$750,000 MASTERSON PLACE 2325 E. YELLOWSTONE HWY. CASPER, WY COMMERCIAL PROPERTIES 550 N. POPLAR STREET CASPER, WY 82601

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1 COMMERCIAL PROPERTIES 550 N. POPLAR STREET CASPER, WY BrokerOne Commercial Real Estate Team MASTERSON PLACE 2325 E. YELLOWSTONE HWY. CASPER, WY $750,000

2 TABLE OF CONTENTS E YELLOWSTONE HWY CASPER RAIL TRAIL EXECUTIVE SUMMARY 3 CITY AERIALS 4 CITY AERIAL 4 PROPERTY LOCATION 5 PROPERTY 6 PROPERTY FEATURES 7 SUBJECT AREA 7 SITE DATA 7 DESCRIPTION OF IMPROVEMENTS 8 ENVIRONMENTAL 9 LEASE / PURCHASE PRICE 9 PROPERTY LAYOUT 10 PROPERTY PHOTOS 11 REGIONAL SERVICE 20 CASPER 20 WYOMING 21 CASPER MAPS 22 DRIVE TIME 22 SIGNIFICANT RETAIL 23 DINING 24 BROKER ONE COMMERCIAL TEAM 25 RANDALL S. HALL, CCIM 25 KENT HAMBRICK, ASSOCIATE BROKER 25 CHUCK HAWLEY, SALES & LEASING 26 DENNIS BAKER, ASSOCIATE BROKER 26 2

3 EXECUTIVE SUMMARY BrokerOne Real Estate is pleased to offer the opportunity to acquire Masterson Place, a 40-unit motel, located in the heart of Casper, WY. The original motel, constructed as an ±11,161 SF U- shaped motor court, contains 26 rooms. The ±8,060 SF two-story annex, built in 1971, contains 14 rooms. Room types include one (1) King-sized bed, one (1) Queen-sized bed, two (2) Queen-sized beds, or one (1) King-sized bed and one (1) Queen-sized bed. The facility is currently operated as a patient hotel for the nearby Wyoming Medical Center and could continue to function as a unique motel property, or due to its fantastic location and accessibility, be developed into any number of commercial enterprises. ADDRESS LOCATION TOTAL BUILDING AREA TOTAL LAND AREA 2325 E YELLOWSTONE HWY NATRONA COUNTY ±19,221 SQ. FT. ±2.66 ACRES YEAR(S) BUILT OFFERED PRICE $750,000 E YELLOWSTONE HWY CASPER RAIL TRAIL 3

4 CITY AERIAL E YELLOWSTONE HWY CASPER RAIL TRAIL SUBJECT 4

5 BRYAN STOCK TRAIL N BEVERLY ST S BEVERLY ST S CONWELL ST S BEECH ST PROPERTY LOCATION EAST K ST E YELLOWSTONE HWY E YELLOWSTONE HWY SUBJECT EASTRIDGE MALL E 2ND ST E 2ND ST SE WYOMING BLVD E 12TH ST 5

6 BRYAN STOCK TRAIL N BEVERLY ST N LENNOX ST PROPERTY EAST F ST EAST F ST EAST E ST N HEREFORD LN BURLINGTON AVE E YELLOWSTONE HWY E YELLOWSTONE HWY SUBJECT CASPER RAIL TRAIL CASPER RAIL TRAIL 6

7 PROPERTY FEATURES SUBJECT AREA The property is located on E. Yellowstone Hwy. (US Hwy. 20/26/87-BUS), approximately 0.2 mile from I-25, and in close proximity to Casper s Central Business District (CBD), just 1/2 block from N. Beverly Street. East Yellowstone Hwy. becomes First Street through the CBD and is a 4-lane with center turn lane for much of its length. The surrounding land uses include a car dealership, a non-branded family restaurant, a welding/fabrication building, and various other warehouses, shops, office buildings, and retail and service businesses. The Casper Rail Trail, a pedestrian walkway and part of the Platte River Trails system, lies along the southern boundary of the property. SITE DATA The site is 2.66 acres (115,869.6 SF) and currently zoned C2: General Business. With ±403 ft. of frontage along Yellowstone, there are 4 curb cuts in the concrete curbs, plus concrete gutters and sidewalks. The property is generally level, but does slope slightly to the north, toward Yellowstone. All public utilities are available, with Police and Fire Protection provided by the City of Casper. REAL PROPERTY TAXES FOR THE YEAR: 2015 PARCEL ID DESCRIPTION TOTAL LAND AREA TOTAL BUILDING AREA ESTIMATED TOTAL TAX MASTERSON PLACE LOT 1 COMMERCIAL EXEMPT 115,869.6 SQ. FT. (2.66 ACRES) 11,227 SQ. FT. (BUILDING #1) N/A* 8,190 SQ. FT. (BUILDING #2) N/A* *The subject property is currently owned by a non-profit organization and has been exempt from property taxes. 7

8 PROPERTY FEATURES DESCRIPTION OF IMPROVEMENTS ±2.66 Acre Site with 2 Buildings Building #1: ±11,161 Sq. Ft. Building #2: ±8,060 Sq. Ft. Two (2) Nice Garden Areas for Guests Office Space Laundry Facilities 40 Total Rooms (26 and 14, Respectively) Ample Paved Parking BUILDING #1 - MAIN BUILDING Building #1 is the original u-shaped motor court-style motel, constructed in The facility boasts 26 rooms, each with a private bath. Room sizes vary, but most are in the ±240 to ±290 SF range. Room types include one Queen-sized bed, one King-sized bed, or two Queen-sized beds. Typical furnishings include the bed(s), a table and two chairs, night stand, TV, dresser, mini-fridge, and microwave. The office and an apartment that previously served as the owner s quarters are at the north end of the west wing. The structure also has guest laundry facilities, commercial laundry facilities, a storage room, and the mechanical basement. The courtyard has a lovely old-growth cottonwood tree, beautiful landscaping, and two picnic tables. BUILDING #2 - ANNEX Building #2 serves as the two-story annex, and has 14 rooms each with a private bath. The rooms in the building are larger, averaging around ±430 SF. They contain two beds: either one Queen-sized and one King-sized bed or two Queensized beds. Typical furnishings for the rooms in this building include the beds, a desk and chair, dresser, TV, full-sized refrigerator, night stand, and recliner. The annex has a beautiful garden area with paved walkways, benches with arbors, and a large pergola with picnic tables. 8

9 PROPERTY FEATURES ENVIRONMENTAL No representation is made nor implied by BrokerOne Real Estate as to the presence, at any location on the property, of any known hazardous material as defined by the United States Environmental Protection Agency or the Wyoming Department of Environmental Quality. A prospective purchaser should retain the services of independent professionals qualified to render opinions and/or determinations as to the presence of hazardous materials. PURCHASE PRICE The offered price is $750,000. 9

10 PROPERTY LAYOUT 10

11 PROPERTY PHOTOS MAIN BUILDING: FRONT VIEW ANNEX: FRONT VIEW MAIN BUILDING: MOTOR COURT MAIN BUILDING: COURTYARD 11

12 PROPERTY PHOTOS COURTYARD COURTYARD MAIN BUILDING: TYPICAL DOUBLE QUEEN ROOM MAIN BUILDING: TYPICAL DOUBLE QUEEN ROOM 12

13 PROPERTY PHOTOS MAIN BUILDING: TYPICAL BATHROOM MAIN BUILDING: TYPICAL BATHROOM MAIN BUILDING: TYPICAL DOUBLE QUEEN ROOM 13

14 PROPERTY PHOTOS MAIN BUILDING: TYPICAL SINGLE KING ROOM MAIN BUILDING: KING ROOM BATH MAIN BUILDING: TYPICAL SINGLE KING ROOM 14

15 PROPERTY PHOTOS MAIN BUILDING: STORAGE MAIN BUILDING: LAUNDRY FACILITIES MAIN BUILDING: EMPLOYEE KITCHEN 15

16 PROPERTY PHOTOS MAIN BUILDING: OFFICE SPACE MAIN BUILDING: GUEST LOBBY MAIN BUILDING: GUEST LOBBY MAIN BUILDING: FRONT DESK 16

17 PROPERTY PHOTOS ANNEX: FRONT ELEVATION ANNEX: GUEST GARDEN ANNEX: GUEST GARDEN ANNEX: GUEST GARDEN 17

18 PROPERTY PHOTOS ANNEX: LOBBY & GUEST VENDING ANNEX: LOBBY & GUEST VENDING ANNEX: TYPICAL KING & QUEEN ROOM ANNEX: TYPICAL KING & QUEEN ROOM 18

19 PROPERTY PHOTOS ANNEX: TYPICAL GUEST BATH ANNEX: TYPICAL GUEST BATH 19

20 REGIONAL SERVICE: CASPER CASPER Casper, Wyoming is one of the most outstanding communities in the Rocky Mountain region. Casper has the amenities of a metro area with the convenience and accessibility of a smaller community. As the 2nd largest metropolitan area in Wyoming, and located within Natrona County, Casper has diverse outdoor recreation opportunities within a 20 minute drive and the best variety of indoor recreation within a 10 minute drive. From downhill skiing to Broadway shows, Casper offers it all. Casper cradles a broad industry base built around natural resources and expanding to manufacturers who desire low overhead with a central western presence. Available business parks offer locations that put business close to suppliers, customers and transportation hubs. The Casper economy continues to thrive. Companies are opening new facilities in the Casper area, while established industries are expanding; creating new jobs, infusing new capital and solidifying their investments. Casper s strategic location allows superb access to companies worldwide: The ability to get goods and services to more markets makes Casper businesses more efficient and more profitable. As one of the fastest growing economic centers in the western United States, it is known for its probusiness attitude, and pro-industry growth. Its location and business community drives the need for FedEx and UPS to service a regional hub out of the Casper/Natrona County International Airport. In the last 10 years, Casper has been experiencing a huge economic boom and its economy has continued to grow despite the national economic downturn. Forbes Magazine rated Casper, Wyoming (July 2014) as one of the Best Small Places for Business and Careers, with a median household income of $54,237, Unemployment 3.7%, and Cost of Living 5.0% below national average. The development of coal and uranium fields in recent decades has helped Casper continue its role as a center in the energy industry. Casper s 2015 median household income is $55,074, while the average household income is $71,481. Through Wyoming s only International Airport Via enhanced freight routes along I-25 Superior rail yard, routes and service on BNSF With a new trans-load facility Via unsurpassed telecommunications capabilities Square Miles (Natrona County).. Elevation (City of Casper) 5,369 5,125 ft. 20

21 REGIONAL SERVICE: CASPER & WYOMING CASPER LIFESTYLE Casper, Wyoming has something for everyone, offering all the advantages of a bigger city and serving as a central hub for Wyoming. Casper is rich in the arts with several theater groups, the Wyoming Symphony Orchestra, concerts, festivals, and museums. The Casper community is very proud to include the National Historic Trails Interpretive Center as one of its major attractions. The Interpretive Center displays exhibits of the pioneer days on the Oregon, California, Mormon and Pony Express Trails. The Casper Events Center, with a seating capacity of 10,000, is another major attraction that offers many entertainment opportunities. Casper is host to the College National Finals Rodeo in June, concerts, off Broadway plays, and a plethora of other family entertainment at the Events Center. Casper is also a wonderful place for indoor and outdoor sports. The Three Crowns golf course is a new 18-hole championship course a terrific addition to Casper's existing three golf courses. Outdoor recreation on the North Platte River offers fishing, rafting, and kayaking. Several lakes are just a short distance away for boating, swimming, fishing, and camping. Winter skiing & snowboarding are enjoyed on Casper Mountain. Casper's central location has made the city a focal point for regional, financial, retail, and medical services. WYOMING Wyoming leads the nation in coal production (1st), uranium (1st), natural gas (3rd) and crude oil (7th). With over 40% of Americas low-sulphur coal coming from Wyoming mines, the coal industry continues to remain strong, and with export of Wyoming s coal to other nations, coal remains a solid energy source. In addition, Wyoming is also ranked the leader in uranium production. With recent advances in uranium mining (in-situ), Wyoming produced 2.9 million pounds of yellow cake which was processed at surface locations throughout the state in This precious mineral is used throughout the world for energy production. The recent exploration and increased production in the northeast, central, and western parts of Wyoming, has expanded production levels that are projected to continue to rise for many years to come. Wyoming has 22 of the 23 counties producing natural gas and oil. Recorded sales were over 2,000 trillion cubic feet of natural gas in 2013 and 75.6 million barrels of crude oil in In addition there are over 27,300 miles of natural gas, crude oil and other petroleum based product pipelines throughout the state. 21

22 CASPER MAP - DRIVE TIME 22

23 CASPER MAP - SIGNIFICANT RETAIL 23

24 CASPER MAP - DINING 24

25 BROKER ONE COMMERCIAL TEAM There s as much risk in doing nothing as in doing something. 31+ Years Commercial Experience Large Referral Network Dedicated, Diversified & Knowledgeable I can do all things through Christ which strengtheneth me. - Philippians 4: Years Real Estate Experience Broad Business Background Reliable & Determined RANDALL S. HALL, CCIM Principle Broker Randy Hall has represented or facilitated transactions with an extraordinary number of national and regional companies. He is a full-time commercial broker, experienced in almost every aspect of commercial and investment real estate brokerage, and holds the highly respected designation of Certified Commercial Investment Member (CCIM) from the CCIM Institute. Randy is past president of the Wyoming Association of REALTORS, past member of the Casper Planning & Zoning Commission and current member of the Wyoming Real Estate Commission. KENT HAMBRICK Associate Broker Kent has been a real estate professional in Casper since returning to Wyoming in Before his return, Kent pursued a successful 23 year career in marketing, largely in the hospitality and retail industries. Kent has the skills and expertise to serve your commercial, investment, relocation and residential real estate needs. He earned a B.A. from the University of Nebraska and an M.B.A. from Southern Methodist University. 25

26 BROKER ONE COMMERCIAL TEAM Results, not excuses. Success doesn t come to you you go to it. 27 Years Commercial Real Estate Experience Knowledge Innovation 10 Years Real Estate Experience 26 Years Commercial Banking Committed, Detailed & Client Oriented CHUCK HAWLEY Commercial Sales & Leasing Chuck brings an array of skills, knowledge, and over 19 years of commercial and retail experience. Before returning to Casper with his family, Chuck provided management oversight for over 3.4 million square feet of commercial office buildings in Los Angeles and more recently, was the general manager of Eastridge Mall, in Casper. He is a Casper College and University of Wyoming graduate with a B.S. degree in business management. DENNIS BAKER Associate Broker Experience counts. With over 27 years of real estate experience, Dennis Baker brings unique expertise, proficiency and insight to BrokerOne. He is a seasoned expert in commercial real estate and real estate lending practices. His keen knowledge and understanding about cash flow analysis, loan structures and debt analysis have proven invaluable to clients during negotiations. Dennis is dedicated to building strong and lasting relationships in the real estate industry and the community. 26