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    Horse Boarding and Riding Arenas Title is generated by Realmo AI

    4717 THOMAS RD, Cheyenne, WY 82009

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    For Sale
    $999,000

    COMMERCIAL - Cheyenne, WY

    Property size:
    18,170 SF
    Lot size:
    9.56 Acres
    Price / SF:
    $54/SF
    Added:
    Sep 1, 2025
    Days on Market:
    277
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for 4717 THOMAS RD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Appliances
    Building, Land
    Standard status
    Active
    Size
    18,170 SF
    Lot size
    9.56 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    see addendum
    Tax Annual Amount
    1109

    Building Details

    Year built
    1985
    Building materials
    Frame, Steel
    Roof type
    Metal

    We can help!

    Listing Contact
    Patrick Graham
    Patrick Graham

    Listing agent Patrick Graham License #3699

    Listing office eXp Realty, LLC 2617 E Lincolnway, Cheyenne, WY

    Listing date Sep 1, 2025

    MLS# 98347

    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

    • 9.56‑acre horse boarding facility just NE of Cheyenne
    • Indoor riding arena with 7,500 sq ft, plus outdoor riding arena
    • Stables for boarding up to 50 horses, including three stable buildings (1,080 sq ft, 3,660 sq ft, 4,800 sq ft)
    • Heated horse water troughs in many stables
    • Additional income: trailer and RV storage ($60/month) and a rented manufactured home ($750/month)
    • Current rents for horse boarding are $160/month

    Overview

    Singletree Stables is a horse boarding facility situated on 9.56 acres just northeast of Cheyenne, Wyoming. The property includes both an outdoor riding arena and an indoor riding arena, along with stables sized to board up to 50 horses. There are also loafing sheds plus several utility and tool sheds. Many of the stables feature heated horse water troughs, supporting day-to-day operations for year-round boarding.

    The horse facilities total approximately 18,170 square feet across the indoor riding arena and multiple stable buildings, along with loafing and support structures. In addition to boarding, a portion of the property is used for trailer and RV storage. The premises also includes a manufactured home that is being rented.

    For operators and investors, this setup supports multiple revenue streams tied to equine use, including boarding and trailer/RV storage. The property would also work for horse riding lessons given the indoor and outdoor riding arenas and the existing on-site stabling. Current stated rents include $160 per month for horse boarding, $60 per month for RV storage, and $750 per month for the home rental.
    Property Profile Location Intelligence

    Current Use by Public Records

    Singletree Stables Horse Boarding Stable

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Pharmacy Auto Parts Store Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.752493
    Latitude
    41.170014

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    FAQs

    What type of property is this?
    Horse & equestrian property - Horse boarding facility with indoor and outdoor arenas, multiple stables, and additional trailer/RV storage income.
    Where is this horse & equestrian property located?
    The property is located at 4717 THOMAS RD Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: 9.56‑acre horse boarding facility just NE of Cheyenne; Indoor riding arena with 7,500 sq ft, plus outdoor riding arena; Stables for boarding up to 50 horses, including three stable buildings (1,080 sq ft, 3,660 sq ft, 4,800 sq ft)
    (307) 640-3039
    We can help!
    Listing Contact
    Patrick Graham
    Patrick Graham
    Real Estate License ID: 3699
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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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