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    245 STOREY BLVD, Cheyenne, WY 82009

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    For Sale
    $3,800,000

    COMMERCIAL - Cheyenne, WY

    Property size:
    9,636 SF
    Lot size:
    0.69 Acres
    Price / SF:
    $394/SF
    Added:
    Jun 4, 2025
    Days on Market:
    366
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 245 STOREY BLVD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Appliances
    Building, Land
    Standard status
    Active
    Size
    9,636 SF
    Lot size
    0.69 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    See Addendum

    Building Details

    Year built
    2017
    Building materials
    Frame
    Roof type
    Composition

    We can help!

    Listing Contact
    Jim Weaver
    Jim Weaver

    Listing agent Jim Weaver License #10624

    Listing office #1 Properties 6106 Yellowstone Rd, Cheyenne, WY

    Listing date Jun 4, 2025

    MLS# 97406

    Copyright © 2026 Cheyenne Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Absolute NNN lease with 4 years remaining on a 5‑year extension of an original 7‑year lease
    • 5.4% CAP with First American Title Insurance Company as corporate guarantee
    • Building features 20 large professional offices plus 6 conference rooms
    • Includes a 700 SF training center, 750 SF reception area, and 275 SF storage room
    • Climate controlled IT room, large break room, and total ADA compliance including passenger elevator
    • 2017 frame construction with composition roof; shared parking

    Overview

    This Absolute NNN office property includes a total of 20 large professional offices, six conference rooms, and a 700-square-foot training center. The space also features a large break room, a climate-controlled IT room, a 750-square-foot reception area, and 275 square feet of storage. The building is described as fully ADA compliant, including a passenger elevator, and offers shared parking.

    The property is located at 245 Storey Blvd in Cheyenne, Wyoming (Laramie County). The lease structure includes 4 years remaining on a 5-year extension of an original 7-year lease. The extension is supported by a corporate guarantee from First American Title Insurance Company, and the lease is referenced with a 5.4% cap rate in the remarks.

    For buyers seeking an office asset with a defined remaining lease term under an Absolute NNN structure, this building provides a tenant-ready mix of private offices, meeting rooms, and specialized support areas such as the climate-controlled IT room. It may also appeal to operators evaluating a turnkey configuration with reception, training, and storage components already built into the improvements, along with confirmed ADA accessibility and elevator service.
    Property Profile Location Intelligence

    Current Use by Public Records

    First American Title ... Title Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.824275
    Latitude
    41.174073

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    FAQs

    What type of property is this?
    Office building - Absolute NNN office property leased through an existing extension, featuring multiple offices, conference rooms, training space, and elevator access.
    Where is this office building located?
    The property is located at 245 STOREY BLVD Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: Absolute NNN lease with 4 years remaining on a 5‑year extension of an original 7‑year lease; 5.4% CAP with First American Title Insurance Company as corporate guarantee; Building features 20 large professional offices plus 6 conference rooms
    (307) 630-5161
    We can help!
    Listing Contact
    Jim Weaver
    Jim Weaver
    Real Estate License ID: 10624
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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