2023 Flex Property with
For Sale
$940,000
3666 Aviator Ct, Cheyenne, WY 82009
Mixed-use configuration combines two apartment units with heated shop and aviation-oriented hangar space.
Property Size7,000 SF
Price / SF$134.29
Days on Market207
Property Features for 3666 Aviator Ct
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Commercial
Building Details
Year Built
2023
Buildings
1
Listing Agency:
RE/MAX Capitol Properties
(307) 635-0303
Listed By:
Steven Prescott
Source:
Cheyennehomesource
Added: Feb 4
Changed: Aug 29
Last Checked: Aug 25 at 6:02AM
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
Investment Insights
Based on property information with market context.
Built in 2023, this 2,400-square-foot flex property combines residential, shop, and hangar components. The residential portion includes two 1,200-square-foot apartment units, each with a separate entrance, two bedrooms, one bathroom, a living room, and a kitchen. The building also contains a heated and insulated 40-by-50-foot shop, plus a 50-by-40-foot hangar with a 40-by-12-foot bi-fold power door.
The property is situated directly on the 4,000-foot grass airstrip serving Skyview Airpark at 3666 Aviator Ct in Cheyenne, Wyoming. Its configuration supports office, warehouse, rental-unit, or hangar use as described.
The property is situated directly on the 4,000-foot grass airstrip serving Skyview Airpark at 3666 Aviator Ct in Cheyenne, Wyoming. Its configuration supports office, warehouse, rental-unit, or hangar use as described.
Key Highlights
- Two 1,200‑square‑foot apartment units, each with 2 bedrooms and 1 bathroom
- 40‑by‑50‑foot heated and insulated shop space
- 50‑by‑40‑foot hangar with a 40‑by‑12‑foot bi‑fold power hangar door
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
$71,124
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
7.57%
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%
$1,422,480
$1.4M
Cap Rate 7%
$1,016,057
$1.0M
Cap Rate 9%
$790,267
$790.3K
Market Conditions
NOI Build-Up for 7,000 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
$107.5K $15.36/SF
− Vacancy
−$5.9K −$0.84/SF
EGI
$101.6K $14.52/SF
− OpEx
−$30.5K −$4.35/SF
NOI
$71.1K $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%
$1,422,480
Cap Rate 7%
$1,016,057
Cap Rate 9%
$790,267
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$889.1K – $1.19M
NOI $71,124 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$916.8K
$802.2K – $1.07M
NOI $64,176 @ 7.0% cap · market cap 6.83%
Theoretical Best
Retail
$1.15M
$1.00M – $1.34M
NOI $80,294 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
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
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 - Mixed-use configuration combines two apartment units with heated shop and aviation-oriented hangar space.
Where is this flex space 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: Two 1,200‑square‑foot apartment units, each with 2 bedrooms and 1 bathroom; 40‑by‑50‑foot heated and insulated shop space; 50‑by‑40‑foot hangar with a 40‑by‑12‑foot bi‑fold power hangar door
