Duplex with Steel-Framed
New
For Sale
$950,000
3507 CODY LN, Cheyenne, WY 82009
Multi-Family, 1 STORY, Cheyenne, WY
Property Size5,552 SF
Lot Size4.40 Acres
Price / SF$171.11
Days on Market2
Property Features for 3507 CODY LN
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Patio
Exterior features
Patio, Fence
Fencing
Fenced
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
DURHAM ESTATES
Standard status
Active
Size
5,552 SF
Lot size
4.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
DURHAM ESTATES SUB, 1ST FILING : LOT 9, BLK 1
Tax Annual Amount
6111
Legal Description
DURHAM ESTATES SUB, 1ST FILING : LOT 9, BLK 1
Utilities
Heating system
Forced Air, Radiant, Natural Gas
Water source
Private
Amenities
hardwood floors
granite countertops
gas range
concrete patio
jetted tub
walk-in shower
heated garage
breezeway
laundry room
washer and dryer
full kitchen in basement
rec room
French doors
forced-air furnaces with A/C
in-floor heating
whole-home generator connections
RV hookups
fenced property
steel-framed shop
spray-foam insulation
metal roof
Building Details
Year built
2023
Floors in Building
1
Number of units
2
Building materials
Concrete
Roof type
Metal
Architectural style
Other
Listing Agency:
Century 21 Bell Real Estate · Century 21 Real Estate
(307) 635-0336
Listed By:
Brittney Kotunok
(307) 262-9647
Added: Sep 25
Last Checked: Sep 26 at 3:06AM
MLS# 102227
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.
Built in 2023, this 5,552-square-foot duplex sits on 4.4 acres and includes a 60-by-80-foot steel-framed shop with electricity and three 14-foot overhead doors. The main level has an open living, dining, and kitchen area, three bedrooms, and a full bathroom. The lower level features a second kitchen, living room, recreation room, two bedrooms, and a full bathroom, with French doors opening toward the rear patio. A separate entrance serves the lower level.
The home also includes a heated three-car garage, with a 36-foot-deep third bay, and a heated, cooled breezeway connecting to the laundry room. Heating and cooling include two forced-air furnaces with A/C, plus in-floor heat on both levels. A 1,200-square-foot concrete patio, fenced grounds, metal roof, spray-foam insulation, and RV connections with 50-amp, 30-amp, and 20-amp service complete the property.
The home also includes a heated three-car garage, with a 36-foot-deep third bay, and a heated, cooled breezeway connecting to the laundry room. Heating and cooling include two forced-air furnaces with A/C, plus in-floor heat on both levels. A 1,200-square-foot concrete patio, fenced grounds, metal roof, spray-foam insulation, and RV connections with 50-amp, 30-amp, and 20-amp service complete the property.
Key Highlights
- 5,552‑square‑foot duplex on 4.4 acres; built in 2023
- 60‑by‑80‑foot steel‑framed shop with electricity and three 14‑foot overhead doors
- Lower level has a full kitchen, separate entrance, living room, recreation room, two bedrooms, and full bathroom
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
$56,412
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
5.94%
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%
$1,128,240
$1.1M
Cap Rate 7%
$805,886
$805.9K
Cap Rate 9%
$626,800
$626.8K
Market Conditions
NOI Build-Up for 5,552 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
$85.3K $15.36/SF
− Vacancy
−$4.7K −$0.84/SF
EGI
$80.6K $14.52/SF
− OpEx
−$24.2K −$4.35/SF
NOI
$56.4K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$1,128,240
Cap Rate 7%
$805,886
Cap Rate 9%
$626,800
Alternative Uses
Best Use
Multifamily LT 5
$805.9K
$705.2K – $940.2K
NOI $56,412 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$727.2K
$636.3K – $848.4K
NOI $50,901 @ 7.0% cap · market cap 5.36%
Theoretical Best
Retail
$909.8K
$796.1K – $1.06M
NOI $63,685 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 82009, WY
35,700
Population
15,361
Households
2.3
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
1,277.8 sq mi
ZIP Area
28
Density / Sq Mi
$102,727
Median Household Income
$57,157
Median Earnings
$1,106
Median Rent
$415,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two levels provide separate living areas, with a full kitchen and exterior entrance on the lower level.
Where is this duplex located?
The property is located at 3507 CODY LN Cheyenne, WY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5,552‑square‑foot duplex on 4.4 acres; built in 2023; 60‑by‑80‑foot steel‑framed shop with electricity and three 14‑foot overhead doors; Lower level has a full kitchen, separate entrance, living room, recreation room, two bedrooms, and full bathroom
