Furnished Duplex with
New
For Sale
$409,999
2504 E 12TH ST, Cheyenne, WY 82001
Multi-Family, 1 STORY, Cheyenne, WY
Property Size1,696 SF
Lot Size0.15 Acres
Price / SF$241.74
Days on Market4
Property Features for 2504 E 12TH ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1
Interior features
Furnished, Window Covering
Exterior features
Fence
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Subdivision
LAKE MINNEHAHA
Standard status
Active
Size
1,696 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Utilities
Heating system
Electric (Heating)
Water source
Public
Amenities
fenced yard
Building Details
Year built
1939
Floors in Building
1
Number of units
2
Building materials
Frame
Roof type
Membrane
Architectural style
Other
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Mike Gerber · License #2895
(307) 222-9367
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 21 at 9:06PM
MLS# 102149
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 1,696-square-foot duplex contains two separate 2-bedroom, 1-bath residences and is offered fully furnished. The property includes a 2-car garage, fenced yard, range/ovens, refrigerators, window coverings, electric heat, public water, frame construction, and a membrane roof. Built in 1939, it also has a mechanical room that may support additional usable space or future conversion subject to applicable approvals and requirements.
The property sits on a 0.15-acre lot at 2504 E 12th St in Cheyenne, Wyoming, within ZIP code 82001. Its two-unit layout and included furnishings provide a defined residential income-property configuration, while the garage and enclosed yard add functional site improvements.
The property sits on a 0.15-acre lot at 2504 E 12th St in Cheyenne, Wyoming, within ZIP code 82001. Its two-unit layout and included furnishings provide a defined residential income-property configuration, while the garage and enclosed yard add functional site improvements.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 1,696 square feet on a 0.15‑acre lot
- Fully furnished with range/ovens and refrigerators
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
$17,232
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
4.20%
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%
$344,640
$344.6K
Cap Rate 7%
$246,171
$246.2K
Cap Rate 9%
$191,467
$191.5K
Market Conditions
NOI Build-Up for 1,696 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
$26.1K $15.36/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$24.6K $14.52/SF
− OpEx
−$7.4K −$4.35/SF
NOI
$17.2K $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%
$344,640
Cap Rate 7%
$246,171
Cap Rate 9%
$191,467
Alternative Uses
Best Use
Multifamily LT 5
$246.2K
$215.4K – $287.2K
NOI $17,232 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$222.1K
$194.4K – $259.2K
NOI $15,549 @ 7.0% cap · market cap 3.79%
Theoretical Best
Retail
$277.9K
$243.2K – $324.2K
NOI $19,454 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Explore this area
Business Placement
Demographics for 82001, WY
37,528
Population
17,977
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
55.1 sq mi
ZIP Area
681
Density / Sq Mi
$74,149
Median Household Income
$45,456
Median Earnings
$1,044
Median Rent
$291,400
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?
Duplex - Two furnished residential units include garage parking, a fenced yard, and standard kitchen appliances.
Where is this duplex located?
The property is located at 2504 E 12TH ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $409,999.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; 1,696 square feet on a 0.15‑acre lot; Fully furnished with range/ovens and refrigerators
