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2235 College Street

Las Cruces, NM 88001
  • $831,725
  • STATUS: Active
  • ON SITE: 37 Days
  • MLS #: 2103266
UPDATED: 50 min ago
$831,725
  • 2
    BEDS
  • 0.23
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 725
    SQFT
  • $1,147
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1958
County:

School Ratings & Info

Description

This value-add opportunity is a core asset in that its 100% occupied and has had recent renovations, but could also be a value add in branding, signage and bringing the current rents that are 12% below market to market. 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.Major capital expenditures and additions made by the current owner include:-$6,000 in roof repairs-$3,580 New gutters-upgrade of units 2217, 2219, and 2235-replaced sewer in unit 2225-stucco patches throughout-added fencing for private backyards.Measures of investment performance at list price of $831,726 and with average rent of $633 include GRM of 10.95, Before Reserves Cap rate of 5.75% and after tax IRR of 16.20%.If rents are raised to market average of $755, the cap rates goes to 7.11%, cash on cash to 9.34%.

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© 2021 Southern New Mexico Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MLIS or Better Homes and Gardens Real Estate - Steinborn & Associates. Data last updated: 2021-11-27T08:14:24.48.
www.viewlascruceshomes.com/homes/122610228
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2235 College Street Las Cruces, NM 88001

  • Price: $831,725
  • Status: Active
  • On Site: 37 Days
  • Updated: 50 min ago
  • MLS #: 2103266
2
Beds
0
Baths
0
½ Baths
0.23
Acres
725
SQFT
$1,147
$/SQFT
1958
Built
Neighborhood:
Palmers Subdivision
County:
Dona Ana
Area:
331 - Univ. Hills
Property Description
This value-add opportunity is a core asset in that its 100% occupied and has had recent renovations, but could also be a value add in branding, signage and bringing the current rents that are 12% below market to market. 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.Major capital expenditures and additions made by the current owner include:-$6,000 in roof repairs-$3,580 New gutters-upgrade of units 2217, 2219, and 2235-replaced sewer in unit 2225-stucco patches throughout-added fencing for private backyards.Measures of investment performance at list price of $831,726 and with average rent of $633 include GRM of 10.95, Before Reserves Cap rate of 5.75% and after tax IRR of 16.20%.If rents are raised to market average of $755, the cap rates goes to 7.11%, cash on cash to 9.34%.
Exterior Features

Construction FrameStucco Parking Capacity 12.00 Parking Type Off-Site ParkPaved Area

Interior Features

Appliances Refrigerator Cooling Evaporative Central Flooring Foundation Slab Heating Forced Air

Property Features

Display On Public Websites YN Yes Green Certified YN No Hoa YN No New Vs Resale Resale Owner Financing YN No Property Sub Type Apartment Building Reo Bank Owned YN No Short Sale YN No Type Of Tenancy Month To Month Util Serv Included In Rent ElectricityGasSewerWater

Listing provided courtesy of David T Clarke of Nm Apartment Advisors Inc.: (505) 440-8663. All listing information was provided by Southern New Mexico Multiple Listing Service.
© 2021 Southern New Mexico Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MLIS or Better Homes and Gardens Real Estate - Steinborn & Associates. Data last updated: 2021-11-27T08:14:24.48.
 
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