Multi Family Market In Cheyenne, Wyoming

[Erik Martin]

Hey guys, 

I am currently zoning in on Cheyenne, Wyoming to invest in a multi-family (4 to 5 unit) structure. Can anyone from this area tell me a bit more about the current multi family market? 

Thanks so much, 

Erik 

[Jeff F.]

@Erik Martin 

I've lived here since 2009, and while I dont really have any real evidence except for what I'm seeing while out and with my own units (I have a 4 unit and a 7 unit), I feel like this is growing. 

My 4 unit I have owned since may, and 2 of the units have had vacancies in that time. Both were leased within a week of first showing, and first showings happened a few days after prior tenant vacated. They are (in my opinion) fairly nice, but small 1 bedroom apartments. They are close to downtown and the Air force base (FE Warren).

In terms of what I'm seeing just around town, there are FAR more young people than there were when I moved here. Restaurants/bars are no longer empty most days/nights. There's more energy here. Property is still cheap. Am I banking on major appreciation - no, but there's good cash flow if you look hard or do some direct mail. Like any area, Look and the deals will come. 

Im also of the opinion that this town will (eventually) succeed despite the numerous holes it decides to blast in its own foot. We are 45 minutes from fort collins - a place where people are rapidly getting priced out of, and 90 from denver, another place where people are getting priced out of. We're close to some good outdoor rec - both winter and summer activities are <20 min away, and the quality of life here is good. Traffic is non existent to anyone not from wyoming, property is cheap.

Storefronts in downtown are filling up (and occasionally churning) but that's far different than 8 years ago, when they were just empty with no hope.