Versatile Commercial Property
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4113 W Yellowstone Highway Casper, Casper, WY 82604
High-visibility commercial property with warehouse space and ample parking.
Property Size20,827 SF
Lot Size1.00 Acre
Price / SF$68.66
Days on Market284
Property Features for 4113 W Yellowstone Highway Casper
General Information
Standard status
Active
Size
20,827 SF
Lot size
1.00 Acre
Property subtype
Industrial, Mixed Use, Office, Special Purpose
Zoning
C-1
Building Details
Buildings
1
Listing Agency:
Steinhoff & Co with LPT Realty
Listed By:
Nathaniel "Nat" Steinhoff · License #WY12926
Source:
Crexi
Added: Nov 11, 2025
Changed: Aug 13
Last Checked: Aug 22 at 12:15PM
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 Steinhoff & Co with LPT Realty
Investment Insights
Based on property information with market context.
This commercial property is located at a busy intersection, specifically at the corner of SW Wyoming Blvd and West Yellowstone Hwy, with a high traffic count exceeding 15,000 vehicles per day. The property includes nearly 23,000 square feet of total building space on over an acre of land. The property features over 16,000 square feet of warehouse/shop area, a secure fenced yard, and ample off-street parking. The location provides quick access to Casper/Natrona County International Airport and seamless access to Interstate 25 and the business bypass. Neighboring parcels are available for purchase, allowing for expansion. The site was formerly used as a truck dealership and includes existing offices, a showroom, a parts room, and shop spaces. The property is positioned as a potential location for manufacturing, including medical device and biomedical production. Natrona County saw $377.8 million in visitor spending in 2024, supporting over 3,400 jobs. The location is near Casper Mountain, the North Platte River, and lakes such as Alcova and Pathfinder.
Key Highlights
- High‑visibility location at a busy intersection (SW Wyoming Blvd and West Yellowstone Hwy) 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
- Excellent logistics 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
$118,284
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
8.27%
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%
$2,365,680
$2.4M
Cap Rate 7%
$1,689,771
$1.7M
Cap Rate 9%
$1,314,267
$1.3M
Market Conditions
NOI Build-Up for 20,827 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
$145.0K $6.96/SF
− Vacancy
−$5.8K −$0.28/SF
EGI
$139.2K $6.68/SF
− OpEx
−$20.9K −$1.00/SF
NOI
$118.3K $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%
$2,365,680
Cap Rate 7%
$1,689,771
Cap Rate 9%
$1,314,267
Alternative Uses
Best Use
Office B
$3.30M
$2.89M – $3.85M
NOI $231,023 @ 7.0% cap · market cap 16.16%
Second Best
Retail
$2.64M
$2.31M – $3.08M
NOI $185,094 @ 7.0% cap · market cap 12.94%
Theoretical Best
Office A
$4.65M
$4.07M – $5.43M
NOI $325,501 @ 7.0% cap · market cap 22.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - High-visibility commercial property with warehouse space and ample parking.
Where is this mixed-use property located?
The property is located at 4113 W Yellowstone Highway Casper Casper, 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 (SW Wyoming Blvd and West Yellowstone Hwy) 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; Excellent logistics with quick access to the airport, Interstate 25, and the business bypass
