Waller Group is proud to present this 25 unit, 2 property portfolio in Douglas, Wyoming. The buildings are located at 301 E. Center Street (six – 1 bed/1 bath and one – 2 bed/1 bath unit averaging 931 SF), and 814 Grant Street (14 – 2 bed/1bath units at 700 SF and four – 3 bed/2 bath units at 832 SF). The properties are currently generating over $212,000 in effective gross revenue annually. Financials were underwritten based on T3 expenses with an additional 5% management fee and are operating at $126,439 NOI, at a 7.57% cap rate. However, we believe new ownership can increase rents by $50 / unit on average, generating a proforma NOI of $135,004, at a 8.08% cap.
A little more about the buildings: the 814 Grant Street building is 89% occupied. Built in 1975, it is a traditional 3 story multifamily building with gravel parking. The property owns 3 washers/3 dryers that are coin operated. Tenants are only responsible for individually metered electricity. 301 E. Center street is known as the Jenne Building and is 100% occupied. Built in 1916, the building was registered in the National Register of Historic Places on January 6th, 1998. It has 1 washer/1 dryer. The unit size changes for each individual unit due a conversion by the previous owner. Tenants are only responsible for individually metered electricity.
This is a turn-key investment, offering new ownership to take over 2 performing and stabilized properties in the city of Douglas with existing management currently residing at the 814 Grant Street property. The husband/wife duo are compensated with $1,000 a month that also includes most repairs. Current management will not stay with new ownership; however, the Koss Agency has offered management services. New ownership can obtain a quote from the Koss Agency.