Bought with Deacon Property Services
$1,960,000
$2,339,292
16.2%For more information regarding the value of a property, please contact us for a free consultation.
2 Beds
1 Bath
30,944 SqFt
SOLD DATE : 11/09/2022
Key Details
Sold Price $1,960,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 30,944 sqft
Price per Sqft $63
Subdivision Subd: Aspen Park Lot: 10
MLS Listing ID 1011228
Sold Date 11/09/22
Bedrooms 2
Construction Status Resale
HOA Y/N No
Year Built 1984
Annual Tax Amount $1,756
Lot Size 1.320 Acres
Acres 1.32
Lot Dimensions Public Records
Property Sub-Type Multi Family
Property Description
This 32 unit community is surrounded by mature landscaping and is short walking distance to major retail and employment centers.The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.Based on the current average rents of $602 per month, the property's measures of investment performance include a 10.13 GRM, 6.48% cap rate before reserves, before tax IRR of 13.40% and an after tax IRR of 10.50%.If rents were raised to the submarket average of $750, the measures of investment performance improve to a 8.15% cap rate, and 14.91% cash on cash.Additional value add opportunities include adding high speed internet and private yard spaces which could increase the value by another $449,032. (see page 8)
Location
State NM
County Otero
Area 550 - Otero
Interior
Heating Central, Forced Air
Cooling Evaporative Cooling
Flooring Vinyl
Fireplace No
Appliance Refrigerator
Exterior
Community Features Deck/ Porch, Laundry Facilities
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Construction Status Resale
Others
Tax ID R012456
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
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