Brick Triplex With Private
For Sale
$410,000
3016 Dey Ave, Cheyenne, WY 82001
Three-apartment configuration with eat-in kitchens, living rooms, and flexible short-term rental history.
Property Size1,812 SF
Price / SF$226.27
Days on Market88
Property Features for 3016 Dey Ave
General Information
Standard status
Active
Size
1,812 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1935
Construction
all-brick
Listing Agency:
#1 Properties
(307) 630-1582
Listed By:
Jeremy Hamilton · License #10313
Source:
Cheyennehomesource
Added: Jun 5
Changed: Aug 30
Last Checked: Aug 30 at 6:07PM
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 #1 Properties
Investment Insights
Based on property information with market context.
This all-brick triplex, built in 1935, contains three 1-bedroom, 1-bath apartments. Each unit includes an eat-in kitchen and a living room, creating a consistent layout across the property. The basement apartment has its own private entrance, providing separate access from the other units.
Two apartments have previously operated as short-term rentals, while the property also offers a traditional multifamily configuration. The building is located at 3016 Dey Ave in Cheyenne, near F.E. Warren Air Force Base. With 1,812 SF of building area and three distinct apartments, the property presents a compact residential income configuration with multiple occupancy formats reflected in its prior use.
Two apartments have previously operated as short-term rentals, while the property also offers a traditional multifamily configuration. The building is located at 3016 Dey Ave in Cheyenne, near F.E. Warren Air Force Base. With 1,812 SF of building area and three distinct apartments, the property presents a compact residential income configuration with multiple occupancy formats reflected in its prior use.
Key Highlights
- Three 1‑bedroom, 1‑bath apartments
- 1,812 SF all‑brick building
- Built in 1935
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
$18,411
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
4.49%
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%
$368,220
$368.2K
Cap Rate 7%
$263,014
$263.0K
Cap Rate 9%
$204,567
$204.6K
Market Conditions
NOI Build-Up for 1,812 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
$27.8K $15.36/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$26.3K $14.52/SF
− OpEx
−$7.9K −$4.35/SF
NOI
$18.4K $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%
$368,220
Cap Rate 7%
$263,014
Cap Rate 9%
$204,567
Alternative Uses
Best Use
Multifamily LT 5
$263.0K
$230.1K – $306.9K
NOI $18,411 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$237.3K
$207.7K – $276.9K
NOI $16,613 @ 7.0% cap · market cap 4.05%
Theoretical Best
Retail
$296.9K
$259.8K – $346.4K
NOI $20,785 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
413
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-apartment configuration with eat-in kitchens, living rooms, and flexible short-term rental history.
Where is this triplex located?
The property is located at 3016 Dey Ave Cheyenne, WY.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath apartments; 1,812 SF all‑brick building; Built in 1935
