2106 College Las Cruces NM

Amazing opportunity in Las Cruces NM – 14 recently renovated units 12.4% after tax IRR

On behalf of the Owner, NM Apartment Advisors, Deacon Property Services, and PMI of New Mexico are excited to bring to the market this stunning 14-unit complex.

This strikingly revitalized one structure complex is a must see!  Comprised of 2, 2/2’s, 11, 1/1’s, and 1 studio, allows for a diverse household makeup.  Keeping the original name of The Casa Blanca Adobe Apartments, you get the keen sense of an adobe style structure with modern amenities and upgrades.  Located just .3 miles from NMSU with a short 3-minute drive or 11-minute walk making it easy to get to class, tour the campus, fish at the Aggie duck pond, or grab a bite to eat at the Corbett Center Student Union.

The revitalizing component spans from top to bottom.  A new roof in 2023 with 12 new master cool units, full exterior two-color elastomeric paint, updated wood fencing, landscaping rock in front, updated exterior lighting with plenty of additional exterior lighting provided by El Paso Electric, more than enough on-site and street parking, and new signage bringing the exterior upgrades all together.

Interior upgrades take this 65-year-old property from old to new as soon as you enter each unit.  You will find stylish vinyl plank flooring, tile, modern two-color semi-gloss paint, updated countertops, plumbing and electrical fixture upgrades, tiled shower surrounds, new vanity cabinets, and other upgrades to ensure tenants get the feel of a quaint, comfortable, and updated living space.  The final interior upgrade that also allows for an additional income stream and provides an additional amenity to tenants is the new laundry room addition which provides two, coin operated washers and dryers located on-site with private tenant access only.

Potential further value add opportunities in which a new owner can capitalize on would be the updating of all the units to refrigerated air via the way of mini splits (2 units already converted), adding individualized back and front fenced in yards so that pets are more easily allowed and provides tenants with a more dedicated space, and the installation of storage closets/sheds, either attached to the building or stand alone, in the back of the complex in which can be leased out to tenants.

Proximity, updates, modernization, and value add opportunity makes this complex a homerun!  Especially in a market facing a shortage of rental units in the thousands.  The opportunity awaits for a new owner to hit the ground running while at the same time taking advantage of further opportunities in the market to maximize rental income potential while providing quality housing for the residents of Las Cruces.

Measures of investment performance at list price of $1,495,195 and with average rent of $738 include GRM of 12.07, Before Reserves Cap rate of 5.95% and after tax IRR of 12.40%.

The 18 page property flyer containing information on rents, expenses, renovations, virtual tour, floorplan and photos can be found here – http://www.nmapartment.com/apt/NMAA-Mont1404LC.pdf

Virtual tour can be viewed at http://www.nmapartment.com/apt/NMAA-College2106LC.pdf

Qualified investors can register for additional information on the property athttp://www.nmapartment.com/2106college

Do not miss out on this amazing opportunity!

Thanks,
Todd Clarke CCIM CIPs

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

and

Kyle Deacon

Qualifying Broker
Deacon Property Services

(505) 878-0100

[email protected]

and

Marvid Charlson

Qualifying Broker
Property Management & Investments of NM

(575) 652-4043

[email protected]