SouthPark Duplex with
For Sale
$575,000
733 W 3rd St, Cheyenne, WY 82007
Two spacious residential units offer three-bedroom layouts, private garages, and income-producing flexibility.
Property Size2,954 SF
Price / SF$194.65
Days on Market126
Property Features for 733 W 3rd St
General Information
Standard status
Active
Size
2,954 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Building Details
Year Built
2015
Listing Agency:
Peak Properties, LLC
(307) 640-3148
Listed By:
Corey Rang · License #5002
Source:
Cheyennehomesource
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 31 at 5:40PM
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 Peak Properties, LLC
Investment Insights
Based on property information with market context.
Built in 2015, this SouthPark duplex contains two residential units, each configured with three bedrooms, 2.5 baths, and a two-car garage. The property provides 2,954 square feet across the duplex, with matching layouts that support owner occupancy alongside rental use or a conventional multifamily strategy.
Located at 733 W 3rd St in Cheyenne, Wyoming, the property is classified as a duplex and is offered for sale. Its two-unit configuration, attached garage capacity, and relatively recent construction create a straightforward residential income property profile.
Located at 733 W 3rd St in Cheyenne, Wyoming, the property is classified as a duplex and is offered for sale. Its two-unit configuration, attached garage capacity, and relatively recent construction create a straightforward residential income property profile.
Key Highlights
- Two‑unit duplex configuration in SouthPark
- Each unit includes 3 bedrooms and 2.5 baths
- Each unit has a 2‑car garage
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
$30,015
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
5.22%
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%
$600,300
$600.3K
Cap Rate 7%
$428,786
$428.8K
Cap Rate 9%
$333,500
$333.5K
Market Conditions
NOI Build-Up for 2,954 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
$45.4K $15.36/SF
− Vacancy
−$2.5K −$0.84/SF
EGI
$42.9K $14.52/SF
− OpEx
−$12.9K −$4.35/SF
NOI
$30.0K $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%
$600,300
Cap Rate 7%
$428,786
Cap Rate 9%
$333,500
Alternative Uses
Best Use
Multifamily LT 5
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$386.9K
$338.5K – $451.4K
NOI $27,082 @ 7.0% cap · market cap 4.71%
Theoretical Best
Retail
$484.1K
$423.6K – $564.7K
NOI $33,884 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
249
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?
Duplex - Two spacious residential units offer three-bedroom layouts, private garages, and income-producing flexibility.
Where is this duplex located?
The property is located at 733 W 3rd St Cheyenne, WY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex configuration in SouthPark; Each unit includes 3 bedrooms and 2.5 baths; Each unit has a 2‑car garage
