new mexico large multi unit property

new mexico large multi unit property

Published date: January 27, 2021

Residential Property

United States, New Mexico, Las Cruces

Las Cruces

Views: 8

22000000.00 $US

jazz

Description

232 UNITS

LAS CRUCES, NEW MEXICO

ASKING $22,000,000
($20.5M with Assumable Loan)

NOI $1,521,181
BUILT IN 2002
226,604 SQFT

Newer construction, well maintained property provides investors the opportunity to focus on operations and value enhancements.

Property shows long term pride of ownership – major capital items addressed including parking lot, landscaping, pool, exterior paint, roof (warranty until 2025), and select unit interiors were upgraded.|



Spacious floor plans available including one, two, and three bedrooms (average 977 sf).



Approximately 85% of the tenants are students.



Property boasts an on-site commercial office/retail space with frontage on University Avenue, which is currently underutilized providing the opportunity to convert into additional amenity space.



Las Cruces is experiencing significant economic growth with companies such as Electronic Caregiver bringing 355 jobs by the end of 2020, Rich Global Hemp Corporation bringing 180 jobs, Spaceport America soon to have over 150 workers, and White Sands Missile Range boasting a workforce of more than 5,600 people.



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