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404 10th St 5Plex 404 10th St 5 Unit Apartment Building $400,000 ($80,000/Unit) 9.32% Cap Rate Wheatland, WY 82201
Investment Highlights
- Cap Rate of 9.32%
- Seller carry offered at 5% interest rate/25% down
- Potential upside to 10.4% cap if renting out garage spaces
Executive Summary
This 5 plex currently has all 5 units rented and is currently operating at a 9.32% Cap with upside potential.
Unit Current rents:
1 Unit 1: (2 bed, 1 bath) $1,500/mo including utilities, month-to-moth
2 Unit 2: $800/mo including utilities, month-to-moth
3 Unit 3: $700/mo plus utilities, 6 month lease, started March 1, 2026
3.5 Unit 3.5: $800/mo including utilities, month-to-moth
4 Unit 4: $800/mo including utilities, month-to-moth
There is a large garage with 5 separate units that is currently being used by the owner for storage. This offers additional income opportunity for the new owner to lease these units and raise the rent. Estimating an additional $500/month income from renting out the 5 garage stalls, the pro-forma cap rate is approximately 10.41%.
Seller *may* carry at a minimum of 25% down (non-negotiable) and 5% interest rate with a 5 year balloon (max).
Unit Current rents:
1 Unit 1: (2 bed, 1 bath) $1,500/mo including utilities, month-to-moth
2 Unit 2: $800/mo including utilities, month-to-moth
3 Unit 3: $700/mo plus utilities, 6 month lease, started March 1, 2026
3.5 Unit 3.5: $800/mo including utilities, month-to-moth
4 Unit 4: $800/mo including utilities, month-to-moth
There is a large garage with 5 separate units that is currently being used by the owner for storage. This offers additional income opportunity for the new owner to lease these units and raise the rent. Estimating an additional $500/month income from renting out the 5 garage stalls, the pro-forma cap rate is approximately 10.41%.
Seller *may* carry at a minimum of 25% down (non-negotiable) and 5% interest rate with a 5 year balloon (max).
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$64,800
|
$17.49
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,720
|
$2.62
|
| Effective Gross Income |
$55,080
|
$14.87
|
| Taxes |
$1,494
|
$0.40
|
| Operating Expenses |
$16,250
|
$4.39
|
| Total Expenses |
$17,744
|
$4.79
|
| Net Operating Income |
$37,336
|
$10.08
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $64,800 |
| Annual Per SF | $17.49 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,720 |
| Annual Per SF | $2.62 |
| Effective Gross Income | |
|---|---|
| Annual | $55,080 |
| Annual Per SF | $14.87 |
| Taxes | |
|---|---|
| Annual | $1,494 |
| Annual Per SF | $0.40 |
| Operating Expenses | |
|---|---|
| Annual | $16,250 |
| Annual Per SF | $4.39 |
| Total Expenses | |
|---|---|
| Annual | $17,744 |
| Annual Per SF | $4.79 |
| Net Operating Income | |
|---|---|
| Annual | $37,336 |
| Annual Per SF | $10.08 |
Property Facts
| Price | $400,000 | Building Class | C |
| Price Per Unit | $80,000 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 3,704 SF |
| Cap Rate | 9.32% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1944/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | Residential - Residential | ||
| Price | $400,000 |
| Price Per Unit | $80,000 |
| Sale Type | Investment |
| Cap Rate | 9.32% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 3,704 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1944/2024 |
| Opportunity Zone |
Yes |
| Zoning | Residential - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,500 | - |
| 1+1 | 4 | $700.00 | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | R0002910 | Total Assessment | $20,462 (2025) |
| Land Assessment | $2,568 (2025) | Annual Taxes | $1,494 ($0.40/SF) |
| Improvements Assessment | $17,894 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
R0002910
Land Assessment
$2,568 (2025)
Improvements Assessment
$17,894 (2025)
Total Assessment
$20,462 (2025)
Annual Taxes
$1,494 ($0.40/SF)
Tax Year
2026
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404 10th St 5Plex | 404 10th St
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