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    Flexible Property on Skyview Airpark Title is generated by Realmo AI

    3666 Aviator Ct, Cheyenne, WY 82009

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    For Sale
    $940,000

    Built in 2023, suitable for office, warehouse, or residential.

    Property size:
    7,000 SF
    Price / SF:
    $134/SF
    Added:
    Aug 28, 2025
    Days on Market:
    278
    Last Refresh:
    May 31 at 11:18 pm

    Property Features for 3666 Aviator Ct

    General Information

    Standard status
    Active
    Size
    7,000 SF

    We can help!

    Listing Contact
    Steven Prescott

    Listing agent Steven Prescott

    Listing office RE/MAX Capitol Properties

    Listing date Aug 28, 2025

    Source Exprealty

    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 RE/MAX Capitol Properties

    HighLights

    • Direct access to 4000' grass air strip at Skyview Airpark.
    • Flexible property use: office, warehouse, rental units, or hangar.
    • Includes two 1200 sq ft apartment units with separate entrances.
    • Features a 50X40 hangar space with a 40X12 bi‑fold power hangar door.
    • 40X50 heated and insulated shop space.
    • Built in 2023.

    Overview

    This flexible property, constructed in 2023, presents an opportunity for various uses, including office space, warehousing, rental units, or hangar space, with direct access to the 4000-foot grass airstrip at Skyview Airpark. The building includes two 1200 sq ft apartment units, each featuring separate entrances, two bedrooms, one bathroom, a living room, and a kitchen. Additionally, there is a 40x50 shop space that is heated and insulated, along with a 50x40 hangar space equipped with a 40x12 bi-fold power hangar door. The property offers a unique combination of residential and commercial possibilities.

    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 $107.5k $15.36
    − Vacancy −$5.9k −$0.84
    EGI $101.6k $14.52
    − OpEx −$30.5k −$4.35
    NOI $71.1k $10.16
    7,000 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.02M
    $889.1K – $1.19M (±1% cap)
    NOI $71,124 @ 7.0% cap · market cap 7.57%
    Second Best
    Apartment 5plus
    $916.8K
    $802.2K – $1.07M (±1% cap)
    NOI $64,176 @ 7.0% cap · market cap 6.83%
    Theoretical Best
    Retail
    $1.15M
    $1.00M – $1.34M (±1% cap)
    NOI $80,294 @ 7.0% cap · market cap 8.54%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Milliron TJ Construction Construction Company

    Suggested Use

    Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.5838571
    Latitude
    41.2170194

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    FAQs

    What type of property is this?
    Mixed-use property - Built in 2023, suitable for office, warehouse, or residential.
    Where is this mixed-use property located?
    The property is located at 3666 Aviator Ct Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $940,000.
    What are key features of this property?
    This property features: Direct access to 4000' grass air strip at Skyview Airpark.; Flexible property use: office, warehouse, rental units, or hangar.; Includes two 1200 sq ft apartment units with separate entrances.
    (307) 630-9342
    We can help!
    Listing Contact
    Steven Prescott
    Learn More
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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.

    More about this property
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