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    Mixed-Use Zoned Development Land Title is generated by Realmo AI

    603 E COLLEGE DR, Cheyenne, WY 82007

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    For Sale
    $2,245,740

    COMMERCIAL - Cheyenne, WY

    Property size:
    1,134 SF
    Lot size:
    4.91 Acres
    Price / SF:
    $1,980/SF
    Added:
    Apr 11, 2026
    Days on Market:
    54
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 603 E COLLEGE DR

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Appliances
    Building, Land
    Standard status
    Active
    Size
    1,134 SF
    Lot size
    4.91 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    WALLICK AND MURRAY GARDENS: TRACT 6
    Tax Annual Amount
    1560

    Building Details

    Year built
    1970
    Building materials
    Brick, Frame

    We can help!

    Listing Contact
    Kevin Perry

    Listing agent Kevin Perry License #RE-15877

    Listing office Red Diamond Realty 3001 Henderson Dr, Cheyenne, WY

    Listing date Apr 11, 2026

    MLS# 100424

    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.

    HighLights

    • 4.91‑acre property on Cheyenne’s east‑west College Dr., just minutes from Laramie County Community College
    • Recently zoned for mixed‑use (MU), described as the only acreage on College Dr. zoned MU
    • Includes an occupied brick home (no lease) on the property
    • Two access points off East College Drive
    • Building utilities provided to the property
    • Construction materials include brick and frame; year built listed as 1970

    Overview

    This offering is a 4.91-acre commercial land parcel that has been recently zoned for mixed-use, with zoning details shown in the photos. The property provides a versatile development platform that may support uses such as retail and multi-unit residential. An occupied brick home is included on-site and there is no lease in place. The seller states that utilities will be provided to the property, and the lot currently features two access points off East College Drive.

    The site is located in Cheyenne along the city’s primary east-west corridor and is minutes from Laramie County Community College. According to the public remarks, it is the only acreage on high-traffic College Dr that is zoned MU, which can simplify planning for a development that benefits from visibility and access.

    For buyers, this property fits teams looking for a mixed-use development tract with straightforward entry points and utility access. The included home may be useful for short-term occupancy while plans are finalized, with the understanding that no lease governs the current occupancy. With two drive approaches and mixed-use zoning already in place, the site is positioned for development planning across retail and multi-unit residential concepts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lyon Gary E Business Management Consultant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.793677
    Latitude
    41.102063

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    FAQs

    What type of property is this?
    Residential land & home lot - Nearly five-acre site with recently approved mixed-use zoning, utility support, and two access points for flexible redevelopment.
    Where is this residential land & home lot located?
    The property is located at 603 E COLLEGE DR Cheyenne, WY.
    What is the asking price?
    The asking price for this property is $2,245,740.
    What are key features of this property?
    This property features: 4.91‑acre property on Cheyenne’s east‑west College Dr., just minutes from Laramie County Community College; Recently zoned for mixed‑use (MU), described as the only acreage on College Dr. zoned MU; Includes an occupied brick home (no lease) on the property
    (970) 673-2625
    We can help!
    Listing Contact
    Kevin Perry
    Real Estate License ID: RE-15877
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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