Description
This complex is located just off one of busiest streets in Las Cruces (Valley Drive), a few blocks from the renovated downtown area and Farmers Market, and a short walk to Pioneer Park and the Boys and Girls Club. This complex built in the 1950's now has its charm restored! With new cedar fencing which offers each unit privacy and security. Exterior upgrades include new two-color elastomeric paint, new TPO roof over units #1, #2, & #5, new vinyl windows in all units, and electric service upgrades. Interior upgrades include vinyl plank flooring, fresh two-color paint, updated lighting and plumbing fixtures, updated shower surrounds, and some updated with new appliances. These updates have proven to be appealing to tenants and surrounding neighbors alike. Measures of investment performance at list price of $449,371 and with average rent of $690 include GRM of 10.85, Before Reserves Cap rate of 6.31% and after tax IRR of 13.10%.If rents are raised to market average of $849, the cap 7.89%
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3BEDS
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0.24ACRES
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0BATHS
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01/2 BATHS
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3,363SQFT
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$134$/SQFT
School Ratings & Info
Description
This complex is located just off one of busiest streets in Las Cruces (Valley Drive), a few blocks from the renovated downtown area and Farmers Market, and a short walk to Pioneer Park and the Boys and Girls Club. This complex built in the 1950's now has its charm restored! With new cedar fencing which offers each unit privacy and security. Exterior upgrades include new two-color elastomeric paint, new TPO roof over units #1, #2, & #5, new vinyl windows in all units, and electric service upgrades. Interior upgrades include vinyl plank flooring, fresh two-color paint, updated lighting and plumbing fixtures, updated shower surrounds, and some updated with new appliances. These updates have proven to be appealing to tenants and surrounding neighbors alike. Measures of investment performance at list price of $449,371 and with average rent of $690 include GRM of 10.85, Before Reserves Cap rate of 6.31% and after tax IRR of 13.10%.If rents are raised to market average of $849, the cap 7.89%
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