60 Unit Apartment Complex - Las Cruces

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30631764
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 60 Units
Building Size (RSF): 56,580 SF
Gross Building Area: See Agent
Gross Land Area: 2.70 SF
Sale Price: $4,500,000
Unit Price: $75,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Average Occupancy Rate: 95
Last Updated: 4/7/2021

Overview / Comments

Majestic Pointe Apartments are a well maintained, high occupancy performance property located in a very desirable area of Las Cruces, NM. The property has a great mix of 1, 2 & 3 bedroom units that are very large units featuring outstanding views, walk in closets and upgraded interiors. The property had a new shingle roof installed in 2016 and all air conditioners were replaced in 2017 - 2019. A full exterior paint was also completed in 2016. The property has performed at a very high occupancy exceeding 95% and is currently 100% occupied. Market rents in property around Majestic Pointe are higher which allows room for rent adjustments.

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Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $32,034 (Annual)
Gross Operating Income $474,627 (Annual)
Net Operating Income $290,828 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Tax ID/APN: 4010135116048
Percent Occupied: 100%
Total Number of Buildings: 3
Property Condition: Good
Number of Stories: 3
Year Built: 1982
Roof Type: Hip
Construction/Siding: Stucco
Parking Type: Structure, Surface
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Evaporative Cooler
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,419 62,641 107,400
Median Age: 36.4 34.21 35
Households: 4,272 26,220 43,163

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