Three-Story Multi-Tenant Office
For Sale
$2,600,000
259 S Center Street, Casper, WY 82601
Multi-tenant three-story office building on a downtown hard corner with strong street presence and convenient access.
Property Size16,347 SF
Price / SF$152.94
Days on Market84
Property Features for 259 S Center Street
General Information
Standard status
Active
Size
16,347 SF
Property subtype
Commercial
Zoning
C3
Taxes and HOA fees
Annual Taxes
$13,220
Amenities
Natural Gas
LOTS 19 AND 20, BLOCK 3, IN THE CITY OF CASPER, NATRONA COUNTY, WYOMING
City
Rocky Mountain Power
Three Phase
Central Air, Mini Split Cooling
Hot Water, Mini Split Heating
yes
10898
5449
1110
Under 16 Foot
no
Membrane
Brick
10,455
Concrete
Brick, Steel
Fire Sprinklers, Kitchen Area, Security System
11
1
10000 - 19999
16347
Building Details
Building Size
16,347 SF
Year Built
1947
Buildings
1
Stories
3
Tenancy
Multi
Listed By:
Justin and Charlotte Putzier
(307) 259-8004
Source:
Mycasperhome.idxbroker
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 8 at 8:05AM
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 Justin and Charlotte Putzier
Investment Insights
Based on property information with market context.
The Galles Office Center is a three-story, multi-tenant office building totaling approximately 17,000 square feet. Designed to support multiple occupants, the property provides a straightforward office configuration within a central downtown setting.
Situated on the hard corner of Center Street and Midwest Avenue, the building benefits from prominent street visibility in Casper’s downtown area. The central positioning is intended to place tenants within walking distance of restaurants, retail, financial institutions, and government offices, with convenient access for both clients and employees.
For buyers or tenants looking for an in-town office asset, this property offers a practical, multi-tenant format in a location that serves everyday business needs. Its corner placement and overall street presence can help offices reach prospective clients passing through the downtown core, while the surrounding mix of business services supports a range of professional uses.
Situated on the hard corner of Center Street and Midwest Avenue, the building benefits from prominent street visibility in Casper’s downtown area. The central positioning is intended to place tenants within walking distance of restaurants, retail, financial institutions, and government offices, with convenient access for both clients and employees.
For buyers or tenants looking for an in-town office asset, this property offers a practical, multi-tenant format in a location that serves everyday business needs. Its corner placement and overall street presence can help offices reach prospective clients passing through the downtown core, while the surrounding mix of business services supports a range of professional uses.
Key Highlights
- Three‑story, multi‑tenant office building totaling approx. 17,000 SF
- Year built: 1947
- Hard corner location on Center Street and Midwest Avenue in downtown Casper
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
$188,573
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
7.25%
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%
$3,771,460
$3.8M
Cap Rate 7%
$2,693,900
$2.7M
Cap Rate 9%
$2,095,256
$2.1M
Market Conditions
NOI Build-Up for 17,000 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
$295.8K $17.40/SF
− Vacancy
−$44.4K −$2.61/SF
EGI
$251.4K $14.79/SF
− OpEx
−$62.9K −$3.70/SF
NOI
$188.6K $11.09/SF
Area
Natrona County, WY
Vacancy
15.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,771,460
Cap Rate 7%
$2,693,900
Cap Rate 9%
$2,095,256
Alternative Uses
Best Use
Office B
$2.69M
$2.36M – $3.14M
NOI $188,573 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,690 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant three-story office building on a downtown hard corner with strong street presence and convenient access.
Where is this office building located?
The property is located at 259 S Center Street Casper, WY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Three‑story, multi‑tenant office building totaling approx. 17,000 SF; Year built: 1947; Hard corner location on Center Street and Midwest Avenue in downtown Casper
