Prime Commercial Property on Yellowstone
For Sale
$1,430,000
4113 W Yellowstone Hwy, Mills, WY 82604
High-visibility commercial property with warehouse space and ample parking.
Property Size23,000 SF
Lot Size1.09 Acres
Price / SF$62.17
Days on Market322
Property Features for 4113 W Yellowstone Hwy
General Information
Standard status
Active
Size
23,000 SF
Lot size
1.09 Acres
Taxes and HOA fees
Annual Taxes
$12,092
Listing Agency:
LPT Realty
Listed By:
Nathaniel Steinhoff · License #12926
(307) 871-2521
Source:
Exprealty
Added: Oct 27, 2025
Changed: Sep 4
Last Checked: Sep 13 at 10:10AM
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 LPT Realty
Investment Insights
Based on property information with market context.
Located at the corner of SW Wyoming Blvd and West Yellowstone Hwy, this commercial property benefits from high visibility with over 15,000 vehicles passing daily. The property includes nearly 23,000 square feet of total building space, featuring over 16,000 square feet of warehouse/shop area. A secure fenced yard and ample off-street parking are included. The location provides quick access to Casper/Natrona County International Airport and Interstate 25, facilitating regional and national connectivity. The property is suitable for investors seeking rental income or owner-occupants with specific needs. Neighboring parcels are available for purchase, allowing for the creation of a tailored commercial campus. Formerly used as a truck dealership, the property has existing offices, a showroom, a parts room, and shop spaces. Natrona County saw $377.8 million in visitor spending in 2024, supporting over 3,400 jobs. The property is near Casper Mountain, offering hiking, skiing, and views, as well as access to the North Platte River and lakes like Alcova and Pathfinder.
Key Highlights
- High‑visibility location at a busy intersection with over 15,000 vehicles per day.
- Large building with nearly 23,000 sq ft of total space, including over 16,000 sq ft of warehouse/shop area.
- Strategic location with quick access to the airport, Interstate 25, and the business bypass.
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
$130,625
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
9.13%
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%
$2,612,500
$2.6M
Cap Rate 7%
$1,866,071
$1.9M
Cap Rate 9%
$1,451,389
$1.5M
Market Conditions
NOI Build-Up for 23,000 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
$160.1K $6.96/SF
− Vacancy
−$6.4K −$0.28/SF
EGI
$153.7K $6.68/SF
− OpEx
−$23.1K −$1.00/SF
NOI
$130.6K $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%
$2,612,500
Cap Rate 7%
$1,866,071
Cap Rate 9%
$1,451,389
Alternative Uses
Best Use
Retail
$2.92M
$2.56M – $3.41M
NOI $204,406 @ 7.0% cap · market cap 14.29%
Second Best
Warehouse
$1.87M
$1.63M – $2.18M
NOI $130,625 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$5.14M
$4.49M – $5.99M
NOI $359,462 @ 7.0% cap · market cap 25.14%
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
333
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 82604, WY
26,539
Population
11,589
Households
2.3
Avg Household Size
39
Median Age
27%
College-Educated
93%
High-School Grad
1,048.4 sq mi
ZIP Area
25
Density / Sq Mi
$75,683
Median Household Income
$41,825
Median Earnings
$1,090
Median Rent
$270,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - High-visibility commercial property with warehouse space and ample parking.
Where is this warehouse located?
The property is located at 4113 W Yellowstone Hwy Mills, WY.
What is the asking price?
The asking price for this property is $1,430,000.
What are key features of this property?
This property features: High‑visibility location at a busy intersection with over 15,000 vehicles per day.; Large building with nearly 23,000 sq ft of total space, including over 16,000 sq ft of warehouse/shop area.; Strategic location with quick access to the airport, Interstate 25, and the business bypass.
