Address
2235 College Street Las Cruces, NM
Price
$ 831,725
Property Attributes
  • MLS#2103266
  • TypeMulti-Family
  • CountyDONA ANA
  • CityLas Cruces
  • AreaUniv. Hills
  • NeighborhoodPalmers Subdivision
  • Zip88001
  • StyleApartment Building
  • Price$ 831,725
  • Bedrooms10
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage725
  • Lot Size10,019 SqFt
Listing Provided Courtesy Of:
NM Apartment Advisors Inc.
Data Source:
Las Cruces Association of REALTORS® - Southern New
Property 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 5.75% and after tax IRR of 16.20%.If rents are raised to market average of $755, the cap rates goes to 7.11%, cash on cash to 9.34%.

Price History
10/20/2021 Listed $831,725

General Features

Appliances Refrigerator
Construction Frame, Stucco
Cooling Evaporative Central
Heating Forced Air
Property SubType Apartment Building
Property Type C

Interior Features

# of Units 10
Flooring/foundation Slab

Exterior Features

Lot Acres 0.23
Parking Capacity 12.00
Parking Type Off-Site Park, Paved Area

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 88001

Price
AVG $330K
$830K
Visits
AVG 143
39
Year Built
AVG 1953
1958
Walkscore
AVG 64
57
Data Provided by Walkscore ® not using MLS data

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