Single-Level Triplex with Steel
For Sale
$540,000
503 E 2ND ST, Cheyenne, WY 82007
Multi-Family, 1 STORY, Cheyenne, WY
Property Size2,640 SF
Lot Size0.29 Acres
Price / SF$204.55
Days on Market99
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 4, Bedroom 5, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 3
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
(307) 640-3039
Added: Jul 20
Changed: Oct 19
Last Checked: Oct 26 at 2:06PM
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.
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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 / 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.
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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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Market
Vacancy Rate% for Multifamily in West region
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 $540,000.
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
