207 Prosser Rd Cheyenne, WY 82007-3148

Property Details for 207 Prosser Rd

Year built

2009

Lot size

2.30 lot acres

Property size

2,592 SF

Property type

Warehouses

Property subtype

Self storage facilities

APN

19348000100010

APU

19348000100010

Description

This exceptional self-storage portfolio in Cheyenne, Wyoming, presents a compelling value-add opportunity. Comprising two locations at 207 E Prosser Rd and 711 E College Dr, the property boasts a total of 79,282 net rentable square feet across 557 units. Currently operating at 86% occupancy, the portfolio has experienced significant growth since a 2023 expansion at the Prosser Road location, increasing occupancy from 48% to its current level. The property features a Class B building constructed between 2002 and 2009, with renovations completed in 2023. The 4.38-acre lot offers significant potential for future expansion. The current Net Operating Income (NOI) is $566,417, with a pro-forma NOI projected at $801,071, resulting in a pro-forma cap rate of 10.01%. The asking price is $8,000,000, representing a price per square foot of $100.91 and a price per unit of $14,362.66. The property benefits from a strong local market, with a projected 3.7% population increase by 2026 and a robust median household income of $86,365. There are no known competing developments within a 10-mile radius. This is a rare opportunity to acquire a high-performing self-storage portfolio in a rapidly growing market with significant upside potential. The lease type is gross, and the property is not subject to a ground lease.

Location Insight

City

Cheyenne

County

Laramie

State

Wyoming

Longitude

-104.799

Latitude

41.1055

CBSA code

16940

CBSA name

CHEYENNE, WY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments