Two-Unit Retail
For Sale
$5,750,000
Pending
3501 E LINCOLNWAY, Cheyenne, WY 82001
COMMERCIAL - Cheyenne, WY
Property Size60,084 SF
Lot Size5.14 Acres
Days on Market54
Property Features for 3501 E LINCOLNWAY
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Building, Fixtures, Land
Subdivision
LARAMIE
Standard status
Pending
Size
60,084 SF
Lot size
5.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lengthy See County Records
Tax Annual Amount
29791
Legal Description
Lengthy See County Records
Amenities
dock high doors
Building Details
Year built
1978
Building materials
Block
Roof type
Membrane
Listing Agency:
Selling Homes Network
(307) 214-6534
Listed By:
Robert Phillips · License #725
(307) 630-0396
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 11 at 11:06PM
MLS# 101172
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 60,084-square-foot retail property occupies 5.14 acres and is configured as two separate units. One unit measures approximately 25,000 square feet and is occupied by a trampoline center. The other combines approximately 25,000 square feet of retail area with 10,000 square feet of warehouse space, creating a mixed-format commercial layout with dock-high loading doors.
Built in 1978, the building features block construction and a membrane roof. The property is adjacent to Cheyenne Plaza Shopping Center and surrounded by established retailers including AutoZone, Sportsman's Warehouse, and Murdoch's. Its combination of retail, warehouse, and loading components supports a range of commercial occupancy configurations.
Built in 1978, the building features block construction and a membrane roof. The property is adjacent to Cheyenne Plaza Shopping Center and surrounded by established retailers including AutoZone, Sportsman's Warehouse, and Murdoch's. Its combination of retail, warehouse, and loading components supports a range of commercial occupancy configurations.
Key Highlights
- 60,084‑square‑foot retail property on 5.14 acres
- Two‑unit configuration with approximately 25,000 square feet in each unit
- Second unit includes approximately 25,000 square feet of retail and 10,000 square feet of warehouse
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
$414,414
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
7.21%
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%
$8,288,280
$8.3M
Cap Rate 7%
$5,920,200
$5.9M
Cap Rate 9%
$4,604,600
$4.6M
Market Conditions
NOI Build-Up for 60,084 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
$605.6K $10.08/SF
− Vacancy
−$118.1K −$1.97/SF
EGI
$487.5K $8.11/SF
− OpEx
−$73.1K −$1.22/SF
NOI
$414.4K $6.90/SF
Area
Laramie County, WY
Vacancy
19.50%
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%
$8,288,280
Cap Rate 7%
$5,920,200
Cap Rate 9%
$4,604,600
Alternative Uses
Best Use
Retail
$9.85M
$8.62M – $11.49M
NOI $689,201 @ 7.0% cap · market cap 11.99%
Second Best
Warehouse
$5.92M
$5.18M – $6.91M
NOI $414,414 @ 7.0% cap · market cap 7.21%
Theoretical Best
—
—
same as Best Use
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
440
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Includes substantial retail space, warehouse area, and dock-high loading access for varied commercial operations.
Where is this retail space located?
The property is located at 3501 E LINCOLNWAY Cheyenne, WY.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 60,084‑square‑foot retail property on 5.14 acres; Two‑unit configuration with approximately 25,000 square feet in each unit; Second unit includes approximately 25,000 square feet of retail and 10,000 square feet of warehouse
