1 Thru 16 Sams Court
Property Description
Incredible VALUE-ADD investment opportunity in the heart of La Luz, New Mexico! Situated on approximately 3.46 acres, this manufactured housing property consists of 29 platted spaces and offers significant potential for continued improvement and increased rental income.Located just minutes from Alamogordo, residents enjoy convenient access to shopping, schools, employment, and other amenities while maintaining the quieter setting of La Luz. With existing rental income, ongoing renovations, separately metered utilities, and additional value-add potential across the 29 platted spaces, this property presents an opportunity for an investor to continue the current improvement strategy and expand the property's income-producing potential. All these factors contribute to the pent up demad for these units. Rates have room to be increased based on area market.The property currently has 10 renovated homes that are 100% occupied and producing rental income. The seller has been systematically improving the property, completing approximately one full home renovation every three months with a single contractor. Each rehabilitation averages approximately $15,000 and includes substantial improvements such as roofing, plumbing, HVAC, and other necessary upgrades.The property features separately metered electric and community water service, allowing for streamlined utility management. Some homes have also been converted to all-electric service, with the seller continuing this approach as additional homes are renovated.Although the property contains 29 platted spaces, current Assessor records and drawings reflect approximately 20-21 spaces due to several existing manufactured homes being positioned across original lot lines. This creates a unique opportunity for a future owner to evaluate the property's existing layout and potential long-term utilization. Current ownership reports approximately $1,200 annually in property taxes and approximately $1,200 annually for general liability insurance. Tenants handle their own trash disposal utilizing a public dump station located approximately one mile from the property, and the seller does not charge tenants separately for septic or trash service.
Broker Details
New Mexico Properties/Allstar, REALTORS (505) 798-6300
MLS ID: tgalleg State License Number: 45240
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,300,000 |
| No. of Units: | 20 |
| Year Built: | 1950 |
| Opportunity Zone: | No |
| Price per unit: | $65,000 |
| Property Website | Click Here |
| Number of Bedrooms: | 54 |
| Number of Bathrooms: | 36 |
ID: 3yd-GAARNM-1092578
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