60 Unit Apartment Complex - Las Cruces
Multi-Family
for Sale
Catylist Listing ID: |
30631764 |
Property Subtypes: |
Low-Rise/Garden
|
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: |
$75,000 Per Unit |
Property Use Type: |
Investment |
Sale Terms: |
Cash to Seller |
Cap Rate: |
6.5% |
Average Occupancy Rate: |
95 |
Last Updated: |
12/29/2020 |
Overview / Comments
Majestic Pointe Apartments are a well maintained, high occupancy performance property located in a very desirable area of Las Cruces, NM. The property has a great mix of 1, 2 & 3 bedroom units that are very large units featuring outstanding views, walk in closets and upgraded interiors. The property had a new shingle roof installed in 2016 and all air conditioners were replaced in 2017 - 2019. A full exterior paint was also completed in 2016. The property has performed at a very high occupancy exceeding 95% and is currently 100% occupied. Market rents in property around Majestic Pointe are higher which allows room for rent adjustments.
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Financials
Finance Data Year |
2020 |
Real Estate Taxes - Annual($) |
$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 |
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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