100 E 28th St, Cheyenne - Multiplex
Cashflowing Multiplex Steps from Cheyenne's Capital
Marketing description
This unique income property is a textbook value-add opportunity for a savvy investor ready to build a true cash cow. Located in a highly walkable district with direct views of the Capital Building, the property features a flexible multi-dwelling layout including a detached garage converted into a private carriage house and currently generates $3,100 a month with the main 3/2 unit owner occupied. One unit is a newly launched Airbnb with massive runway to optimize and increase rates, and the property already operates around a 9% Cap Rate when the owner-occupied unit is rented. Zoned Mixed-Use Business (MUB), the possibilities are endless for residential rentals, live/work spaces, or professional offices. This is the perfect chance to renovate one unit at a time, maximize market rents, and unlock massive upside in a prime location.
Investment highlights
- Located in a pedestrian-friendly corridor with unobstructed views of the Capital Building.
- Features multiple dwellings, including a detached garage converted to a private carriage house
- Current operations include a functioning short-term rental unit with growth potential.
- Demonstrates a strong return profile with potential to significantly enhance rental yields over time.
- Mixed-Use Business zoning supports versatile applications such as professional office or residential uses.
- Value-add strategy supported by the ability to renovate units sequentially while maintaining income streams.
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