1111 – 1115 W McKay Carlsbad, NM

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Address: 1111 - 1115 W McKay St, Carlsbad, NM 88220, USA

Phoenix & Southwest + Apartment Buildings

Created date: March 13, 2024

Date last updated: August 21, 2024

Amazing opportunity in booming market of Carlsbad, NM – 6.20% cap rate renovated fourplexes

On behalf of the owners, NM Apartment Advisors, Berkshire Hathaway Enchanted Land Realtors, and Deacon Property Services are excited to bring these updated Carlsbad four-plexes to market. They contains 4 well-apportioned 2 bedroom / 1 bath in each apartment building pragmatically updated inside and out.

Recently remodeled units feature open floorplans with large eat-in kitchens, living areas with woodburning fireplaces, and bedrooms with plenty of storage – all complimented by custom woodwork and quality, hardy contemporary finishes throughout. Add all that to updated thermal windows, a new 30-year roof, upgraded stucco and paint, and a new common laundry room, and you’ve got a turnkey investment that will allow the next owner to truly reap the benefits of one of New Mexico’s fastest growing and appreciating real estate markets (without the headache of inheriting deferred maintenance and urgent projects with no upside).

Carlsbad continues to grow exponentially as high paying jobs are generated in oil and gas production, agriculture, and one of the most solid tourism sectors in the southwestern united states. Beyond the boom economy, people choose to live in the “the Pearl on the Pecos” for its high quality of life, good schools, and unique recreation opportunities. Now is the right time to tap into one of the nation’s premiere, undiscovered multi-family investment markets.

As a portfolio of 8 units, the seller is willing to sell for a bit of a discount from the fourplex price.

Measures of investment performance at the ask price of $1,176,543 and with average rent of $1,125 include GRM of 10.89, Before Reserves Cap rate of 6.20% and after tax IRR of 14.30%.

If rents are raised to market average of $1,286, the cap rates goes to 6.91%.

The 17 page property flyer containing information on rents, expenses, renovations, virtual tour, floorplan and photos can be found here – http://www.nmapartment.com/apt/NMAA-McKay1115CA.pdf

Virtual tour can be viewed at http://www.nmapartment.com/mckay3d

Qualified investors can register for additional information on the property at http://www.nmapartment.com/1111WMcKay

Do not wait – opportunities to invest in booming markets like this are very rare.

Todd Clarke CCIM CIPs

CEO
NM Apartment Advisors Inc.
(505) 440-TODD

and

Kyle Deacon
Deacon Property Services

(505) 878-0100

[email protected]

and

Lanette Rostro

Berkshire Hathaway Home Services Enchanted Land Realtors

(575) 200-5954

[email protected]

Under Contract

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Key Property Information

Listing Status:	Under Contract
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,176,543
No. of Units:	8
Cap Rate:	6.20%
GRM /GIM:	10.89
Year Built:	2003
Year Renovated:	2023
Building Size:	6,584 Sq ft
Lot Size:	0.32 Acres
No. of Stories:	2
APN:	425637568280, R058051, 4156127445180, R058053
Zoning Code:	R-1
Opportunity Zone:	No
Price per unit:	$147,068
Parking Spaces:	10
Property Website	Click Here