800 Werner CtCasper, WY 82601

Property Details for 800 Werner Ct

Year built

1980

Lot size

4.67 AC

Property size (Sq ft)

99,524 SF

Property type

Office properties

Property subtype

Office buildings

APN

3379-04-20-3-00600

APU

33790420300600

Description

Aspen Creek, a three-story, 73,391 square foot traditional office building located at 800 Werner Ct, Casper, Wyoming 82601, presents a compelling value-add investment opportunity. Built in 1980, this single building property boasts a strong tenant mix, including a major national anchor tenant, Lincare, contributing to its 89% occupancy rate. The current Net Operating Income (NOI) is $446,000, yielding a 9.20% capitalization rate at an asking price of $4,850,000 ($66.08/SF). Significant upside potential exists through lease renegotiations, incorporating CAM fees, and implementing cost-saving measures to reduce operating expenses, currently consuming nearly 50% of gross income. Most leases include a 5% annual rent escalation tied to the Wyoming Cost of Living Index, ensuring steady rent growth. The current average rent is below market rate, offering substantial potential for increased revenue. Casper's diversified economy and population growth further enhance the long-term investment prospects of this property. This property is situated in a growing regional hub for banking and commerce, historically tied to mining but now diversified, creating new job opportunities and supporting population growth. The property's location within Natrona County provides excellent access to key transportation routes and amenities.

• CAP approach

  CAP return

  Valuation

  6%

  $21,557,988

  6.5%

  $19,899,682

  7%

  $18,478,276

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,765,022

  Geo Method

  $8,222,673

• Alternative Use

  Use

  Valuation

  Residential

  $24,675,606

  Hospitality

  $22,602,722

  Educational

  $18,805,200

  Medical

  $19,451,940

  Retail

  $29,252,532

Location Insight

City

Casper

County

Natrona

State

Wyoming

Latitude

42.8613

Longitude

-106.335

CBSA code

16220

CBSA name

CASPER, WY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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