2215 College and 1115 Newberry Street, Las Cruces, NM 88001 (MLS# 1003283)


$831,725
2215 College and 1115 Newberry Street
Las Cruces, NM 88001
MLS# 1003283
6854 sqft


2215 College and 1115 Newberry Street, Las Cruces, NM 88001
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2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001 2215 College and 1115 Newberry Street, Las Cruces, NM 88001

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

Details
Maps
Documents
Contract Information
Listing Price: 831725
Current Price: $831,725
List Price/SqFt: 121.35
On Market Date: 2021-10-21
Status: Active
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: 1
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
Green Energy 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

Listing Office: NM Apartment Advisors, Inc.

Last Updated: November - 23 - 2021

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.

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