Las Cruces, NM 88001
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
Listing Office: NM Apartment Advisors, Inc.
Last Updated: November - 23 - 2021
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