Bought with Deacon Property Services
$525,000
$525,000
For more information regarding the value of a property, please contact us for a free consultation.
2 Beds
1 Bath
7,378 SqFt
SOLD DATE : 03/11/2022
Key Details
Sold Price $525,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,378 sqft
Price per Sqft $71
Subdivision Lots 6-9 Newell Subdivision
MLS Listing ID 1004885
Sold Date 03/11/22
Bedrooms 2
Construction Status Resale
HOA Y/N No
Year Built 1958
Annual Tax Amount $2,811
Lot Size 0.650 Acres
Acres 0.65
Lot Dimensions Public Records
Property Sub-Type Multi Family
Property 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
Location
State NM
County Dona Ana
Area 430 - Dona Ana
Interior
Heating Central, Forced Air
Cooling Evaporative Cooling
Flooring Carpet, Vinyl
Fireplace No
Appliance Refrigerator
Laundry Washer Hookup
Exterior
Exterior Feature Landscaping
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Accessibility None
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Construction Status Resale
Others
Tax ID 4008136086243
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "