Highway Corner Flex
For Sale
$888,000
2608 S GREELEY HWY, Cheyenne, WY 82007
Commercial/Industrial, Cheyenne, WY
Property Size8,498 SF
Lot Size1.00 Acre
Price / SF$104.50
Days on Market48
Property Features for 2608 S GREELEY HWY
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
Standard status
Active
Size
8,498 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Description
LENGTHY SEE DOCUMENTS
Tax Annual Amount
1291
Legal Description
LENGTHY SEE DOCUMENTS
Building Details
Year built
1964
Building materials
Block, Concrete, Frame
Roof type
Composition, Metal
Listing Agency:
Red Diamond Realty
Listed By:
Jeanine Perry · License #RE-14786
(970) 573-2814
Added: Jul 22
Changed: Aug 19
Last Checked: Sep 7 at 6:06AM
MLS# 101535
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 for-sale, two-building flex property sits on a full acre at a signalized corner on Highway 85, with roads on three sides. Building 1 is a frame structure with a first floor that is almost 3,000 square feet on a concrete slab. The front functions as a retail showroom with a retail center, bathroom, and substantial storage, while the back area includes a kitchen, living room, another bathroom, and two potential bedrooms. Building 1 also has a second story with approximately 2,300 square feet and wide-open space above an overwidth staircase.
Building 2 includes office and retail space at the front, plus a shop area at the rear. The shop features two overhead doors, a concrete floor, block walls, and an open 2,300 square foot layout, with side wall heights reported as 14 to 15 feet. The property is fenced with mixed fencing from the center of the buildings to the back property line, along with side and front gates.
Overall, the configuration combines showroom/retail, office/retail, and a rear shop suitable for warehouse or workroom use, with multiple access points and overhead door capability.
Building 2 includes office and retail space at the front, plus a shop area at the rear. The shop features two overhead doors, a concrete floor, block walls, and an open 2,300 square foot layout, with side wall heights reported as 14 to 15 feet. The property is fenced with mixed fencing from the center of the buildings to the back property line, along with side and front gates.
Overall, the configuration combines showroom/retail, office/retail, and a rear shop suitable for warehouse or workroom use, with multiple access points and overhead door capability.
Key Highlights
- 1 full acre with 2 buildings at a signalized corner on Highway 85, with roads on 3 sides
- Building 1: nearly 3,000 SF (frame) on a concrete slab; front showroom/retail with bathroom and storage
- Building 1: includes living quarters (kitchen, living room, second bathroom, 2 potential bedrooms) plus an almost 2,300 SF open second floor
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
Warehouse
$837.3K
$732.7K – $976.9K
NOI $58,613 @ 7.0% cap · market cap 6.60%
Second Best
Industrial
$689.6K
$603.4K – $804.5K
NOI $48,269 @ 7.0% cap · market cap 5.44%
Theoretical Best
Retail
$1.39M
$1.22M – $1.62M
NOI $97,477 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
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 Industrial in West region
Questions? Ask Rey
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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.
What are key features of this property?
This property features: 1 full acre with 2 buildings at a signalized corner on Highway 85, with roads on 3 sides; Building 1: nearly 3,000 SF (frame) on a concrete slab; front showroom/retail with bathroom and storage; Building 1: includes living quarters (kitchen, living room, second bathroom, 2 potential bedrooms) plus an almost 2,300 SF open second floor
