4-Unit Condominium
New
For Sale
$760,000
511 W 6TH ST, Cheyenne, WY 82007
All four residences are occupied, with separate condominium titles and a mix of two- and three-bedroom floor plans.
Property Size3,510 SF
Price / SF$216.52
Days on Market5
Property Features for 511 W 6TH ST
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$760,000
Gross Income
$63,600
Units
Unit Mix
2 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1972
Listing Agency:
eXp Realty, LLC
Listed By:
Nikki Dishneau · License #2783
(970) 223-6500
Source:
Karihappoldrealestate
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 12 at 5:00PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 1972-built Cheyenne property comprises four individually titled condominium residences totaling approximately 3,510 square feet. The unit mix includes two 3-bedroom/1-bath homes and two 2-bedroom/1-bath homes. Three leases run through September 2027; the remaining residence is leased month to month. Recent work includes two replacement furnaces, four A/C coils, electrical and drainage upgrades, new concrete parking, exterior repairs, and interior updates to Unit 513.
The HOA covers building insurance, water, sewer, trash, reserves, and exterior maintenance. The purchaser will assume sole control of the association and its governing decisions. The separate unit titles allow each residence to be held individually within the condominium structure.
The HOA covers building insurance, water, sewer, trash, reserves, and exterior maintenance. The purchaser will assume sole control of the association and its governing decisions. The separate unit titles allow each residence to be held individually within the condominium structure.
Key Highlights
- Four individually titled condominiums totaling approximately 3,510 SF
- Unit mix: two 3‑bedroom/1‑bath residences and two 2‑bedroom/1‑bath residences
- Three leases extend through September 2027; one residence is month to month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,664
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$713,280
$713.3K
Cap Rate 7%
$509,486
$509.5K
Cap Rate 9%
$396,267
$396.3K
Market Conditions
NOI Build-Up for 3,510 SF
Gross rent
$53.9K $15.36/SF
− Vacancy
−$3.0K −$0.84/SF
EGI
$50.9K $14.52/SF
− OpEx
−$15.3K −$4.35/SF
NOI
$35.7K $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%
$713,280
Cap Rate 7%
$509,486
Cap Rate 9%
$396,267
Alternative Uses
Best Use
Multifamily LT 5
$509.5K
$445.8K – $594.4K
NOI $35,664 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$459.7K
$402.3K – $536.3K
NOI $32,180 @ 7.0% cap · market cap 4.23%
Theoretical Best
Retail
$575.2K
$503.3K – $671.0K
NOI $40,262 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
312
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
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Frequently Asked Questions
What type of property is this?
Quadplex - All four residences are occupied, with separate condominium titles and a mix of two- and three-bedroom floor plans.
Where is this quadplex located?
The property is located at 511 W 6TH ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Four individually titled condominiums totaling approximately 3,510 SF; Unit mix: two 3‑bedroom/1‑bath residences and two 2‑bedroom/1‑bath residences; Three leases extend through September 2027; one residence is month to month
