Six-Plex Apartment
For Sale
$510,000
Pending
2510 EVANS AVE, Cheyenne, WY 82001
MULTI_FAMILY - Cheyenne, WY
Property Size3,864 SF
Lot Size0.09 Acres
Days on Market48
Property Features for 2510 EVANS AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 1
Appliances
Range/Oven, Refrigerator
Subdivision
CITY OF CHEYENNE
Standard status
Pending
Size
3,864 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Cheyenne: North 57' Lot 8 Block 111
Legal Description
Cheyenne: North 57' Lot 8 Block 111
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Number of units
6
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Jeremy Hamilton · License #10313
(307) 630-1582
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 11 at 8:06AM
MLS# 101252
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 six-plex apartment building offers a blend of income opportunities, with some units used as short-term rentals and others supporting a traditional rental setup. The property is a frame construction with a composition roof and forced-air, natural gas heating. Public water service is in place, and in-unit appliances include a range/oven and refrigerator. Built in 1916, the building is configured with multiple bedrooms and four bathrooms.
The property is located at 2510 Evans Ave in Cheyenne, Wyoming (Laramie County). The lot size is 0.09 acres and the property size is 3,864 square feet, providing a compact, investment-focused footprint.
For investors seeking a multi-unit asset with flexibility across rental strategies, this six-plex can be evaluated for long-term and short-term rental performance based on unit-level usage.
The property is located at 2510 Evans Ave in Cheyenne, Wyoming (Laramie County). The lot size is 0.09 acres and the property size is 3,864 square feet, providing a compact, investment-focused footprint.
For investors seeking a multi-unit asset with flexibility across rental strategies, this six-plex can be evaluated for long-term and short-term rental performance based on unit-level usage.
Key Highlights
- Six‑plex apartment building at 2510 Evans Ave, Cheyenne, WY
- 0.09‑acre lot and 3,864 SF total property size
- Some units have been used as short‑term rentals alongside traditional rentals
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
$35,425
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
6.95%
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%
$708,500
$708.5K
Cap Rate 7%
$506,071
$506.1K
Cap Rate 9%
$393,611
$393.6K
Market Conditions
NOI Build-Up for 3,864 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
$67.2K $17.40/SF
− Vacancy
−$2.8K −$0.73/SF
EGI
$64.4K $16.67/SF
− OpEx
−$29.0K −$7.50/SF
NOI
$35.4K $9.17/SF
Area
Laramie County, WY
Vacancy
4.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$708,500
Cap Rate 7%
$506,071
Cap Rate 9%
$393,611
Alternative Uses
Best Use
Apartment 5plus
$506.1K
$442.8K – $590.4K
NOI $35,425 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$633.2K
$554.0K – $738.7K
NOI $44,322 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,653
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Frame apartment building with forced-air natural gas heat, public water, and a mix of traditional and short-term rental units.
Where is this apartment building located?
The property is located at 2510 EVANS AVE Cheyenne, WY.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Six‑plex apartment building at 2510 Evans Ave, Cheyenne, WY; 0.09‑acre lot and 3,864 SF total property size; Some units have been used as short‑term rentals alongside traditional rentals
