Triplex With Separate
For Sale
$385,000
2517 Snyder Ave #3, Cheyenne, WY 82001
Three occupied units offer individual heating systems, updated plumbing, and separately metered electrical service.
Property Size1,488 SF
Price / SF$258.74
Days on Market8
Property Features for 2517 Snyder Ave #3
General Information
Standard status
Active
Size
1,488 SF
Property subtype
Multi-Family
Building Details
Year Built
1916
Listing Agency:
Espinoza Realty
(307) 630-2721
Listed By:
Marv Espinoza · License #74
Source:
Karihappoldrealestate
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 9:59PM
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 Espinoza Realty
Investment Insights
Based on property information with market context.
This three-unit residential property, built in 1916, has received updates to several core building systems. Improvements include a newer roof and gutters, newer windows, updated plumbing, a newer electrical service with individual boxes and meters for each unit, and an on-demand hot water unit. Each residence has its own heating system.
The property occupies the corner of Snyder Avenue and 26th Street and includes the corner lot for off-street parking. The lot also supports the stated possibility of adding a garage or storage sheds. Warren Air Force Base, Frontier Park, and downtown are identified as nearby destinations. All three units are currently rented, with leases in place, and the property has a documented rental history.
The property occupies the corner of Snyder Avenue and 26th Street and includes the corner lot for off-street parking. The lot also supports the stated possibility of adding a garage or storage sheds. Warren Air Force Base, Frontier Park, and downtown are identified as nearby destinations. All three units are currently rented, with leases in place, and the property has a documented rental history.
Key Highlights
- Three‑unit property built in 1916
- All units are rented with leases in place
- Separate electrical boxes and meters serve each unit
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
$15,119
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
3.93%
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%
$302,380
$302.4K
Cap Rate 7%
$215,986
$216.0K
Cap Rate 9%
$167,989
$168.0K
Market Conditions
NOI Build-Up for 1,488 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
$22.9K $15.36/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$21.6K $14.52/SF
− OpEx
−$6.5K −$4.35/SF
NOI
$15.1K $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%
$302,380
Cap Rate 7%
$215,986
Cap Rate 9%
$167,989
Alternative Uses
Best Use
Multifamily LT 5
$216.0K
$189.0K – $252.0K
NOI $15,119 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$194.9K
$170.5K – $227.4K
NOI $13,642 @ 7.0% cap · market cap 3.54%
Theoretical Best
Retail
$243.8K
$213.4K – $284.5K
NOI $17,068 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,080
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?
Triplex - Three occupied units offer individual heating systems, updated plumbing, and separately metered electrical service.
Where is this triplex located?
The property is located at 2517 Snyder Ave #3 Cheyenne, WY.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Three‑unit property built in 1916; All units are rented with leases in place; Separate electrical boxes and meters serve each unit
