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Fully Leased Professional Office Building
For Sale
The HANSEN BUILDING
2515 Warren Avenue, Cheyenne, WY 82001
UpdatedMarch, 2018
with New Pricing
CONTENTSCover Page............................................1
Investment Summary................................................3
Building Details....................................4
Rent Roll................................................5
Financials...............................................6
Property Photos..................................7-8
Location................................................9-10
Disclosure
The Building Summary Information has been prepared to provide summary unverified informa-tion to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence in-vestigation. Precept Properties, LLC has not made any investigation, and makes no warranty or representation.
The Building Summary Information has been obtained from sources we believe to be reliable; however, Precept Properties has not verified, and will not verify, any of the information contained herein, nor has Precept Properties, LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
The HANSEN BUILDING
Purchase Price - $8,140,000 (7.75% CAP rate on 2018 income)
Investment Summary
The Hansen Building is one of the best professional office building addresses in Cheyenne as its long term tenants prove. It has been virtually fully occupied for the last 20 years and only 14% of the total building space has turned over during this timeframe. The building is comprised of five stories, the top three floors are office space and the first two floors serve as enclosed parking for 118 vehicles.
The building has 7 tenants in its 59,261 square feet of net rentable space. Three of these tenants occupy and lease 81% of the building. The State of Wyoming occupies the entire 3rd floor, the Holland & Hart law firm occupies the entire 4th floor and the Hathaway & Kunz law firm occupies half of the fifth floor. The balance of the fifth floor is occupied by four other tenants. The building’s roughly 20,000 square foot floor plates make for very efficient tenant space utilization.
The Hansen Building is very well located one block east of the State Capitol building and the Herschler Building and tenants have easy access to downtown amenities.
The Building is being offered for sale at $137 psf which is significantly below cost to build new. Because the property is very well maintained and in great condition it will continue to be an attractive home for professional office users. The three large tenants have lease term expirations staggered three, four and five years out so there are no near term rollovers for a new owner to address.
This is a very high quality investment property. The Hansen Building offers the next owner a chance to own one of the best large office buildings in Cheyenne with a solid tenant base and no near term rollovers. The property is offered at a 7.75% return on purchase price.
The HANSEN BUILDING
Building Specifications
The Hansen Building is a professional office building with enclosed parking located in Cheyenne, Wy-oming. It is situated one block west of the state capital with easy acces to I-25, I-80, local area retail & restaurants, and the Cheyenne Regional Airport.
Address 2515 Warren Avenue
Cheyenne, Wyoming
Total SF 59,261± SF
Occupancy 100%
Parking Spaces 118 (1 space per 502 SF)
Built 1977, major renovation late 1990’s, see recent
building. Improvements in 2017 & 2018
Floors 1-2 Parking Garage; 3-5 Professional Office
Offering Price $8,140,000
NOI $630,890 (Forecast 2018)
CAP Rate 7.75%
Price / SF $137.36
1 MILEEST. DEMOGRAPHICS 3 MILES 5 MILES
POPULATION 10,025 51,596 78,233
HOUSEHOLDS 4,776 21,541 31,769
AVG. HOUSEHOLDINCOME $58,289 $63,700 $68,773
MEDIAN HOUSEHOLDINCOME $43,745 $49,628 $54,047
Demographics provided by Loopnet.com
The HANSEN BUILDING
Rent Roll (2018)
Tenant Roster SF Holland & Hart 19,176 SF Hathaway & Kunz 8,676 SF State of Wyoming 19,030 SF Noel Griffith 2,396 SF United Healthcare 2,825 SF Acces$ 1,232 SF Wyoming Surgery Center 2,926 SF Storage 3,000 SF
Recent Building Improvements
2018/2018 - Exterior Caulking2018 - New Roof2017 - LED Lighting Floors 3, 4, and 5 Converted2017 - Exterior Paint2017 - Common area carpeting throughout building2017 - Exterior Concrete Repairs
Sign & return confidentiality agreement to get complete tenent rent roll and property income & expense history
59,261 SF
The HANSEN BUILDING
Income
Gross Income $1,038,246
Expenses
Property Taxes $62,295
Electrical $3,130
Elevator $9,259
Heating & A/C $22,254
Insurance $24,348
Janitorial $50,090
Legal & Accounting $714
Plumbing $5,437
Management Fee $61,337
Repair & Maintenance $38,359
Supplies $7,703
Telephone $1,605
Utilities $116,056
Yard Maintenance $2,519
Snow Removal $1,767
Annual State Report $187
Miscellaneous $296
Total Expenses ($407,356)
Net Operating Income $630,890
CAP Rate 7.75%
Value $8,140,000
The HANSEN BUILDING
Subject Property
