Single-Level Triplex with 4
503 E 2ND ST Cheyenne, WY 82007
For Sale
$550,000
MULTI_FAMILY - Cheyenne, WY
Property Size2,640 SF
Lot Size0.29 Acres
Price / SF$208.33
Days on Market9
Property Features for 503 E 2ND ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Rooms
Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 5
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
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: Jul 22
Last Checked: Jul 28 at 3:06AM
MLS# 101508
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.
Investment Insights
Based on property information with market context.
This single-level triplex is configured with 4 distinct apartment units, including 1-bedroom, 2-bedroom, and 3-bedroom layouts. In addition to the residential units, the property includes an 832 sq ft steel building on its own lot, providing supplementary income potential.
The apartment legal description is CHEYENNE: LOTS 10 AND 11, BLOCK 785. The garage legal description is CHEYENNE: LOTS 8 AND 9, BLOCK 785.
The property is listed for sale in Cheyenne, Wyoming and totals 2,640 square feet of property size information provided in the listing.
The apartment legal description is CHEYENNE: LOTS 10 AND 11, BLOCK 785. The garage legal description is CHEYENNE: LOTS 8 AND 9, BLOCK 785.
The property is listed for sale in Cheyenne, Wyoming and totals 2,640 square feet of property size information provided in the listing.
Key Highlights
- Single‑level triplex offering 4 distinct units, including 1‑bedroom, 2‑bedroom, and 3‑bedroom apartments
- 832 sq ft steel building on its own lot that can generate additional income of $800 to $1,000 per month
- Built in 1956 with block and concrete construction materials
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.6k | $15.36 |
| − Vacancy | −$2.2k | −$0.84 |
| EGI | $38.3k | $14.52 |
| − OpEx | −$11.5k | −$4.35 |
| NOI | $26.8k | $10.16 |
2,640 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Single-level triplex offering 4 distinct apartment units plus an additional 832 sq ft 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 offering 4 distinct units, including 1‑bedroom, 2‑bedroom, and 3‑bedroom apartments; 832 sq ft steel building on its own lot that can generate additional income of $800 to $1,000 per month; Built in 1956 with block and concrete construction materials
