Calculate cap rates and net operating income for commercial properties in Wyoming. Compare your results against Wyoming's tertiary market benchmarks sourced from CBRE H2 2025.
Wyoming is a sparsely populated state with CRE driven primarily by energy (Powder River Basin coal, Wyoming natural gas), agriculture, and tourism (Yellowstone, Grand Teton, Jackson Hole ski). Jackson Hole is a unique ultra-luxury lifestyle market with compressed multifamily cap rates driven by extreme housing scarcity and wealthy seasonal residents. No state income tax and no corporate income tax. The rest of Wyoming trades at tertiary market rates reflecting low transaction volumes.
| Property Type | Typical Low % | Typical High % |
|---|---|---|
| Multifamily | 6.0% | 8.5% |
| Industrial | 6.5% | 9.0% |
| Retail | 6.5% | 9.0% |
| Office | 7.5% | 10.5% |
Benchmarks sourced from CBRE H2 2025 Cap Rate Survey, JP Morgan, Matthews, and Cushman & Wakefield market data. Ranges represent typical stabilized assets — actual rates vary by asset quality, location, and market conditions.
Wyoming cap rates range from 6.0–8.5% for multifamily, 6.5–9.0% for industrial and retail, and 7.5–10.5% for office. Jackson Hole is a notable exception — the extreme housing scarcity and ultra-wealthy seasonal population can compress multifamily and retail cap rates significantly below these ranges in that specific market.
Jackson Hole is one of the most constrained real estate markets in the US — surrounded by national parks and forest service land, with nearly 97% of Teton County protected from development. This absolute supply constraint, combined with demand from ultra-high-net-worth seasonal residents, has created property values and multifamily dynamics more comparable to Aspen or Nantucket than a typical Wyoming market. Commercial retail serving wealthy visitors can trade at compressed caps.
Wyoming's traditional energy economy (Powder River Basin coal, natural gas, trona mining) creates industrial and workforce housing demand in Gillette, Casper, and Rock Springs. However, coal industry contraction has softened some of these markets. Natural gas and wind energy development provide some offset. Energy price cycles significantly impact these communities' CRE fundamentals.
This tool is for informational and educational reference only and does not constitute real estate investment advice. Cap rate benchmarks are estimates based on published industry surveys and may not reflect current conditions in your specific market, submarket, or asset class. Actual cap rates vary significantly based on property condition, location, tenant quality, lease terms, and local market dynamics. Always consult a licensed commercial real estate broker, appraiser, or investment advisor before making real estate investment decisions.