1550 Durazno Street, Las Cruces, NM 88001
$525,000
Property Type:
Residential Income
Square Footage:
7,378
Lot Size (sq. ft.):
28,227
Status:
Closed
Current Price:
$525,000
List Date:
11/19/2021
Last Modified:
3/11/2022
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
More Information MLS# 1004885
Status Change Info
Pending Date: 2021-12-08
Closing Date: 2022-03-11
Contract Information
Listing Price: 525000
Current Price: $525,000
List Price/SqFt: 71.16
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1550
Street Name: Durazno
St Suffix: Street
County: Dona Ana
City/Town Code: Las Cruces
State/Province: NM
Zip Code: 88001
Zip +4: 4252
Geo Lat: 32.294462
Geo Lon: -106.765867
Area: 430 - Dona Ana
Zone Atlas: NOZA
City/County Data
UPC Code: 4008136086243
Subdivision: Lots 6-9 Newell Subdivision
General Property Description
# of Units: 7
5+ Units: Yes
Units for Sale: 7
Property Sub-Type: 7 Units
Apx Structured SqFt: 7378
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.65
Lot SqFt: 28226.88
Directions: From Lohman and I25 west to Solano, south to Missouri, West to Durazno - on corner to the north of Missouri
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 1
Year Built: 1958
Age: 61 - 70
Disability Access: No
LBP Disclosure: Yes
Builder: Blanco
Owner Occupant Unit: Yes
Multiple Lots: Four
Flood Zone: X
Tax & Legal Info
GRT Code: 07-105
Current Taxes: 2811.96
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 53018
Operating Expenses: 29906
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 7
# of Bedrooms: 2
# Baths: 1
Style: Patio home
Approx. SqFt: 1054
Actual Rent: 633
Max Rent: 750
Market Rent: 895
Unit Summary
Total Units: 7
Average Unit Size: 1054
Average Actual Rent: 633
Annualized: 53172
Total Actual Rent: 4431
Property Features
Construction: Block
Exterior Material: None
Build Description: Resale
Amenities: Some Landscaping
Appliances included: Refrigerator; Washer H/U
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Flooring: Carpet; Vinyl
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Metering: Individual Electric; Individual Gas; Other - See Remarks
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Electric; Gas; Water
Parking: Paved Lot
Roof: Flat
Rental Info: 6 Month
Finance Considered: Cash; Conventional
Source: Actual Record; Owner Provided
Zoning: R-3
Documents
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 11 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.