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

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Brokers ›

Tax Levy Disclosure ›

Property Tax 2211 ›

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.