Single-Level Triplex with Steel
For Sale
$540,000
503 E 2nd St, Cheyenne, WY 82007
Single-level multifamily property with three apartment layouts and a separate steel building on its own lot.
Property Size2,640 SF
Price / SF$204.55
Days on Market105
Property Features for 503 E 2nd St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
3
Building Details
Year Built
1956
Buildings
2
Stories
1
Listing Agency:
eXp Realty, LLC
Listed By:
Patrick Graham · License #3699
(307) 640-3039
Source:
Cheyennehomesource
Added: Jul 1
Changed: Oct 1
Last Checked: Oct 12 at 7:59PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This single-level triplex, built in 1956, includes one-bedroom, two-bedroom, and three-bedroom apartment layouts. The property also includes an 832 square foot steel building situated on its own lot, providing a separate improvement associated with the offering.
The apartment parcel is legally described as Lots 10 and 11, Block 785, while the garage parcel consists of Lots 8 and 9, Block 785. The property is located at 503 E 2nd St in Cheyenne, Wyoming.
The apartment parcel is legally described as Lots 10 and 11, Block 785, while the garage parcel consists of Lots 8 and 9, Block 785. The property is located at 503 E 2nd St in Cheyenne, Wyoming.
Key Highlights
- Single‑level triplex built in 1956
- Includes one‑bedroom, two‑bedroom, and three‑bedroom apartment layouts
- Separate 832 sq ft steel building on its own lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,824
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,480
$536.5K
Cap Rate 7%
$383,200
$383.2K
Cap Rate 9%
$298,044
$298.0K
Market Conditions
NOI Build-Up for 2,640 SF
Gross rent
$40.6K $15.36/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$38.3K $14.52/SF
− OpEx
−$11.5K −$4.35/SF
NOI
$26.8K $10.16/SF
Area
Laramie County, WY
Vacancy
5.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,480
Cap Rate 7%
$383,200
Cap Rate 9%
$298,044
Alternative Uses
Best Use
Multifamily LT 5
$383.2K
$335.3K – $447.1K
NOI $26,824 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.4K
NOI $24,204 @ 7.0% cap · market cap 4.48%
Theoretical Best
Retail
$432.6K
$378.5K – $504.7K
NOI $30,282 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 82007, WY
21,249
Population
9,542
Households
2.2
Avg Household Size
35
Median Age
16%
College-Educated
89%
High-School Grad
193.8 sq mi
ZIP Area
110
Density / Sq Mi
$55,461
Median Household Income
$35,537
Median Earnings
$1,120
Median Rent
$218,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Single-level multifamily property with three apartment layouts and a separate steel building on its own lot.
Where is this triplex located?
The property is located at 503 E 2nd St Cheyenne, WY.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Single‑level triplex built in 1956; Includes one‑bedroom, two‑bedroom, and three‑bedroom apartment layouts; Separate 832 sq ft steel building on its own lot
