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    Remodeled Income Duplex Title is generated by Realmo AI

    314 E 2ND AVE, Cheyenne, WY 82001

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    Pending
    $449,900

    MULTI_FAMILY - Cheyenne, WY

    Property size:
    2,222 SF
    Lot size:
    0.12 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    66
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 314 E 2ND AVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
    Patio and Porch features
    Patio
    Interior features
    Cable Access, Carpeted, Fire Place
    Exterior features
    Patio, Fence, Landscaped
    Fencing
    Fenced
    Appliances
    Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
    Standard status
    Pending
    Size
    2,222 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    PERSHING HEIGHTS ADDITION: LOT 9, BLOCK 18
    Tax Annual Amount
    1452

    Utilities

    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1939
    Floors in Building
    1
    Number of units
    2
    Building materials
    Frame
    Roof type
    Composition
    Architectural style
    Other

    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 Mar 31, 2026

    MLS# 100287 Listing URL

    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

    • 1939 frame home with 2 gas fireplaces and remodeled interior touches including refinished original hardwood floors
    • Kitchen updates include stainless steel appliances, granite countertops, and remodeled kitchen cabinetry
    • Basement includes 2 bedrooms, bathroom, living room, and kitchen, with potential for a separate rental setup
    • Main‑level layout includes 4 bedrooms and 2 bathrooms, plus cable access and forced‑air natural gas heating
    • Newer/updated electrical service reported, along with new carpet and updated paint, trim, and lighting fixtures
    • Patio with fenced yard; alley access to a 1‑car garage and additional off‑street parking

    Overview

    This remodeled income duplex offers a two-level configuration designed for owner-occupancy or rentals. The main level is set up for living, while the basement apartment includes a separate entrance and provides its own 2 bedrooms, a bathroom, living room, and kitchen. Inside, the home features 2 gas fireplaces, refinished original hardwood floors, new paint, updated kitchen cabinetry, trim, lighting fixtures, stainless steel appliances, granite countertops, a remodeled bathroom, and new carpet. Improvements also include a new electrical service.

    The property is located in Cheyenne’s Avenues area. Alley access provides convenient approach to the 1-car garage and additional off-street parking. The home is described as being close to school, shopping, and downtown.

    For buyers, the layout supports a straightforward two-income rental arrangement, with the basement positioned for independent use thanks to its separate entrance. For tenants, the combination of updated kitchens, remodeled bath, and upgraded electrical service can make both levels appealing as self-contained living spaces, with parking supported by the garage and off-street options accessed from the alley.

    Local Financial Insights For Multifamily LT 5

    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 $34.1k $15.36
    − Vacancy −$1.9k −$0.84
    EGI $32.3k $14.52
    − OpEx −$9.7k −$4.35
    NOI $22.6k $10.16
    2,222 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $322.5K
    $282.2K – $376.3K (±1% cap)
    NOI $22,577 @ 7.0% cap · market cap 5.02%
    Second Best
    Apartment 5plus
    $291.0K
    $254.6K – $339.5K (±1% cap)
    NOI $20,371 @ 7.0% cap · market cap 4.53%
    Theoretical Best
    Retail
    $364.1K
    $318.6K – $424.8K (±1% cap)
    NOI $25,488 @ 7.0% cap · market cap 5.67%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.819093
    Latitude
    41.148003

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    FAQs

    What type of property is this?
    Duplex - Updated two-income setup with separate basement entrance, upgraded finishes, and alley access to a one-car garage.
    Where is this duplex located?
    The property is located at 314 E 2ND AVE Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $449,900.
    What are key features of this property?
    This property features: 1939 frame home with 2 gas fireplaces and remodeled interior touches including refinished original hardwood floors; Kitchen updates include stainless steel appliances, granite countertops, and remodeled kitchen cabinetry; Basement includes 2 bedrooms, bathroom, living room, and kitchen, with potential for a separate rental setup
    (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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