Catylist ID: #30775155
7 side by side patio home style units
Multi-Family for Sale
|Catylist Listing ID:||30775155|
|Number of Units:||7 Units|
|Building Size (RSF):||7,378 SF|
|Gross Land Area:||0.64 SF|
|Unit Price:||$75,000 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
|Gross Rent Multiplier:||9.88|
Overview / Comments
On behalf of the owner, NM Apartment Advisors is excited to bring to market this Las Cruces seven-plex. Each of the units has the feel of its own patio home with private backyards, spacious floorplans and an abundance of front yard and drive pads.
The owner of this property has held it in their family for over 40 years and are ready to retire. This is a value add opportunity with seven single family patio home style residences that share a common walls, but are separately metered for gas, electric and water, refuse and sewer.
Located in New Mexico’s 2nd largest town, home to NM State University and its ~11,000 students this property is well situated for repositioning in the marketplace.
Current rents range from $510 to $750 for identically sized units. With an average rent of $633, the measures of investment performance at the list price of $525,000 include a GRM of 9.88, Before Reserves Cap rate of 6.00% and after tax IRR of 16.90%.
If rents are raised to market of $895, the cap rates goes to 9.34%, cash on cash to 18.12%.
With ample off-street parking in front, washer/dryer hook-ups in the bathroom, a private walled backyard, and storage structure, these large 2 bedroom, 1 bath apartment homes are conveniently located to shopping and restaurants.
The 14 page property flyer containing information on rents, expenses, renovations, virtual tour, floorplan and photos can be found here -http://www.nmapartment.com/apt/NMAA-Duraz1550LC.pdf
Qualified investors can register for additional information on the property at www.nmapartment.com/durazno1550
Do not wait – value add opportunities to invest in college markets like this area very rare.
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
Attachments & Media
|Nearest MSA:||Las Cruces|
|Taxing Authority:||Dona Ana|
|Number of Stories:||1|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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