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2215 College And 1115 Newberry Street

Las Cruces, NM 88001
  • $831,725
  • STATUS: Active
  • ON SITE: 38 Days
  • MLS #: 1003283
UPDATED: 27 min ago
$831,725
  • 2
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,854
    SQFT
  • $121
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1977
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 5.7

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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: 2021-11-29T19:04:52.027.
www.sandisells.com/homes/122629141
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2215 College And 1115 Newberry Street Las Cruces, NM 88001

  • Price: $831,725
  • Status: Active
  • On Site: 38 Days
  • Updated: 27 min ago
  • MLS #: 1003283
2
Beds
0
Baths
0
½ Baths
0.46
Acres
6,854
SQFT
$121
$/SQFT
1977
Built
Neighborhood:
430 - Dona Ana
County:
Dona Ana
Area:
430 - Dona Ana
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 5.7
Exterior Features

Construction Materials Frame Levels Two Stories Total 2

Interior Features

Appliances Refrigerator Basement YN No Bathrooms Total Integer 1 Cooling Evaporative Cooling Cooling YN Yes Electric None Flooring Carpet Heating Wall Furnace Heating YN Yes

Property Features

Accessibility Features None Additional Parcels YN Yes Builder Name Unknown Building Area Total 6854 Disclosures Lead Based Paint DisclosureRanm 2100 Disclosure Gross Income 74678 Listing Agreement Exclusive Right To Sell New Construction YN No Operating Expense 26854 Property Condition Resale Property Sub Type Multi Family Tax Annual Amount 3905 Tenant Pays OtherSee Remarks Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Zoning Description R-2

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: 2021-11-29T19:04:52.027.
 
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Sandi Pressley Team | Coldwell Banker Legacy
10400 Academy Rd NE Suite 100
Alburquerque NM, 87111