Heated Shop with Office
For Sale
$829,000
3416 Garman Rd, Gillette, WY 82716
COMMERCIAL - Gillette, WY
Property Size6,200 SF
Lot Size2.98 Acres
Price / SF$133.71
Days on Market291
Property Features for 3416 Garman Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Directions
Hwy 59 north turn right on Gold Rd then left on Garman Rd. Listing will be at the corner of Gold and Garman.
Subdivision
Northside Area - Gillette
Standard status
Active
Size
6,200 SF
Lot size
2.98 Acres
Taxes and HOA fees
Tax Annual Amount
4722
Building Details
Year built
2009
Listing Agency:
eXp Realty, LLC
(866) 873-0565
Listed By:
David Hendryx · License #RE-13504
(307) 689-3489
Added: Oct 28, 2025
Changed: Jul 25
Last Checked: Aug 14 at 6:06AM
MLS# 25-3004
Copyright © 2026 Northeast Wyoming REALTORS. 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 property includes a 5,000-square-foot shop and a 1,200-square-foot office, with both areas heated by natural gas. The office space also features central air. The site totals 2.98 acres, providing outdoor room for storage and potential expansion.
Located at 3416 Garman Rd in Gillette, Wyoming, the property is zoned I-1 and offers easy access for practical day-to-day operations.
Offered for sale, the seller is also willing to lease the property.
Located at 3416 Garman Rd in Gillette, Wyoming, the property is zoned I-1 and offers easy access for practical day-to-day operations.
Offered for sale, the seller is also willing to lease the property.
Key Highlights
- Priced at $829,000 with potential lease terms at $6,500/month (seller willing to lease).
- Includes 5,000 SF heated shop space with natural gas heating.
- Includes 1,200 SF office space with natural gas heat plus central air.
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
$44,941
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
5.42%
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%
$898,820
$898.8K
Cap Rate 7%
$642,014
$642.0K
Cap Rate 9%
$499,344
$499.3K
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
$62.5K $10.08/SF
− Vacancy
−$9.6K −$1.55/SF
EGI
$52.9K $8.53/SF
− OpEx
−$7.9K −$1.28/SF
NOI
$44.9K $7.25/SF
Area
Campbell County, WY
Vacancy
15.40%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
15.00%
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%
$898,820
Cap Rate 7%
$642,014
Cap Rate 9%
$499,344
Alternative Uses
Best Use
Warehouse
$642.0K
$561.8K – $749.0K
NOI $44,941 @ 7.0% cap · market cap 5.42%
Second Best
Industrial
$528.7K
$462.6K – $616.8K
NOI $37,010 @ 7.0% cap · market cap 4.46%
Theoretical Best
Specialty Retail
$1.09M
$952.5K – $1.27M
NOI $76,198 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Industrial 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?
Flex space - Natural-gas heated shop plus heated office with central air on a 2.98-acre lot.
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 $829,000.
What are key features of this property?
This property features: Priced at $829,000 with potential lease terms at $6,500/month (seller willing to lease).; Includes 5,000 SF heated shop space with natural gas heating.; Includes 1,200 SF office space with natural gas heat plus central air.
