Brick 5-Unit Apartment
For Sale
$495,000
926 E 2nd St, Casper, WY 82601
Fully occupied property with on-site laundry, storage, and dedicated parking.
Property Size4,800 SF
Price / SF$103.13
Days on Market11
Property Features for 926 E 2nd St
General Information
Standard status
Active
Size
4,800 SF
Elevators
No
Property subtype
Residential Income
Financials
Gross Income
$4,350
Average Monthly Rent
$4,350
Opportunity Zone
No
Site & Location
Highway Access
No
Road Access
No
Public Transit
No
Utilities to Site
No
Additional Details
Furnished
No
Sprinkler System
No
Taxes and HOA fees
Annual Taxes
$4,082
Building Details
Abandoned
No
Listing Agency:
RE/MAX The Group
(307) 265-0200
Listed By:
John Lichty · License #16705
(307) 265-0200
Source:
Exprealty
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 9 at 4:40PM
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 RE/MAX The Group
Investment Insights
Based on property information with market context.
This 4,800-square-foot brick apartment property contains five units, all currently rented. Building amenities include laundry facilities, a storage closet, and dedicated parking accessed from the alley. The property offers a practical setup for multifamily occupancy with shared support spaces.
The property is within walking distance of the hospital, downtown shopping, restaurants, and recreation. Its current cap rate is 8% with management company fees included, and an existing management agreement is in place.
The property is within walking distance of the hospital, downtown shopping, restaurants, and recreation. Its current cap rate is 8% with management company fees included, and an existing management agreement is in place.
Key Highlights
- Five‑unit brick apartment property totaling 4,800 square feet
- All units currently rented
- Current cap rate of 8% with management company fees
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
$37,330
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
7.54%
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%
$746,600
$746.6K
Cap Rate 7%
$533,286
$533.3K
Cap Rate 9%
$414,778
$414.8K
Market Conditions
NOI Build-Up for 4,800 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
$70.8K $14.76/SF
− Vacancy
−$3.0K −$0.62/SF
EGI
$67.9K $14.14/SF
− OpEx
−$30.5K −$6.36/SF
NOI
$37.3K $7.78/SF
Area
Natrona County, WY
Vacancy
4.20%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$746,600
Cap Rate 7%
$533,286
Cap Rate 9%
$414,778
Alternative Uses
Best Use
Apartment 5plus
$533.3K
$466.6K – $622.2K
NOI $37,330 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$937.7K – $1.25M
NOI $75,018 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,621
Businesses Nearby
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 Multifamily 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?
Apartment building - Fully occupied property with on-site laundry, storage, and dedicated parking.
Where is this apartment building located?
The property is located at 926 E 2nd St Casper, WY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Five‑unit brick apartment property totaling 4,800 square feet; All units currently rented; Current cap rate of 8% with management company fees
