Multi-Tenant Office
For Sale
$1,360,000
3120 OLD FAITHFUL RD, Cheyenne, WY 82001
COMMERCIAL - Cheyenne, WY
Property Size21,307 SF
Lot Size1.08 Acres
Price / SF$63.83
Days on Market215
Property Features for 3120 OLD FAITHFUL RD
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
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
Legal Description
SEE ASSOICATE DOCS
Building Details
Year built
1958
Building materials
Brick, Concrete
Roof type
Membrane
Listing Agency:
Peak Properties, LLC
(307) 638-3995
Listed By:
Corey Rang · License #5002
(307) 640-3148
Added: Jan 30
Changed: Aug 10
Last Checked: Sep 2 at 10:06AM
MLS# 99697
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 21,307-square-foot office building occupies 1.08 acres and was constructed in 1958 with brick and concrete materials. The property includes a membrane roof and is currently occupied by five tenants, with four reported as long-term occupants. Existing tenancy uses only a small portion of the building, leaving substantial interior area for continued office use or future repositioning. Prior plans contemplated adapting the property into 18 small housing units while retaining the existing tenants; those plans are described as prior concepts rather than confirmed approvals.
The property is located at 3120 Old Faithful Road in Cheyenne, Wyoming. The site includes parking, and the building’s location provides visibility from the surrounding area. Its combination of existing occupancy, large building area, and 1.08-acre site creates a range of potential layouts within an established commercial property.
The property is located at 3120 Old Faithful Road in Cheyenne, Wyoming. The site includes parking, and the building’s location provides visibility from the surrounding area. Its combination of existing occupancy, large building area, and 1.08-acre site creates a range of potential layouts within an established commercial property.
Key Highlights
- 21,307 SF office building on 1.08 acres
- Five existing tenants; four are reported as long‑term occupants
- Current tenancy uses only a small portion of the building
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
$108,695
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
7.99%
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%
$2,173,900
$2.2M
Cap Rate 7%
$1,552,786
$1.6M
Cap Rate 9%
$1,207,722
$1.2M
Market Conditions
NOI Build-Up for 21,307 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
$171.3K $8.04/SF
− Vacancy
−$26.4K −$1.24/SF
EGI
$144.9K $6.80/SF
− OpEx
−$36.2K −$1.70/SF
NOI
$108.7K $5.10/SF
Area
Laramie County, WY
Vacancy
15.40%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,173,900
Cap Rate 7%
$1,552,786
Cap Rate 9%
$1,207,722
Alternative Uses
Best Use
Office B
$1.55M
$1.36M – $1.81M
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
NOI $244,405 @ 7.0% cap · market cap 17.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
525
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Brick-and-concrete office property with five existing tenants and substantial additional interior capacity.
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: 21,307 SF office building on 1.08 acres; Five existing tenants; four are reported as long‑term occupants; Current tenancy uses only a small portion of the building
