Downtown Flex Warehouse
For Sale
$1,500,000
310 E 17th St, Cheyenne, WY 82001
Heated warehouse with three overhead doors and a showroom, offices, restrooms, and breakroom.
Property Size8,527 SF
Price / SF$175.91
Days on Market55
Property Features for 310 E 17th St
General Information
Standard status
Active
Size
8,527 SF
Taxes and HOA fees
Annual Taxes
$3,832
Listing Agency:
Coldwell Banker, The Property Exchange
(307) 632-6481
Listed By:
Ben Trautwein · License #1196
(307) 286-7112
Source:
Exprealty
Added: Jul 14
Changed: Sep 5
Last Checked: Sep 5 at 2:05PM
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 Coldwell Banker, The Property Exchange
Investment Insights
Based on property information with market context.
This downtown flex warehouse facility is currently configured as a showroom and storage space for a flooring business. The layout includes a large, open showroom with big windows, along with a breakroom, restrooms, and multiple individual offices. The warehouse area is described as being in immaculate condition, with two 12' overhead doors and one 10' overhead door.
The building opens directly into a private parking lot and includes heated space for year-round use. The property is located in the heart of downtown Cheyenne, just off East 17th Street, and is minutes from Cheyenne Regional Hospital and the State Capitol.
The combination of a street-facing showroom, office support spaces, and multiple overhead doors makes this facility suitable for a range of commercial uses where both customer presentation and storage/warehouse access matter.
The building opens directly into a private parking lot and includes heated space for year-round use. The property is located in the heart of downtown Cheyenne, just off East 17th Street, and is minutes from Cheyenne Regional Hospital and the State Capitol.
The combination of a street-facing showroom, office support spaces, and multiple overhead doors makes this facility suitable for a range of commercial uses where both customer presentation and storage/warehouse access matter.
Key Highlights
- Heated warehouse space with 3 overhead doors: two 12' and one 10' door
- Large open showroom with big windows and clean, updated finishes
- Includes breakroom, restrooms, and multiple individual offices
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
$97,810
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
6.52%
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%
$1,956,200
$2.0M
Cap Rate 7%
$1,397,286
$1.4M
Cap Rate 9%
$1,086,778
$1.1M
Market Conditions
NOI Build-Up for 8,527 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
$158.6K $18.60/SF
− Vacancy
−$18.9K −$2.21/SF
EGI
$139.7K $16.39/SF
− OpEx
−$41.9K −$4.92/SF
NOI
$97.8K $11.47/SF
Area
Laramie County, WY
Vacancy
11.90%
Lease Rate
$18.60 /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%
$1,956,200
Cap Rate 7%
$1,397,286
Cap Rate 9%
$1,086,778
Alternative Uses
Best Use
Retail
$1.40M
$1.22M – $1.63M
NOI $97,810 @ 7.0% cap · market cap 6.52%
Second Best
Warehouse
$840.2K
$735.2K – $980.2K
NOI $58,813 @ 7.0% cap · market cap 3.92%
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
4,357
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated warehouse with three overhead doors and a showroom, offices, restrooms, and breakroom.
Where is this flex space located?
The property is located at 310 E 17th St Cheyenne, WY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Heated warehouse space with 3 overhead doors: two 12' and one 10' door; Large open showroom with big windows and clean, updated finishes; Includes breakroom, restrooms, and multiple individual offices
