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    Flex Property with Hangar Space Title is generated by Realmo AI

    3666 AVIATOR CT, Cheyenne, WY 82009

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    For Sale
    $940,000

    MULTI_FAMILY - Cheyenne, WY

    Property size:
    7,000 SF
    Lot size:
    1.37 Acres
    Price / SF:
    $134/SF
    Added:
    Aug 29, 2025
    Days on Market:
    279
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 3666 AVIATOR CT

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4
    Exterior features
    Storage
    Appliances
    Range/Oven, Refrigerator
    Standard status
    Active
    Size
    7,000 SF
    Lot size
    1.37 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2901

    Utilities

    Heating system
    Central
    Water source
    Private

    Building Details

    Year built
    2023
    Number of units
    4
    Building materials
    Frame
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Steven Prescott

    Listing agent Steven Prescott

    Listing office RE/MAX Capitol Properties 4000 Central Ave., Cheyenne, WY

    Listing date Aug 29, 2025

    MLS# 98344 Listing URL

    Copyright © 2026 Cheyenne Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Built in 2023 with central heating, metal roof, and frame construction.
    • Two 1,200 SF apartment units with separate entrances, each with 2 bedrooms and 1 bathroom plus living room and kitchen.
    • 4000' grass air strip location at Skyview Airpark, with hangar space on‑site.
    • 40x50 heated and insulated shop space plus storage.
    • 50x40 hangar space with a 40x12 bi‑fold power hangar door.

    Overview

    Built in 2023, this flex property is arranged to support multiple operating models, including residential living, storage/workshop use, and aviation-related space. The building includes two 1,200-square-foot apartment units, each with a separate entrance, plus shared overall site improvements on an approximately 1.37-acre lot. Each unit has two bedrooms and one bathroom, along with a living room and kitchen. In addition to the residential components, there is a heated and insulated 40-by-50 shop space and a 50-by-40 hangar with a 40-by-12 bi-fold power hangar door.

    The property is located directly on a 4,000-foot grass air strip for Skyview Airpark, offering on-site aviation adjacency. Addressing, site configuration, and the presence of dedicated residential entrances and aviation access make it well suited for users who want a single property supporting both daily living and aircraft or equipment operations.

    For tenants, buyers, or operators, the layout provides flexibility that can match a variety of needs, from an owner-occupied setup with an on-site shop and hangar to a multi-use configuration that incorporates rental units alongside aviation or work space. If you are looking for a purpose-built, newer flex asset that already includes residential units plus heated shop and hangar space, this one provides those components in a single offering.

    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.
    Property Profile 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?
    Flex space - Newer flex facility combines two separate apartment units with a heated shop and an aviation hangar.
    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: Built in 2023 with central heating, metal roof, and frame construction.; Two 1,200 SF apartment units with separate entrances, each with 2 bedrooms and 1 bathroom plus living room and kitchen.; 4000' grass air strip location at Skyview Airpark, with hangar space on‑site.
    (307) 630-9342
    We can help!
    Listing Contact
    Steven Prescott
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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.

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