2100 Stardust Court

High cap rate (7.50% actual) value add multifamily located nearby to the White Sands National Monument – bring all offers

NM Apartment Advisors Inc. And Epic Real Estate are excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico.

This 52-unit community is nestled in tall pines trees on a cul-de-sac just a short distance to the foothills of the Sacramento mountains and short drive to New Mexico’s iconic White Sands national monument.

The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.)

Built in 1986-1987, this 52 unit community has solid 2”x6” construction, higher end finishes and vaulted ceilings in the upstairs units. The property contains 24 studios, 24 x 1 bedroom/1 bathrooms and 4 two bedrooms, two of which have garages.

Based on an ask price of $4,724,000 the current average rents of $821 per month, the property’s measures of investment performance include a 9.22 GRM, 7.50% cap rate before reserves, before tax IRR of 14.30% and an after tax IRR of 11.20%.

If rents were raised to the submarket average of $886, the measures of investment performance improve to a 8.23% cap rate, and 9.37% cash on cash.

Numerous upgrades were made to the property in 2017-2019 including a new roof,  and the current owner continued an renovating all of the apartment units between 2023-2024.

The property consists of 7 buildings on 6 lots along a quiet cul-de-sac street named by the original Developer’s daughter (Stardust Court).

Experienced Off-site management company would love to stay and work with the new owner.

Recent comparable sales

Owner prefers not to disturb residents and encourages offers subject to inspections.
Virtual tours can be found at http://www.nmapartment.com/stardust2125unit3 and http://www.nmapartment.com/stardust2160unit5

Flyer, APOD, and property info at  http://www.nmapartment.com/apt/NMAA-Pines.pdf

Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/pines

Do not miss out on this amazing opportunity to invest in a recession resistant, military focused market like Alamogordo, NM.

Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

And

Mark Thompson CCIM
Qualifying Broker and Principal
Epic Real Estate

(505) 263-5350

[email protected]

(as a matter of disclosure, Mr. Thompson is a licensed broker and part owner operating on his own account)