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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1505 Carey Ave Cheyenne, WY 82001-4416

    • Investment properties
    • 5,443 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Dec 02, 2020
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US95-0021043
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Alexis Drake / (Bike/Boat/Book/etc) Store

    Property Details for 1505 Carey Ave

    Year built
    1917
    Lot size
    0.15 lot acres
    Property size
    5,443 SF
    Zone code
    CBD
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    11001041700120
    APU
    11001041700120

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $635,000
      6.5%
      $585,000
      7%
      $545,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $684,000
      Market price range: $147k - $980k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $460,000
      Current use
      OFFICE BUILDING
      $650,000
      Change: +41% Conversion: Easy
      RETAIL STORES
      $560,000
      Change: +22% Conversion: Easy
      RESTAURANT
      $545,000
      Change: +19% Conversion: Difficult
      MEDICAL BUILDING
      $540,000
      Change: +17% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $525,000
      Change: +14% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.816
    Latitude
    41.1317
    CBSA code
    16940
    CBSA name
    CHEYENNE, WY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,666
    $6,208
    $51,087
    $57,295
    -
    $65,344
    $537,760
    $603,104

    Comparable in this City

    • Value Estimation
      $1,040,000
      46,057 SF

      415 17th St, Unit 1

      OFFICE/RESIDENTIAL (MIXED USE) • 46,057 SF
      415 17th St, Cheyenne, WY 82001-4300
      View Details
    • Value Estimation
      $1,060,000
      46,057 SF

      415 17th St Ste, Unit 160

      OFFICE/RESIDENTIAL (MIXED USE) • 46,057 SF
      415 17th St Ste, Cheyenne, WY 82001-4317
      View Details
    • Value Estimation by Request
      3,186 SF

      314 17th St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,186 SF
      314 17th St, Cheyenne, WY 82001-4402
      View Details
    • Value Estimation by Request
      2,441 SF

      1714 Capitol Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,441 SF
      1714 Capitol Ave, Cheyenne, WY 82001-4528
      View Details
    • Value Estimation by Request
      4,223 SF

      1517 Carey Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,223 SF
      1517 Carey Ave, Cheyenne, WY 82001
      View Details
    • Value Estimation
      $655,000
      24,931 SF

      1720 Carey Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 24,931 SF
      1720 Carey Ave, Cheyenne, WY 82001-4429
      View Details

    Similar Nearby for Sale

    • New
      $1,360,000
      21,307 SF

      Cheyenne Mixed-Use Opportunity

      21,307 SF mixed-use building with high visibility and parking.
      3120 Old Faithful Rd, Cheyenne, WY 82001
      View Details
    • $499,900
      8,184 SF

      Historic Mixed-Use Building, Cheyenne

      Multi-use building in historic downtown Cheyenne with over 8100 sqft.
      1713 Pioneer Ave, Cheyenne, WY 82001
      View Details
    • $225,000
      1,008 SF

      Two-Unit Commercial Property in Cheyenne

      Versatile commercial property with office and storage, investment potential.
      2009 Ames Ave, Cheyenne, WY 82001
      View Details
    • $284,000
      1,664 SF

      Cheyenne Mixed-Use Property For Sale

      Mixed-use property with office and apartment in high-traffic location.
      415 E Pershing Blvd, Cheyenne, WY 82001
      View Details
    • $800,000
      5.40 Acres

      Cheyenne Commercial Land - 5.4 Acres

      Mixed-use business land, owner financing available.
      0 Charles St, Cheyenne, WY 82001
      View Details
    • $590,000
      0.38 Acres

      Cheyenne Commercial Land - Prime Location

      High-visibility corner lot, 0.38 acres.
      701 Lincolnway, Cheyenne, WY 82001
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      10,500 SF

      Cheyenne Office Space For Rent

      10,500 SF office space available for lease.
      4017 Rawlins St, Cheyenne, WY 82001
      View Details
    • $10 SF/Yr
      6,300 SF

      Cheyenne Retail Space Available

      6,300 SF retail space for lease in Cheyenne, Wyoming.
      2624 Old Happy Jack Rd, Cheyenne, WY 82001
      View Details
    • Contact for pricing
      15,000 SF

      Cheyenne Office/Medical Space Available

      15,000 SF office/medical space in excellent Cheyenne location.
      1401 Airport Pkwy, Cheyenne, WY 82001
      View Details
    • $10 SF/Yr
      20,800 SF

      Cheyenne Warehouse: 20,800 SF

      Spacious Cheyenne warehouse, ideal for contractors. Large yard available.
      1900 Cutler Rd, Cheyenne, WY 82001
      View Details
    • $3,640,000
      17,207 SF

      High-Traffic Commercial Property in Cheyenne

      Prime commercial property with high visibility and flexible space.
      3320 E Lincolnway, Cheyenne, WY 82001
      View Details
    • Contact for pricing
      5,820 SF

      Cheyenne Office Space For Lease

      Open-concept office space in Airport Parkway Building, Cheyenne, Wyoming.
      1401 Airport Pkwy, Cheyenne, WY 82001
      View Details
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    Cheyenne, WY 82001-4416
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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