10 Unit Multi-Family

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30221412
Property Subtypes: Low-Rise/Garden, Mid-Rise
Status: Pending/Contingent
Number of Units: 10 Units
Building Size (RSF): 8,390 SF
Gross Land Area: 43,942 SF
Sale Price: $600,000
Unit Price: $60,000 Per Unit
Property Use Type: Investment
Building Name: Locust Apts
Usable Size (USF): 8,390 SF
Sale Terms: Undisclosed, Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/7/2018

Overview / Comments

2250 S Locust Street is a very desirable multi-family property. It is located approximately ½ mile from New Mexico State University. The property consists of 10 units, one home and 9 apartments. There is also 2095 SF of garage and storage units.The 3 garage units have been plumbed for electrical and water for future expansion to studio apartments.That could be more potential income.The owners currently have it managed by a property management firm. The owners have spent $117,561 on the units for upgrades and repairs. Broker has the list broken down by each unit. The roof has also been replaced on the units. The income potential is greatly enhanced by the location, close to the University. Potential rental income is $68,400.00 per year. Actual rental income for 2017 was $66,091.18. This property is also small enough for an investor to manage it themselves. Since most of the repairs have been done, there could be very little to do. It is not often that a multi-family property with this much potential and these many units come up for sale. Current vacancy is only one unit. Rents range from $475 to $800 per unit. Contact Tom Whatley at 575-649-2256 or tom@thomaswhatley.com for more details.

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Taxing Authority: Dona Ana County
Tax ID/APN: 02-14701
Percent Occupied: 90%
Property Located Between: University and Missouri
Highway Access: Interstate 10 and 25
Airports: El Paso
Site Description: Fairly flat
Area Description: Mixed use multi-family and retail
Total Number of Buildings: 4
Property Condition: Good
Number of Stories: 1
Year Built: 1967
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Block
Parking Type: Surface
Parking Description: Parking Lot
Total Parking Spaces: 20
Laundry: In Each Unit
Sprinklers: None
Internet Access: Cable, Satellite
Zoning Description: R-3 Medium Density
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: COLLEGE MESA SUBDIVISION 301 Lot: TR B S: 21 T: 23S R: 2E

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,682 64,257 103,237
Median Age: 25.91 33.77 34.92
Households: 6,597 26,348 41,419
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