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1550 Durazno Street

Las Cruces, NM 88001
  • $525,000
  • STATUS: Active
  • ON SITE: 10 Days
  • MLS #: 1004885
UPDATED: 31 min ago
$525,000
  • 2
    BEDS
  • 0.65
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 7,378
    SQFT
  • $71
    $/SQFT
Type:
Multi-Family
Built:
1958
County:

School Ratings & Info

Description

TThe 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 am

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IDX information © 2021 The Southwest Multiple Listing Service, Inc. 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. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Sandi Pressley Team | Coldwell Banker Legacy. Data last updated: 2021-11-30T12:04:55.29.
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1550 Durazno Street Las Cruces, NM 88001

  • Price: $525,000
  • Status: Active
  • On Site: 10 Days
  • Updated: 31 min ago
  • MLS #: 1004885
2
Beds
0
Baths
0
½ Baths
0.65
Acres
7,378
SQFT
$71
$/SQFT
1958
Built
Neighborhood:
Lots 6-9 Newell Subdivision
County:
Dona Ana
Area:
430 - Dona Ana
Property Description
TThe 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 am
Exterior Features

Construction Materials Block Exterior Features Landscaping Levels One Stories Total 1

Interior Features

Appliances Refrigerator Basement YN No Bathrooms Total Integer 1 Cooling Evaporative Cooling Cooling YN Yes Electric None Flooring CarpetVinyl Heating CentralForced Air Heating YN Yes Laundry Features Washer Hookup

Property Features

Accessibility Features None Additional Parcels YN Yes Builder Name Blanco Building Area Total 7378 Disclosures Lead Based Paint DisclosureRanm 2100 Disclosure Gross Income 53018 Listing Agreement Exclusive Right To Sell New Construction YN No Operating Expense 29906 Property Condition Resale Property Sub Type Multi Family Tax Annual Amount 2812 Tenant Pays ElectricityGasWater Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Zoning Description R-3

Listing courtesy of Nm Apartment Advisors, Inc.. © 2021 Southwest Multiple Listing Service, Inc.


IDX information © 2021 The Southwest Multiple Listing Service, Inc. 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. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Sandi Pressley Team | Coldwell Banker Legacy. Data last updated: 2021-11-30T12:04:55.29.
 
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Alburquerque NM, 87111