Single-Level Triplex with Steel
For Sale
$550,000
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
Days on Market40
Property Features for 503 E 2nd St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi Family Home
Net Operating Income
$42
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
3
Building Details
Building Size
2,640 SF
Year Built
1956
Buildings
2
Stories
1
Units
3
Listing Agency:
Our323. Com
(307) 640-3039
Listed By:
Patrick Graham · License #3699
(307) 640-3039
Source:
Century21bell
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 Our323. Com
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 = 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
$26,824
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
4.88%
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%
$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
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
$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 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%
$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 4.88%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.4K
NOI $24,204 @ 7.0% cap · market cap 4.40%
Theoretical Best
Retail
$432.6K
$378.5K – $504.7K
NOI $30,282 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 $550,000.
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
