Bought with SWMLS
$800,000
$831,725
3.8%For more information regarding the value of a property, please contact us for a free consultation.
2215 College and 1115 Newberry ST Las Cruces, NM 88001
2 Beds
1 Bath
6,854 SqFt
Key Details
Sold Price $800,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,854 sqft
Price per Sqft $116
MLS Listing ID 1003283
Sold Date 05/11/22
Bedrooms 2
Construction Status Resale
HOA Y/N No
Year Built 1977
Annual Tax Amount $3,904
Lot Size 0.460 Acres
Acres 0.46
Lot Dimensions Public Records
Property Sub-Type Multi Family
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
Location
State NM
County Dona Ana
Area 430 - Dona Ana
Interior
Heating Wall Furnace
Cooling Evaporative Cooling
Flooring Carpet
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Accessibility None
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Construction Status Resale
Others
Tax ID 4008136343447
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
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