1301 Filmore (1309-1325) Avenue, Alamogordo, NM 88310

$2,339,292

Property Type: Residential Income Square Footage: 30,944 Lot Size (sq. ft.): 57,499 Status: Closed

Current Price: $2,339,292 List Date: 3/24/2022 Last Modified: 11/09/2022

Overview

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)

Listing Details MLS# 1011228

Status Change Info

Pending Date: 2022-09-16
Closing Date: 2022-11-09

Contract Information

List Price/SqFt: 75.6
Allowance/Concession: No

Location

Street #: 1301
Street Name: Filmore (1309-1325)
St Suffix: Avenue
County: Otero
City/Town Code: Alamogordo
State/Province: NM
Zip Code: 88310
Zip +4: 5064
MLS Area Major: 550 - Otero
Zone Atlas: NOZA

CityCounty Data

Subdivision Name: SUBD: ASPEN PARK LOT: 10

General Property Description

# of Units: 32
5+ Units: Yes
Property Sub-Type: Multi-Family
Living Area: 30944
Lot Size Source: On-Line
Acres: 1.32
Lot SqFt: 57499
Directions: From ABQ to Alamogord
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 6
Year Built: 1984
Age: 41 - 50
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: Four
Flood Zone: AH

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 32
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 967
Actual Rent: 602
Max Rent: 650
Market Rent: 750

Unit Summary

Total Units: 32
Average Unit Size: 967
Average Actual Rent: 602
Annualized: 231168
Total Actual Rent: 19264

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: R012456

Tax & Legal Info

GRT Code: 15-116
Tax Exemption: No
Tax Annual Amount: 1756.16

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Balconies/Deck: Yes
Laundry Community: Yes

Cooling

Evaporative Cooling: Yes

Flooring

No Carpet: Yes
Vinyl: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 219450
Operating Expenses: 74363

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Electric Provider

Public Utility: Yes

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

R-2: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Balconies/Deck; Laundry Community Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Central; Forced Air Cooling: Evaporative Cooling Flooring: No Carpet; Vinyl Electric Provider: Public Utility Electric: None Miscellaneous Info: No Sign Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-2

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Broker ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: November - 09 - 2022

Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.