Two-Story
For Sale
Contact for pricing
709 W SECOND ST, Cheyenne, WY 82007
Unfurnished apartment units with tenant-paid gas and electricity.
Property Size3,572 SF
Price / SF$201.57
Days on Market12
Property Features for 709 W SECOND ST
General Information
Standard status
Active
Size
3,572 SF
Class
B
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
MR
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$32,216
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Furnished
No
Building Details
Year Built
2008
Year Renovated
2025
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker | The Property Exchange
(307) 331-9636
Listed By:
Chuck West · License #WY 12852
Source:
Crexi
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 10:10PM
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 Coldwell Banker | The Property Exchange
Investment Insights
Based on property information with market context.
This 2008-built quadplex at 709 W Second St in Cheyenne contains four apartment units within a two-story building. The property provides 3,572 square feet of residential space, with each unit described as having two bedrooms and 1.5 bathrooms. Units are offered unfurnished, and tenants are responsible for gas and electric service.
The property is zoned MR and is professionally managed by Crown Realty in Cheyenne. Its four-unit configuration provides a straightforward multifamily layout for residential income ownership.
The property is zoned MR and is professionally managed by Crown Realty in Cheyenne. Its four-unit configuration provides a straightforward multifamily layout for residential income ownership.
Key Highlights
- Four‑unit multifamily property at 709 W Second St, Cheyenne, WY
- 3,572 SF two‑story building completed in 2008
- Each apartment is described as having 2 bedrooms and 1.5 bathrooms
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
$36,294
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
5.04%
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%
$725,880
$725.9K
Cap Rate 7%
$518,486
$518.5K
Cap Rate 9%
$403,267
$403.3K
Market Conditions
NOI Build-Up for 3,572 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
$54.9K $15.36/SF
− Vacancy
−$3.0K −$0.84/SF
EGI
$51.8K $14.52/SF
− OpEx
−$15.6K −$4.35/SF
NOI
$36.3K $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 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%
$725,880
Cap Rate 7%
$518,486
Cap Rate 9%
$403,267
Alternative Uses
Best Use
Multifamily LT 5
$518.5K
$453.7K – $604.9K
NOI $36,294 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$467.8K
$409.4K – $545.8K
NOI $32,748 @ 7.0% cap · market cap 4.55%
Theoretical Best
Retail
$585.3K
$512.2K – $682.9K
NOI $40,973 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
222
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Unfurnished apartment units with tenant-paid gas and electricity.
Where is this quadplex located?
The property is located at 709 W SECOND ST Cheyenne, WY.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Four‑unit multifamily property at 709 W Second St, Cheyenne, WY; 3,572 SF two‑story building completed in 2008; Each apartment is described as having 2 bedrooms and 1.5 bathrooms
