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    Property profile & analytics

    1904 15Th St Cheyenne, WY 82001

    • Office buildings
    • 3,200 SF
    • 0.23 lot acres
    For Sale
    View listing
    $499,000
    Value Estimations
    Cap Rate Potential
    5.9%
    Office buildings
    Location Intelligence
    Property ID
    US95-0040691
    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

    • PeachTree Preschool / School

    Property Details for 1904 15Th St

    Year built
    1974
    Lot size
    0.23 lot acres
    Property size
    3,200 SF
    Zone code
    CB
    Property type
    Office buildings
    APN
    11104001300130
    APU
    11104001300130

    Description

    This exceptional commercial property, located at 1904 E 15TH ST in Cheyenne, Wyoming, presents a unique investment opportunity. Situated on a sizable 0.23-acre lot, this general commercial property offers significant potential for a variety of uses. The property's address places it within a dynamic area of Cheyenne, providing excellent visibility and accessibility. The asking price is $499,000, representing a compelling entry point into the Cheyenne commercial real estate market. While the square footage of the building is not currently specified, the substantial lot size allows for considerable development or expansion possibilities. This makes it an ideal choice for entrepreneurs seeking a strategic location to establish their business or for investors looking to capitalize on the growing Cheyenne economy. The property's location offers easy access to major transportation routes, ensuring convenient commutes for employees and customers alike. Further due diligence is encouraged to fully assess the potential of this promising commercial property. Serious inquiries are welcome. The property is offered as-is.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $295,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $290,000
      6.5%
      $270,000
      7%
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $252,000
      Market price range: $145k - $583k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.795
    Latitude
    41.1395
    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
    $2,338
    $5,843
    $27,153
    $32,996
    -
    $61,500
    $285,823
    $347,323

    Comparable in this City

    • Value Estimation
      $255,000
      836 SF

      1615 House Ave

      OFFICE BUILDING • 836 SF
      1615 House Ave, Cheyenne, WY 82001-4624
      View Details
    • Value Estimation
      $265,000
      912 SF

      1322 Randall Ave

      OFFICE BUILDING • 912 SF
      1322 Randall Ave, Cheyenne, WY 82001-7209
      View Details
    • Value Estimation
      $275,000
      1,200 SF

      3348 Rdg Rd

      OFFICE BUILDING • 1,200 SF
      3348 Rdg Rd, Cheyenne, WY 82001-1734
      View Details
    • Value Estimation
      $290,000
      1,300 SF

      3701 Rdg Rd

      OFFICE BUILDING • 1,300 SF
      3701 Rdg Rd, Cheyenne, WY 82001-1739
      View Details
    • Value Estimation
      $265,000
      960 SF

      3436 College Dr

      OFFICE BUILDING • 960 SF
      3436 College Dr, Cheyenne, WY 82001-1966
      View Details
    • Value Estimation
      $275,000
      1,120 SF

      416 Lincolnway

      OFFICE BUILDING • 1,120 SF
      416 Lincolnway, Cheyenne, WY 82001-4604
      View Details

    Similar Nearby for Sale

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    • $800,000
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      Downtown Cheyenne Office Space Available

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    • $1,725,000
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    Similar Nearby for Lease

    • Contact for pricing
      5,820 SF

      Cheyenne Office Space For Lease

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    • $15 SF/Yr
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      Cheyenne Office Space For Rent

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      7,738 SF

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      Main level office space available for lease in Cheyenne, WY.
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    • $24 SF/Yr
      10,500 SF

      Cheyenne Office Space For Rent

      10,500 SF office space available for lease.
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      View Details
    • Contact for pricing
      15,000 SF

      Cheyenne Office/Medical Space Available

      15,000 SF office/medical space in excellent Cheyenne location.
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      View Details
    • Contact for pricing
      1,049 SF

      Downtown Cheyenne Office Space Available

      Charming downtown office space with versatile rooms for lease.
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      View Details
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    1904 15Th St
    Cheyenne, WY 82001
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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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