Bought with Deacon Property Services
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1130 Brownlee AVE Las Cruces, NM 87005
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Key Details
Sold Price $250,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,573 sqft
Price per Sqft $69
Subdivision Lot 20, Block 21, Palmers Subdivision
MLS Listing ID 981658
Sold Date 02/26/21
Bedrooms 1
Construction Status Resale
HOA Y/N No
Year Built 1950
Annual Tax Amount $1,311
Lot Size 10,454 Sqft
Acres 0.24
Lot Dimensions Public Records
Property Sub-Type Multi Family
Property Description
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.Although the asset is a stable performing core property, it is also a value add opportunity with actual rents some 21.00% below market.Measure of investment performance at list price of $270,166 and with average rent of $480 include GRM of 9.38, Before Reserves Cap rate of 6.42% and after tax IRR of 16.80%.If rents are raised to market average of $610, the cap rates goes to 8.78%, cash on cash to 15.45%.
Location
State NM
County Dona Ana
Area 430 - Dona Ana
Interior
Heating Floor Furnace
Cooling Refrigerated
Flooring Carpet
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
Story 2
Entry Level One
Level or Stories One
New Construction No
Construction Status Resale
Others
Tax ID Not available
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
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