Flex Property with Heated
For Sale
$810,000
3416 Garman Rd, Gillette, WY 82716
Commercial site offers heated work space and a centrally cooled office component.
Property Size6,200 SF
Lot Size3.00 Acres
Price / SF$130.65
Days on Market392
Property Features for 3416 Garman Rd
General Information
Standard status
Active
Size
6,200 SF
Lot size
3.00 Acres
Property subtype
Commercial
Site & Location
Outdoor Storage
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$810,000
Office Build-Out
1,200 SF
Building Details
Year Built
2009
Listing Agency:
eXp Realty, LLC
(307) 689-3489
Listed By:
David Hendryx · License #RE-13504
Source:
Campbellcountyhomeguide
Added: Aug 6, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:49PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 2009, this flex property includes a 5,000 sq. ft. shop and 1,200 sq. ft. of office space. Both areas are heated with natural gas, while the office has central air for year-round climate control.
The improvements sit on a 3-acre lot at 3416 Garman Rd in Gillette, Wyoming, providing substantial outdoor area alongside the building. The property contains 6,200 sq. ft. of combined shop and office space, with the lot offering additional room for exterior storage or future expansion.
The improvements sit on a 3-acre lot at 3416 Garman Rd in Gillette, Wyoming, providing substantial outdoor area alongside the building. The property contains 6,200 sq. ft. of combined shop and office space, with the lot offering additional room for exterior storage or future expansion.
Key Highlights
- 5,000 sq. ft. shop with natural‑gas heat
- 1,200 sq. ft. office area with central air
- Both shop and office spaces are heated with natural gas
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
$60,683
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
7.49%
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%
$1,213,660
$1.2M
Cap Rate 7%
$866,900
$866.9K
Cap Rate 9%
$674,256
$674.3K
Market Conditions
NOI Build-Up for 6,200 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
$93.0K $15.00/SF
− Vacancy
−$12.1K −$1.95/SF
EGI
$80.9K $13.05/SF
− OpEx
−$20.2K −$3.26/SF
NOI
$60.7K $9.79/SF
Area
Campbell County, WY
Vacancy
13.00%
Lease Rate
$15.00 /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%
$1,213,660
Cap Rate 7%
$866,900
Cap Rate 9%
$674,256
Alternative Uses
Best Use
Office B
$866.9K
$758.5K – $1.01M
NOI $60,683 @ 7.0% cap · market cap 7.49%
Second Best
Warehouse
$642.0K
$561.8K – $749.0K
NOI $44,941 @ 7.0% cap · market cap 5.55%
Theoretical Best
Specialty Retail
$1.09M
$952.5K – $1.27M
NOI $76,198 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82716, WY
17,094
Population
7,771
Households
2.2
Avg Household Size
36
Median Age
16%
College-Educated
93%
High-School Grad
1,182.7 sq mi
ZIP Area
14
Density / Sq Mi
$77,169
Median Household Income
$45,276
Median Earnings
$890
Median Rent
$234,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial site offers heated work space and a centrally cooled office component.
Where is this flex space located?
The property is located at 3416 Garman Rd Gillette, WY.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: 5,000 sq. ft. shop with natural‑gas heat; 1,200 sq. ft. office area with central air; Both shop and office spaces are heated with natural gas
