Building Details

Year built 1952

Building materials Block

Roof type Membrane

Listing Agency: #1 Properties l***@cheyennehomes.com Show Phone

Listed By: Jim Weaver Show Phone

Added: Apr 24, 2024 Changed: Oct 17 Last Checked: Oct 20 at 6:06AM

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MLS# 93256

Copyright © 2026 Cheyenne MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

The 6,000-square-foot office building contains 3,000 square feet on each of two levels, with office areas and a conference room. The lower level has a fire sprinkler system and dual exits. Fiber-optic internet service is available. Built in 1952, the block construction building has a membrane roof and sits on a 0.08-acre lot.

A three-year lease with a Class A tenant is in place. The modified NNN arrangement includes CAM in addition to base rent, covering taxes and insurance. The property reports a 7.5% cap rate.

Key Highlights

• 6,000 square feet across two levels, with 3,000 square feet upstairs and 3,000 downstairs
• Three‑year lease in place with a Class A tenant
• 7.5% cap rate; modified NNN lease with CAM covering taxes and insurance

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,608

Cap Rate

3.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$612,160 $612.2K

Cap Rate 7%

$437,257 $437.3K

Cap Rate 9%

$340,089 $340.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,000 SF

Gross rent

$48.2K $8.04/SF

− Vacancy

−$7.4K −$1.24/SF

EGI

$40.8K $6.80/SF

− OpEx

−$10.2K −$1.70/SF

NOI

$30.6K $5.10/SF

Area

Laramie County, WY

Vacancy

15.40%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$612,160

Cap Rate 7%

$437,257

Cap Rate 9%

$340,089

Alternative Uses

Best Use

Office B

$437.3K

$382.6K – $510.1K (±1% cap)

NOI $30,608 @ 7.0% cap · market cap 3.83%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$983.2K

$860.3K – $1.15M (±1% cap)

NOI $68,824 @ 7.0% cap · market cap 8.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Florist Grocery & Convenience Store Fish Market Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

3,050

Businesses Nearby

Explore this area Business Placement

Demographics for 82001, WY

37,528

Population

17,977

Households

2.1

Avg Household Size

36

Median Age

32%

College-Educated

95%

High-School Grad

55.1 sq mi

ZIP Area

681

Density / Sq Mi

$74,149

Median Household Income

$45,456

Median Earnings

$1,044

Median Rent

$291,400

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office building - A Class A tenant occupies the property under a three-year modified NNN lease.

Where is this office building located?

The property is located at 813 E LINCOLNWAY Cheyenne, WY.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: 6,000 square feet across two levels, with 3,000 square feet upstairs and 3,000 downstairs; Three‑year lease in place with a Class A tenant; 7.5% cap rate; modified NNN lease with CAM covering taxes and insurance