Van Lennen Office Building

Located in Cheyenne, Wyoming, this 5,000 square foot office building was purchased completely vacant. But already divided into 10 small office suites, Jonathan saw a clear value-add path forward. After updating HVAC, interior paint, repaving the parking lot, adding interior furnishings, and remodeling the bathroom, all of the office suites were leased up to local business owners. As an executive suites-style property, tenants enjoyed a gross lease with all utilities and wifi included in their monthly rent.

This property was acquired in February 2022 and sold in July 2023. This 18-month turnaround led to a healthy profit and was sold as a cash-flowing asset to another investor. Jonathan used the sale proceeds to 1031 exchange into another value-add deal.