Updated Two-Unit Flex
For Sale
$660,000
648 E F Street, Casper, WY 82601
Separate suites feature new plumbing, bathrooms, overhead heating, and upgraded electrical and structural systems.
Property Size4,080 SF
Price / SF$161.76
Days on Market124
Property Features for 648 E F Street
General Information
Standard status
Active
Size
4,080 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,946
Amenities
Forced Air
Building Details
Building Size
4,080 SF
Year Built
1973
Year Renovated
2023
Listing Agency:
Zest
Listed By:
CJ Lovato · License #12035
(307) 259-5958
Source:
Evrealestate
Added: May 8
Changed: Sep 8
Last Checked: Sep 7 at 12:56PM
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 Zest
Investment Insights
Based on property information with market context.
This flex space is configured as two separate units following a 2023 conversion. Each unit includes new plumbing and bathrooms, while gas and overhead heaters support year-round usability. The property also has new garage doors, insulated walls, interior steel, and a fully replaced electrical system.
Exterior work includes new steel siding and a steel roof completed in 2022. Concrete driveways and ample parking support day-to-day access for occupants and visitors. The property is located at 648 E F St in Casper, with access from I-25.
Exterior work includes new steel siding and a steel roof completed in 2022. Concrete driveways and ample parking support day-to-day access for occupants and visitors. The property is located at 648 E F St in Casper, with access from I-25.
Key Highlights
- Two separate units created through a 2023 conversion
- New plumbing and bathrooms in both units
- Complete electrical system, insulated walls, interior steel, and garage doors installed in 2021
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
$23,431
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
3.55%
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%
$468,620
$468.6K
Cap Rate 7%
$334,729
$334.7K
Cap Rate 9%
$260,344
$260.3K
Market Conditions
NOI Build-Up for 4,080 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
$38.7K $9.48/SF
− Vacancy
−$2.6K −$0.64/SF
EGI
$36.0K $8.84/SF
− OpEx
−$12.6K −$3.09/SF
NOI
$23.4K $5.74/SF
Area
Natrona County, WY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$468,620
Cap Rate 7%
$334,729
Cap Rate 9%
$260,344
Alternative Uses
Best Use
Flex RnD
$334.7K
$292.9K – $390.5K
NOI $23,431 @ 7.0% cap · market cap 3.55%
Second Best
Warehouse
$331.0K
$289.7K – $386.2K
NOI $23,172 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$910.9K
$797.1K – $1.06M
NOI $63,766 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,476
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Separate suites feature new plumbing, bathrooms, overhead heating, and upgraded electrical and structural systems.
Where is this flex space located?
The property is located at 648 E F Street Casper, WY.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Two separate units created through a 2023 conversion; New plumbing and bathrooms in both units; Complete electrical system, insulated walls, interior steel, and garage doors installed in 2021
