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)
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.
Flyer & APOD ›