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    Office Building with Ample Parking Title is generated by Realmo AI

    3120 OLD FAITHFUL RD, Cheyenne, WY 82001

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    For Sale
    $1,360,000

    COMMERCIAL - Cheyenne, WY

    Property size:
    21,307 SF
    Lot size:
    1.08 Acres
    Price / SF:
    $63/SF
    Added:
    Jan 30, 2026
    Days on Market:
    125
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 3120 OLD FAITHFUL RD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Appliances
    Building, Fixtures, Land
    Standard status
    Active
    Size
    21,307 SF
    Lot size
    1.08 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    SEE ASSOICATE DOCS
    Tax Annual Amount
    6498

    Building Details

    Year built
    1958
    Building materials
    Brick, Concrete
    Roof type
    Membrane

    We can help!

    Listing Contact
    Corey Rang
    Corey Rang

    Listing agent Corey Rang License #5002

    Listing office Peak Properties, LLC 2822 WARREN AVE, CHEYENNE, WY

    Listing date Jan 30, 2026

    MLS# 99697

    Copyright © 2026 Cheyenne Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Building features over 21,000 total square feet
    • 5 tenants currently occupy a small portion of the building; 4 of the 5 tenants have been long term
    • Large parking availability on site
    • Brick and concrete construction; roof is membrane
    • Year built: 1958
    • Previous plans included converting the property to 18 small housing units while maintaining the existing tenants

    Overview

    This office building totals 21,307 square feet and is currently occupied by five tenants, with four of the five tenants described as long term. The building sits on a 1.08-acre lot and has parking and high visibility as key physical attributes highlighted in the offering.

    The property is located at 3120 OLD FAITHFUL RD in Cheyenne, Wyoming. The listing remarks emphasize parking availability and visibility, which can support day-to-day tenant operations and customer or client access.

    For tenants and buyers, the current layout supports a multi-tenant office use, with the existing occupancy and long-term tenant presence providing continuity for an operator. The listing also notes that previous plans contemplated converting the building to 18 small housing units while maintaining the current tenants, which may be relevant to users evaluating alternate development pathways alongside ongoing income from the existing leases.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $171.3k $8.04
    − Vacancy −$26.4k −$1.24
    EGI $144.9k $6.80
    − OpEx −$36.2k −$1.70
    NOI $108.7k $5.10
    21,307 SF · lease $8.04/SF/yr · vacancy 15.40% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.55M
    $1.36M – $1.81M (±1% cap)
    NOI $108,695 @ 7.0% cap · market cap 7.99%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Retail
    $3.49M
    $3.06M – $4.07M (±1% cap)
    NOI $244,405 @ 7.0% cap · market cap 17.97%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wyoming Senior Citizens ... Charitable Organization Governers Office Employment Agency Traci Howery Physician Lexis Wallace Counselor Sierra Jones Counselor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.775852
    Latitude
    41.139113

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    FAQs

    What type of property is this?
    Office building - Multi-tenant office building with parking and visibility, currently leased to five tenants, four of whom are long term.
    Where is this office building located?
    The property is located at 3120 OLD FAITHFUL RD Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $1,360,000.
    What are key features of this property?
    This property features: Building features over 21,000 total square feet; 5 tenants currently occupy a small portion of the building; 4 of the 5 tenants have been long term; Large parking availability on site
    (307) 640-3148
    We can help!
    Listing Contact
    Corey Rang
    Corey Rang
    Real Estate License ID: 5002
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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