Brick Triplex with Private
For Sale
$410,000
Pending
3016 DEY AVE, Cheyenne, WY 82001
Multi-Family, 1 STORY, Cheyenne, WY
Property Size2,416 SF
Lot Size0.05 Acres
Days on Market93
Property Features for 3016 DEY AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3
Interior features
Cable Access, Carpeted
Appliances
Range/Oven, Refrigerator
Subdivision
PARK ADD
Standard status
Pending
Size
2,416 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2017
Tax Description
PARK ADDITION: LOT 1, EXCEPT NORTH 93.5', BLOCK 18
Tax Annual Amount
1124
Legal Description
PARK ADDITION: LOT 1, EXCEPT NORTH 93.5', BLOCK 18
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1935
Floors in Building
1
Number of units
3
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
#1 Properties
(307) 634-2222
Listed By:
Jeremy Hamilton · License #10313
(307) 630-1582
Added: Jun 26
Changed: Sep 17
Last Checked: Sep 26 at 3:06AM
MLS# 101253
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.
Built in 1935, this 2,416-square-foot brick triplex contains three one-bedroom, one-bath apartments. Each unit includes an eat-in kitchen and living room, while the basement apartment has its own entrance. Interior features include carpeting and cable access, with ranges/ovens and refrigerators provided. Forced-air natural gas heating serves the property, which is supplied by public water and has a composition roof.
The property occupies 0.05 acres at 3016 Dey Ave in Cheyenne, Wyoming, near F.E. Warren Air Force Base. Two apartments have been used as short-term rentals, adding flexibility to the existing three-unit configuration.
The property occupies 0.05 acres at 3016 Dey Ave in Cheyenne, Wyoming, near F.E. Warren Air Force Base. Two apartments have been used as short-term rentals, adding flexibility to the existing three-unit configuration.
Key Highlights
- Three apartments, each with 1 bedroom and 1 bathroom
- 2,416 SF brick property built in 1935
- Basement apartment has a private entrance
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
$24,548
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
5.99%
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%
$490,960
$491.0K
Cap Rate 7%
$350,686
$350.7K
Cap Rate 9%
$272,756
$272.8K
Market Conditions
NOI Build-Up for 2,416 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
$37.1K $15.36/SF
− Vacancy
−$2.0K −$0.84/SF
EGI
$35.1K $14.52/SF
− OpEx
−$10.5K −$4.35/SF
NOI
$24.5K $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%
$490,960
Cap Rate 7%
$350,686
Cap Rate 9%
$272,756
Alternative Uses
Best Use
Multifamily LT 5
$350.7K
$306.9K – $409.1K
NOI $24,548 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$316.4K
$276.9K – $369.2K
NOI $22,150 @ 7.0% cap · market cap 5.40%
Theoretical Best
Retail
$395.9K
$346.4K – $461.9K
NOI $27,713 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 one-bedroom apartments include eat-in kitchens and living rooms.
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 apartments, each with 1 bedroom and 1 bathroom; 2,416 SF brick property built in 1935; Basement apartment has a private entrance
