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100 E 28th St 2 Unit Apartment Building $389,900 ($194,950/Unit) 9.81% Cap Rate Cheyenne, WY 82001
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.
Executive Summary
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.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$57,600
|
$23.74
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$57,600
|
$23.74
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $57,600 |
| Annual Per SF | $23.74 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $57,600 |
| Annual Per SF | $23.74 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $700.00 | - |
| 1+1 | 1 | $1,000 | - |
| 3+2 | 1 | $1,500 | - |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1-1001-0016-0005-2 | Improvements Assessment | $17,790 (2025) |
| Land Assessment | $2,539 (2025) | Total Assessment | $20,329 (2025) |
Property Taxes
Parcel Number
1-1001-0016-0005-2
Land Assessment
$2,539 (2025)
Improvements Assessment
$17,790 (2025)
Total Assessment
$20,329 (2025)
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100 E 28th St
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