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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

    COMMERCIAL - Cheyenne, WY

    Property size:
    7,000 SF
    Lot size:
    1.37 Acres
    Price / SF:
    $134/SF
    Added:
    Aug 26, 2025
    Days on Market:
    282
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 3666 AVIATOR CT

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Appliances
    Building, Fixtures, Land
    Standard status
    Active
    Size
    7,000 SF
    Lot size
    1.37 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lot 32
    Tax Annual Amount
    2901

    Building Details

    Year built
    2023
    Building materials
    Steel
    Roof type
    Metal

    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 26, 2025

    MLS# 98307

    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

    • Building built in 2023 with steel construction and a metal roof
    • Includes two separate 1,200 SF apartment units (each with 2 bedrooms, 1 bathroom, living room and kitchen)
    • Heated and insulated 40' x 50' shop space
    • 50' x 40' hangar space with a 40' x 12' bi‑fold power hangar door
    • Directly located on the 4,000' grass air strip for Skyview Airpark

    Overview

    Built in 2023, this versatile property at 3666 Aviator Ct in Cheyenne offers multiple income and use options under one roof. The building includes two separate 1,200-square-foot apartment units, each with its own entrance, plus two bedrooms, one bathroom, a living room, and a kitchen. In addition to the residential components, there is a heated and insulated 40 by 50 shop space, designed for work, storage, or light industrial use. The aviation portion is supported by a 50 by 40 hangar space with a 40 by 12 bi-fold powered hangar door.

    The property is directly located on the 4,000-foot grass air strip for Skyview Airpark, providing straightforward access between the hangar and the airfield. This configuration can support aviation-related operations and on-site logistics where aircraft and equipment may need to be kept on the premises.

    For tenants, owners, or operators seeking flexibility, the mix of separate apartment entrances, a heated shop, and dedicated hangar space can accommodate a variety of live/work, rental, and aviation-adjacent arrangements. Because the units are configured separately and the shop and hangar are purpose-built, the layout is well suited to multi-use ownership or a combined residential and work/aviation program.

    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 - Built in 2023 with a heated shop, duplex apartments, and a hangar featuring a powered bi-fold door.
    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: Building built in 2023 with steel construction and a metal roof; Includes two separate 1,200 SF apartment units (each with 2 bedrooms, 1 bathroom, living room and kitchen); Heated and insulated 40' x 50' shop space
    (307) 630-9342
    We can help!
    Listing Contact
    Steven Prescott
    Request Owner's contact information
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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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