2215 College and 1115 Newberry Street, Las Cruces, NM 88001
$831,725
Property Type:
Residential Income
Square Footage:
6,854
Lot Size (sq. ft.):
20,038
Status:
Closed
Current Price:
$831,725
List Date:
10/21/2021
Last Modified:
5/11/2022
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
More Information MLS# 1003283
Status Change Info
Pending Date: 2022-02-07
Closing Date: 2022-05-11
Contract Information
Listing Price: 831725
Current Price: $831,725
List Price/SqFt: 121.35
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 2215
Street Name: College and 1115 Newberry
St Suffix: Street
County: Dona Ana
City/Town Code: Las Cruces
State/Province: NM
Zip Code: 88001
Zip +4: 5549
Geo Lat: 32.287895
Geo Lon: -106.757031
Area: 430 - Dona Ana
Zone Atlas: NOZA
City/County Data
UPC Code: 4008136343447
General Property Description
# of Units: 10
5+ Units: Yes
Units for Sale: 10
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 6854
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.46
Lot SqFt: 20037.6
Directions: From I-25 and University - west to Espina, north to Monte Vista east College, Newberry
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 5
Year Built: 1977
Year Built Exception: Unknown
Age: 51 - 60
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 07-105
Current Taxes: 3904.56
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 74678
Operating Expenses: 26854
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 1
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 1083
Actual Rent: 695
Max Rent: 750
Market Rent: 825
# of Unit Types (2)
# of Units: 5
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 693
Actual Rent: 694
Max Rent: 750
Market Rent: 825
# of Unit Types (3)
# of Units: 4
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 573
Actual Rent: 540
Max Rent: 540
Market Rent: 650
Unit Summary
Total Units: 10
Average Unit Size: 684
Average Actual Rent: 632.5
Annualized: 75900
Total Actual Rent: 6325
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Wall Unit
Cooling: Evaporative Cooling
Flooring: Carpet
Electric Provider: None
Electric: None
Miscellaneous Info: No Sign
Metering: Individual Electric; Individual Gas
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Roof: Positive Pitched; Shingle
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: R-2
Documents
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 11 - 2022
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