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

    2823 Central Ave Cheyenne, WY 82001-2701

    • Office buildings
    • 1,078 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Nov 04, 2020
    Value Estimations
    $240,000
    Show details
    Cap Rate Potential
    2%
    Office buildings
    Location Intelligence
    Property ID
    US95-0008764
    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

    • Sean Hord, Platinum Real Estate / Real Estate Agent
    • Michael Hord, Platinum Real Estate / Real Estate Agent
    • Anthony Bouchard Realtor / Real Estate Consultant
    • Zac Sells Cheyenne / Real Estate Consultant / Real Estate Rental Agency

    Property Details for 2823 Central Ave

    Year built
    1929
    Construction
    FRAME
    Lot size
    0.10 lot acres
    Property size
    1,078 SF
    Zone code
    MUB
    Property type
    Office buildings
    APN
    11001001600041
    APU
    11001001600041

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $196,000
      Market price range: $49.0k - $196k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheyenne
    County
    Laramie
    State
    Wyoming
    Longitude
    -104.821
    Latitude
    41.1446
    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
    $2,196
    $3,170
    $31,663
    $34,833
    -
    $33,365
    $333,295
    $366,660

    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
      $215,000
      912 SF

      1322 Randall Ave

      OFFICE BUILDING • 912 SF
      1322 Randall Ave, Cheyenne, WY 82001-7209
      View Details
    • Value Estimation
      $240,000
      1,200 SF

      3348 Rdg Rd

      OFFICE BUILDING • 1,200 SF
      3348 Rdg Rd, Cheyenne, WY 82001-1734
      View Details
    • Value Estimation
      $245,000
      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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      Class-A Commercial Office Building

      Updated office building in Downtown Cheyenne with parking.
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      Equipped Dental Facility For Sale

      Fully equipped dental facility with potential for various uses.
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      Medical building near downtown Cheyenne and Cheyenne Regional Medical Center.
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    • $495,000
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      Versatile Commercial Building Near Downtown

      3,200 SF commercial building suitable for office, retail, or flex.
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      High-Visibility Retail/Office with Apartment

      Retail/office space with basement apartment in Cheyenne, Wyoming.
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    • $450,000
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      Downtown Cheyenne Office Space Available

      Commercial office space in downtown Cheyenne near the Court House.
      212 E 22Nd St, Cheyenne, WY 82001
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    Similar Nearby for Lease

    • 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
    • $15 SF/Yr
      3,087 SF

      Cheyenne Office Space For Rent

      Office space available for lease in Cheyenne, Wyoming.
      1013 E Lincolnway, Cheyenne, WY 82001
      View Details
    • $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
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    • 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
    • Contact for pricing
      7,738 SF

      Cheyenne Office Space For Lease

      Main level office space available for lease in Cheyenne, WY.
      2020 Capitol Ave, Cheyenne, WY 82001
      View Details
    • Contact for pricing
      6,000 SF

      Cheyenne Office Space For Lease

      Office space with bright offices and conference room available for lease.
      813 E Lincolnway, Cheyenne, WY 82001
      View Details
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    2823 Central Ave
    Cheyenne, WY 82001-2701
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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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