Four-Unit Apartment
For Sale
$575,000
2412 PATTISON AVE, Cheyenne, WY 82009
Multi-Family, Cheyenne, WY
Property Size3,368 SF
Lot Size0.18 Acres
Price / SF$170.72
Days on Market8
Property Features for 2412 PATTISON AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bedroom 8, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 7, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2
Interior features
Cable Access, Carpeted, Window Covering
Exterior features
Landscaped
Appliances
Dishwasher, Range/Oven, Refrigerator
Subdivision
BUFFALO ESTATES
Standard status
Active
Size
3,368 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BUFFALO RIDGE ESTATES, 7TH FILING: LOT 3, BLOCK 41
Tax Annual Amount
2581
Legal Description
BUFFALO RIDGE ESTATES, 7TH FILING: LOT 3, BLOCK 41
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
laundry hookups
landscaping
landlord utility shed
off street parking
Building Details
Year built
1973
Number of units
4
Building materials
Frame
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Roy Howell · License #109
(307) 631-8880
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 11 at 10:06AM
MLS# 102049
Copyright © 2026 Cheyenne MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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 features carpet and LVP flooring, window coverings, natural-gas forced-air heating, and laundry hookups. Unit appliances include dishwashers, ranges/ovens, and refrigerators. Exterior improvements include landscaping, off-street parking, and a landlord utility shed.
Located at 2412 Pattison Ave in Cheyenne, Wyoming, the property occupies a 0.18-acre lot in Laramie County. Frame construction and public water service are in place. The four-unit configuration, consistent bedroom layout, and existing residential amenities provide a straightforward multifamily property profile.
Located at 2412 Pattison Ave in Cheyenne, Wyoming, the property occupies a 0.18-acre lot in Laramie County. Frame construction and public water service are in place. The four-unit configuration, consistent bedroom layout, and existing residential amenities provide a straightforward multifamily property profile.
Key Highlights
- Four two‑bedroom units in a quadplex configuration
- 3,368 square feet on a 0.18‑acre lot
- Laundry hookups and landlord utility shed included
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
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
View Realmo Analytics
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 two-bedroom units offer carpet and LVP flooring, laundry hookups, landscaped grounds, and off-street parking.
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 on a 0.18‑acre lot; Laundry hookups and landlord utility shed included
