Single-Tenant Cold Storage
New
For Sale
Contact for pricing
505 North Center Street, Casper, WY 82601
Industrial distribution facility leased under a modified-net structure with annual rent increases through January 2032.
Property Size39,322 SF
Price / SF$85.35
Days on Market5
Property Features for 505 North Center Street
General Information
Standard status
Active
Size
39,322 SF
Property subtype
Industrial
Net Operating Income
$293,677
Financials
Asking Price
$3,356,308
Cap Rate
8.75%
Additional Details
Cold Storage
Yes
Building Details
Building Size
39,322 SF
Tenancy
Single
Listing Agency:
Goldman Ryden
Listed By:
Lew Goldman · License #ID SP32488
(208) 472-2847
Source:
Crexi
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 4 at 3:22PM
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 Goldman Ryden
Investment Insights
Based on property information with market context.
Located at 505 North Center Street in Casper, Wyoming, this 39,322-square-foot refrigerated and cold-storage property combines industrial space with distribution functionality. The facility is occupied by a single tenant, Quality Brands Distribution, LLC, supporting a straightforward operating profile for an investor seeking specialized industrial real estate.
The modified-net lease extends through January 31, 2032, and includes approximately 3% annual rent increases. Tenant responsibilities include real estate taxes, utilities, insurance, most maintenance expenses, and certain operating-expense reimbursements. The property carries an 8.75% cap rate and is positioned for continued use as a cold-storage distribution facility.
The modified-net lease extends through January 31, 2032, and includes approximately 3% annual rent increases. Tenant responsibilities include real estate taxes, utilities, insurance, most maintenance expenses, and certain operating-expense reimbursements. The property carries an 8.75% cap rate and is positioned for continued use as a cold-storage distribution facility.
Key Highlights
- 39,322‑square‑foot refrigerated and cold‑storage distribution facility
- Single‑tenant occupancy by Quality Brands Distribution, LLC
- Lease extended through January 31, 2032
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
$223,324
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
6.65%
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%
$4,466,480
$4.5M
Cap Rate 7%
$3,190,343
$3.2M
Cap Rate 9%
$2,481,378
$2.5M
Market Conditions
NOI Build-Up for 39,322 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
$273.7K $6.96/SF
− Vacancy
−$10.9K −$0.28/SF
EGI
$262.7K $6.68/SF
− OpEx
−$39.4K −$1.00/SF
NOI
$223.3K $5.68/SF
Area
Natrona County, WY
Vacancy
4.00%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$4,466,480
Cap Rate 7%
$3,190,343
Cap Rate 9%
$2,481,378
Alternative Uses
Best Use
Warehouse
$3.19M
$2.79M – $3.72M
NOI $223,324 @ 7.0% cap · market cap 6.65%
Second Best
Industrial
$2.48M
$2.17M – $2.89M
NOI $173,493 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$8.78M
$7.68M – $10.24M
NOI $614,556 @ 7.0% cap · market cap 18.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 82601, WY
27,180
Population
12,967
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
93%
High-School Grad
478.8 sq mi
ZIP Area
57
Density / Sq Mi
$68,526
Median Household Income
$40,658
Median Earnings
$856
Median Rent
$244,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Industrial distribution facility leased under a modified-net structure with annual rent increases through January 2032.
Where is this refrigerated & cold storage located?
The property is located at 505 North Center Street Casper, WY.
What is the asking price?
The asking price for this property is $3,356,308.
What are key features of this property?
This property features: 39,322‑square‑foot refrigerated and cold‑storage distribution facility; Single‑tenant occupancy by Quality Brands Distribution, LLC; Lease extended through January 31, 2032
