$380,233
Alternative Uses
Best Use
Multifamily LT 5
$488.9K
$427.8K – $570.4K
NOI $34,221 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$441.1K
$386.0K – $514.6K
NOI $30,878 @ 7.0% cap · market cap 5.37%
Theoretical Best
Retail
$551.9K
$482.9K – $643.9K
NOI $38,633 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 82009, WY
35,700
Population
15,361
Households
2.3
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
1,277.8 sq mi
ZIP Area
28
Density / Sq Mi
$102,727
Median Household Income
$57,157
Median Earnings
$1,106
Median Rent
$415,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom units feature laundry hookups, carpet and LVP flooring, off-street parking, and a utility shed.
Where is this quadplex located?
The property is located at 2412 Pattison Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four two‑bedroom units in a quadplex configuration; 3,368 square feet; built in 1973; Laundry hookups in the units
