Ranger Apartments
- Government-Backed Income: With 67% of the units supported by Section 8 assistance, the property generates a durable, government-backed income stream insulated from traditional market volatility, providing investors with reliable cash flow from day one.
- Stabilized Asset at an Attractive Basis: Ranger Apartments delivers a compelling entry-point valuation supported by consistent occupancy, strong regional demand for affordable senior housing, and a durable government-backed income stream.
- Undersupplied Market with Durable Demand: Lusk’s affordable senior housing segment faces structural undersupply, positioning the property as a critical community resource and ensuring sustained long-term occupancy.
- Clean Investment Structure: This offering is well-suited for value-add and cash-flow-focused private investors, with meaningful long-term upside through continued stewardship of the Section 8 contract and targeted capital improvement.
Property Description
Lee & Associates, in partnership with RealINSIGHT Marketplace, is pleased to present 302 South Main, a 40-unit Project-Based Section 8 elderly housing community in Lusk, Wyoming. Built in 1918 and comprising approximately 40,000 SF of net rentable area, the property offers 27 HAP units and 13 market-rate units across a mix of one- and two-bedroom configurations. With a HUD HAP contract running through 2031, the asset generates a 2025 pro forma effective gross income of $292,789 and net operating income of $135,224 after reserves. The property earned a REAC score of 96 in its November 2023 inspection, reflecting strong physical and regulatory condition. Lusk's affordable senior housing segment faces structural undersupply, positioning Ranger Apartments as a critical community resource with sustained occupancy. This is a straightforward, low-complexity acquisition for cash-flow-focused investors seeking government-backed income with annual OCAF rent escalations and long-term demand fundamentals in an undersupplied secondary market.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Senior Housing |
| Price: | $250,000 |
| No. of Units: | 40 |
| Year Built: | 1918 |
| Building Size: | 40,000 Sq ft |
| No. of Stories: | 4 |
| Opportunity Zone: | No |
| Price per unit: | $6,250 |
| Property Website | Click Here |
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout