7 side by side patio home style units

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30775155
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 7 Units
Building Size (RSF): 7,378 SF
Gross Land Area: 0.64 SF
Sale Price: $525,000
Unit Price: $75,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Gross Rent Multiplier: 9.88
Last Updated: 11/23/2021

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.

Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Taxing Authority: Dona Ana
Tax ID/APN: 4008136086243
Zoning: R-3
Property Condition: Good
Number of Stories: 1
Year Built: 1958
Roof Type: Flat

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,070 74,570 104,588
Median Age: 29.22 33.76 35
Households: 6,984 30,322 41,937

Contact

© Copyright 2001-2020 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.