4-Bay Mixed-Use Commercial
New
For Sale
$1,529,150
402 E 2nd St, Casper, WY 82601
Vacant downtown property combines customer-facing showroom space with storage and vehicle-accessible service areas.
Property Size21,017 SF
Days on Market2
Property Features for 402 E 2nd St
General Information
Standard status
Active
Size
21,017 SF
Property subtype
Commercial
Zoning
C3
Amenities
CASPER BLK 18 LOT 5 S 1/2, 6-7 ALL & TRI TR ADJ COMMERCIAL
City
2
Other
no
5000
16 Foot or More
Flat Roof
Brick
21017
Existing-has been occupied
Under 14 Foot
15
1
10000 - 19999
Building Details
Building Size
21,017 SF
Year Built
1969
Buildings
1
Listed By:
Justin and Charlotte Putzier
(307) 259-8004
Source:
Mycasperhome.idxbroker
Added: Sep 26
Last Checked: Sep 26 at 3:11AM
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 Justin and Charlotte Putzier
Investment Insights
Based on property information with market context.
At 402 E 2nd Street, this vacant mixed-use property contains approximately 9,089 square feet in a 1969 building on a 21,017-square-foot site, equal to approximately 0.4825 acres. The interior combines an open showroom with large windows, counters and display fixtures, back-of-house storage, and warehouse space with shelving. Four drive-through service bays connect directly to the retail area, and vehicles can reach the rear of the building. The site also has parking for 15 vehicles.
Located in downtown Casper, Wyoming, the property has street-facing retail exposure and C3 zoning. Its existing showroom, storage, warehouse area, and service bays provide a varied commercial layout within one property.
Located in downtown Casper, Wyoming, the property has street-facing retail exposure and C3 zoning. Its existing showroom, storage, warehouse area, and service bays provide a varied commercial layout within one property.
Key Highlights
- Approximately 9,089 square feet on a 21,017‑square‑foot site (approximately 0.4825 acres)
- Four drive‑through service bays connected to the retail area
- Showroom with large windows, existing counters and display fixtures
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
$119,363
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
7.81%
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%
$2,387,260
$2.4M
Cap Rate 7%
$1,705,186
$1.7M
Cap Rate 9%
$1,326,256
$1.3M
Market Conditions
NOI Build-Up for 21,017 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
$146.3K $6.96/SF
− Vacancy
−$5.9K −$0.28/SF
EGI
$140.4K $6.68/SF
− OpEx
−$21.1K −$1.00/SF
NOI
$119.4K $5.68/SF
Area
Natrona County, WY
Vacancy
4.00%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,387,260
Cap Rate 7%
$1,705,186
Cap Rate 9%
$1,326,256
Alternative Uses
Best Use
Retail
$2.67M
$2.33M – $3.11M
NOI $186,782 @ 7.0% cap · market cap 12.21%
Second Best
Mixed Use
$2.30M
$2.02M – $2.69M
NOI $161,253 @ 7.0% cap · market cap 10.55%
Theoretical Best
Office A
$4.69M
$4.11M – $5.47M
NOI $328,470 @ 7.0% cap · market cap 21.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant downtown property combines customer-facing showroom space with storage and vehicle-accessible service areas.
Where is this mixed-use property located?
The property is located at 402 E 2nd St Casper, WY.
What is the asking price?
The asking price for this property is $1,529,150.
What are key features of this property?
This property features: Approximately 9,089 square feet on a 21,017‑square‑foot site (approximately 0.4825 acres); Four drive‑through service bays connected to the retail area; Showroom with large windows, existing counters and display fixtures
