Questa Real Apartments in Alamogordo NM - 6.48% cap

Multi-Family for Sale
Catylist Listing ID: 30794985
Property Subtypes: Low-Rise/Garden
Number of Units: 32 Units
Building Size (RSF): 30,944 SF
Gross Land Area: 1.32 Acres
Sale Price: $2,339,292
Unit Price: $73,102.88 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.48%
Average Occupancy Rate: 100
Last Updated: 5/12/2022

Overview / Comments

NM Apartment Advisors is excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico. Located at 1301-1325 Filmore

This 32 unit community is surrounded by mature landscaping and is short walking distance to major retail and employment centers.

The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.

Built in 1984, this 32 unit community contains all two bedroom, one bathroom units. The property offers offsite parking and laundry amenities

Based on the current average rents of $602 per month, the property’s measures of investment performance include a 10.13 GRM, 6.48% cap rate before reserves, before tax IRR of 13.40% and an after tax IRR of 10.50%.

If rents were raised to the submarket average of $750, the measures of investment performance improve to a 8.15% cap rate, and 14.91% cash on cash.

Additional value add opportunities include adding high speed internet and private yard spaces which could increase the value by another $449,032. (see page 8)

Owner prefers not to disturb residents and encourages offers subject to inspections.

Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Fillmore1301Alamogordo.pdf

Virtual tours can be found at www.nmapartment.com/questareal3d1
And www.nmapartment.com/questareal3d2
And www.nmapartment.com/questareal3d3

Do not miss out on this rare opportunity for a value add asset in a growing market.

Additional Details

Nearest MSA: Alamogordo
County: Otero
Tax ID/APN: R012456
Total Number of Buildings: 6
Property Condition: Good
Number of Stories: 2
Year Built: 1983

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,468 27,618 35,240
Median Age: 37.76 38.77 39.42
Households: 4,452 11,786 14,921

Contact

© Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Association of REALTORS® New Mexico nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.