For Sale
$888,000
2608 S Greeley Hwy, Cheyenne, WY 82007
Two-building property on a signalized corner with retail showroom, offices, and a fenced shop with overhead doors.
Property Size8,498 SF
Lot Size1.00 Acre
Price / SF$104.50
Days on Market48
Property Features for 2608 S Greeley Hwy
General Information
Standard status
Active
Property type
Flex space, Industrial properties, Warehouses, Office Units, Office Spaces, Showrooms, Retail properties & Spaces, Other warehouses, Commercial real estate
Size
8,498 SF
Lot size
1.00 Acre
Building Details
Year Built
1964
Listed By:
Angel Price
Added: Jul 22
Changed: Jul 24
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
$58,613
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
6.60%
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%
$1,172,260
$1.2M
Cap Rate 7%
$837,329
$837.3K
Cap Rate 9%
$651,256
$651.3K
Market Conditions
NOI Build-Up for 8,498 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
$85.7K $10.08/SF
− Vacancy
−$16.7K −$1.97/SF
EGI
$69.0K $8.11/SF
− OpEx
−$10.3K −$1.22/SF
NOI
$58.6K $6.90/SF
Area
Laramie County, WY
Vacancy
19.50%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
15.00%
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%
$1,172,260
Cap Rate 7%
$837,329
Cap Rate 9%
$651,256
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,477 @ 7.0% cap · market cap 10.98%
Second Best
Warehouse
$837.3K
$732.7K – $976.9K
NOI $58,613 @ 7.0% cap · market cap 6.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two-building property on a signalized corner with retail showroom, offices, and a fenced shop with overhead doors.
Where is this flex space located?
The property is located at 2608 S Greeley Hwy Cheyenne, WY.
What is the asking price?
The asking price for this property is $888,000.
