Homes by Carolyn Fischman

2215 College and 1115 Newberry Street, Las Cruces, NM 88001 (MLS# 1003283)

2215 College and 1115 Newberry Street, Las Cruces, NM 88001

$831,725
Property Type: Residential Income Square Footage: 6,854 Lot Size (sq. ft.): 20,038 Status: Closed
Current Price: $831,725 List Date: 10/21/2021 Last Modified: 5/11/2022

Overview

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

Listing Details MLS# 1003283

Status Change Info

Pending Date
2022-02-07
Closing Date
2022-05-11

Contract Information

List Price/SqFt
121.35
Allowance/Concession
No

Location

Street #
2215
Street Name
College and 1115 Newberry
St Suffix
Street
County
Dona Ana
City/Town Code
Las Cruces
State/Province
NM
Zip Code
88001
Zip +4
5549
MLS Area Major
430 - Dona Ana
Zone Atlas
NOZA

General Property Description

# of Units
10
5+ Units
Yes
Units for Sale
10
Property Sub-Type
Multi-Family
Living Area
6854
SqFt Source
Professional
Lot Size Source
On-Line
Acres
0.46
Lot SqFt
20037.6
Directions
From I-25 and University - west to Espina, north to Monte Vista east College, Newberry
Stories
2
Total Stories in Bldg
2
Total # of Buildings
5
Year Built
1977
Year Built Exception
Unknown
Age
51 - 60
Disability Access
No
LBP Disclosure
Yes
Builder
Unknown
Owner Occupant Unit
No
Multiple Lots
One
Flood Zone
X

Basement

Basement
No

Sales Info

Trade/Xch Considered
No

More Information

# of Unit Types (1)

# of Units
Yes
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
1083
Actual Rent
695
Max Rent
750
Market Rent
825

# of Unit Types (2)

# of Units
5
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
693
Actual Rent
694
Max Rent
750
Market Rent
825

# of Unit Types (3)

# of Units
4
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
573
Actual Rent
540
Max Rent
540
Market Rent
650

Unit Summary

Total Units
10
Average Unit Size
684
Average Actual Rent
632.5
Annualized
75900
Total Actual Rent
6325

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
4008136343447

Tax & Legal Info

GRT Code
07-105
Tax Exemption
No
Tax Annual Amount
3904.56

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

No Landscaping
Yes

Cooling

Evaporative Cooling
Yes

Flooring

Carpet
Yes

Heating

Wall Unit
Yes

Owner Pays

Other - See Remarks
Yes

Tenant Pays

Other - See Remarks
Yes

Income & Expenses

Annual Gross Income
74678
Operating Expenses
26854

Build Description

Resale
Yes

Appliances included

Refrigerator
Yes

Utilities

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

Electric Provider

None
Yes

Electric

None
Yes

Miscellaneous Info

No Sign
Yes

Metering

Individual Electric
Yes
Individual Gas
Yes

Roof

Positive Pitched
Yes
Shingle
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: No Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Wall Unit Cooling: Evaporative Cooling Flooring: Carpet Electric Provider: None Electric: None Miscellaneous Info: No Sign Metering: Individual Electric; Individual Gas Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Roof: Positive Pitched; Shingle Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-2
Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 11 - 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.

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