Single-Level Triplex with Steel
For Sale
$550,000
503 E 2ND ST, Cheyenne, WY 82007
Multi-Family, 1 STORY, Cheyenne, WY
Property Size2,640 SF
Lot Size0.29 Acres
Price / SF$208.33
Days on Market54
Property Features for 503 E 2ND ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 6, Bathroom 2
Subdivision
CITY OF CHEYENNE
Standard status
Active
Size
2,640 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHEYENNE: LOTS 8, 9, 10 AND 11, BLOCK 785
Tax Annual Amount
1576
Legal Description
CHEYENNE: LOTS 8, 9, 10 AND 11, BLOCK 785
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
3
Building materials
Block, Concrete
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(866) 873-0565
Listed By:
Patrick Graham · License #3699
(307) 640-3039
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 11 at 8:06AM
MLS# 101508
Copyright © 2026 Cheyenne MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This single-level triplex in Cheyenne includes a one-bedroom apartment, a two-bedroom apartment, and a three-bedroom apartment within 2,640 square feet. A separate 832-square-foot steel building sits on its own lot, adding a distinct improvement to the property. The buildings were constructed in 1956 with block and concrete materials.
The property occupies 0.29 acres at 503 E 2nd St in Cheyenne, Wyoming. Heating is provided by forced-air natural gas systems, and the property has public water service. The apartment and garage parcels are identified in the legal descriptions as Lots 10 and 11 and Lots 8 and 9, respectively, in Block 785.
The property occupies 0.29 acres at 503 E 2nd St in Cheyenne, Wyoming. Heating is provided by forced-air natural gas systems, and the property has public water service. The apartment and garage parcels are identified in the legal descriptions as Lots 10 and 11 and Lots 8 and 9, respectively, in Block 785.
Key Highlights
- Triplex with one-, two-, and three‑bedroom apartments
- 2,640 square feet of apartment property
- Separate 832‑square‑foot 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
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
277
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Three apartment layouts are complemented by 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: Triplex with one-, two-, and three‑bedroom apartments; 2,640 square feet of apartment property; Separate 832‑square‑foot steel building on its own lot
