Investment Overview

Marcus & Millichap is proud to present Frontier Estates, a rare opportunity to acquire a manufactured housing community located in Cheyenne, the capital and economic center of Wyoming. The property consists of fifty-six (56) total manufactured housing sites and presents investors with the opportunity to acquire a stabilized community with continued occupancy and rental upside in one of the Mountain West region’s most supply-constrained affordable housing markets. Originally developed in 1959, Frontier Estates has historically maintained strong occupancy and currently operates at approximately 80% occupancy. The property benefits from all city utility services, providing operational simplicity and long-term infrastructure reliability. The community operates with a flat monthly utility reimbursement structure, with residents contributing toward water, sewer, trash, and city assessed fee expenses. Current utility billbacks are approximately comprised of 32% water, 43% sewer, 22% trash, and 1% city assessed fee reimbursement, creating operational efficiencies and expense recovery for ownership. Current average site rents are approximately $548 per month, remaining below competing housing alternatives within the market and creating a clear path for continued organic rent growth over time. Additionally, the property offers future upside through continued infill of vacant sites and operational optimization. Frontier Estates is strategically located with convenient access to Interstate 25 and Interstate 80, providing connectivity throughout Wyoming, Colorado, and the broader Rocky Mountain region. Cheyenne continues to benefit from a diverse and stable economic base supported by government, military, railroad, logistics, healthcare, and energy-related employment sectors. Major regional employers include F.E. Warren Air Force Base, one of the region’s largest and most stable economic drivers, as well as Union Pacific Railroad and the State of Wyoming. Residents benefit from proximity to numerous retail, dining, and entertainment amenities throughout Cheyenne, including Frontier Mall, Downtown Cheyenne, and a variety of outdoor recreational destinations throughout southeastern Wyoming. The community is also located near the internationally recognized Cheyenne Frontier Days, one of the largest outdoor rodeo and western celebration events in the country, which draws visitors from across the United States annually. Demand for affordable housing throughout Wyoming and the greater Mountain West region remains exceptionally strong as housing affordability continues to become increasingly challenging throughout neighboring states. Manufactured housing communities continue to represent one of the most attainable forms of housing within the region, resulting in sustained occupancy demand and long-term resident stability. Frontier Estates represents a rare opportunity to acquire a stabilized manufactured housing community with occupancy upside, infill potential, and below-market rents in a growing and economically stable market. Comparable manufactured housing community sales throughout Wyoming remain limited, further emphasizing the uniqueness of this offering. Frontier Estates is being offered at $4,480,000, representing an approximately 5.43% cap rate and approximately $80,000 per site. The property currently operates with an expense ratio of 33.26% of gross income, equating to approximately $4,342 per site annually. Current average manufactured housing site rents are approximately $548 per month, while the two apartment units average approximately $825 per month. Existing in-place rents remain below competing housing alternatives within the market, providing investors with the opportunity to capture continued organic rent growth through rental increases, operational optimization, and future infill of vacant sites. Interested parties are encouraged to review all offering materials prior to submitting offers. Seller financing will not be considered. All-cash offers with compressed closing timelines are encouraged. For additional information, access to the Due Diligence Portal, or financing quotes, please contact the listing brokers. If visiting the property, please drive through discreetly without exiting your vehicle or disturbing management or residents.