Building Details

Building Size 39,322 SF

Tenancy Single

Listing Agency: Goldman Ryden

Listed By: Lew Goldman · License #ID SP32488 Show Phone

Source: Crexi

Added: Sep 1 Changed: Oct 6 Last Checked: Oct 20 at 5:37PM

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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

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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.

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 / Yr

$223,324

Cap Rate

6.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,466,480 $4.5M

Cap Rate 7%

$3,190,343 $3.2M

Cap Rate 9%

$2,481,378 $2.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 39,322 SF

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 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 (±1% cap)

NOI $223,324 @ 7.0% cap · market cap 6.65%

Second Best

Industrial

$2.48M

$2.17M – $2.89M (±1% cap)

NOI $173,493 @ 7.0% cap · market cap 5.17%

Theoretical Best

Office A

$8.78M

$7.68M – $10.24M (±1% cap)

NOI $614,556 @ 7.0% cap · market cap 18.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Quality Brands of Casper Big Box & Wholesale Store

Suggested Use

Top Pick Parking Lot & Garage Catering Service (Bike/Boat/Book/etc) Store Florist Veterinary Clinic Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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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