Fully Leased NNN Investment – Downtown Cody 1057 Sheridan Ave 11,762 SF Retail Building Cody, WY 82414 $1,950,000 ($165.79/SF) 7.65% Cap Rate

1057 Sheridan Avenue presents an opportunity to acquire a fully leased, single-tenant Triple Net (NNN) investment property located along Sheridan Avenue in the heart of downtown Cody, Wyoming. Offered at $1,950,000, the property generates a current Net Operating Income of $149,250, representing a 7.65% capitalization rate, while providing investors with predictable cash flow, limited landlord responsibilities, and contractual income growth.
The property is leased to Millstone Pizza Company, an established full-service restaurant, brewery, and sports bar serving both Cody's year-round residents and the region's thriving tourism economy. Under the existing Triple Net lease, the tenant is responsible for substantially all operating expenses, including real estate taxes, building insurance, maintenance, repairs, and utilities, creating a passive ownership structure with minimal ongoing management responsibilities.
The current lease extends through March 31, 2030, and includes three consecutive five-year renewal options, each with predetermined rent increases. At today's asking price, those contractual rent adjustments provide projected cap rates of approximately 8.66%, 9.81%, and 11.10%, assuming renewal options are exercised and property-level expenses remain substantially consistent.
Containing approximately 10,950.5 rentable square feet, the property is offered at approximately $178.08 per square foot. Located on Cody's premier commercial corridor and the primary eastern gateway to Yellowstone National Park, the asset benefits from exceptional visibility, steady local demand, and one of the strongest tourism economies in the Rocky Mountain West.
Whether acquired as a passive investment, a 1031 exchange replacement property, or a long-term portfolio holding, 1057 Sheridan Avenue offers immediate income, contractual rent growth, and an attractive risk-adjusted return backed by an established operating business.