Casa Bandera
- Scaling 232-unit value-add opportunity in Las Cruces, NM directly across the street from New Mexico State University
- Impressive operational performance with year-over-year income increasing 17% and year-over-year rents increasing 13%
- Currently occupied at 96%
- The community features 100% classic interiors primed for the next investor to complete interior renovations to generate rent premiums
- Organic rent growth opportunity as average in-place occupied rents are up to ±$276-$359 below submarket competitors
- Renovating interiors to a premium upgrade package (cost $8,000/unit) could yield premiums of ±$200/unit for a potential revenue increase of $556,800 annually, a 30% return on investment
- Favorable unit mix with 13% one-beds, 70% two-beds, and 17% three-bed units averaging 977 sf
- Current and previous ownership have invested significant capital into community improvements including, but not limited to, roof upgrades/coating with a warranty good through 2025, addition of a dog park, renovated pool area and clubhouse, new exterior paint, parking lot restripe, and LED lighting upgrade
- Ancillary income opportunities include installing covered parking and charging up to ±$40/covered space/month
- Opportunity to covert the complex to student housing and charge per bed, yielding significant rent premiums
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Apartments |
| No. of Units: | 228 |
| Year Built: | 2002 |
| Building Size: | 226,604 Sq ft |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
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