Apartments For Sale
32,328 Sq Ft
High cap rate (8.89%) value add multifamily located nearby to the White Sands National Monument
NM Apartment Advisors is excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico.
Offered for sale by the original developer’s family, this 52-unit community is nestled in tall pines trees on a cul-de-sac not 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 contains 24 studios, 24 x 1 bedroom/1 bathrooms and 4 two bedrooms, two of which have garages.
Based on the current average rents of $472 per month, the property’s measures of investment performance include a 7.22 GRM, 8.89% cap rate before reserves, before tax IRR of 20.60% and an after tax IRR of 15.80%.
If rents were raised to the submarket average of $530, the measures of investment performance improve to a 10.39% cap rate, and 18.16% cash on cash.
Numerous upgrades were made to the property in 2017, 2018 and the property has a new roof installed earlier this summer.
The property consists of 7 buildings on 6 lots along a quiet cul-de-sac street named by the Developer’s daughter (Stardust Court).
Experienced On-site manager would love to stay.
Owner prefers not to disturb residents and encourages offers subject to inspections.
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Pines.pdf
Virtual tours can be found at www.nmapartment.com/pines3d1 and www.nmapartment.com/pines3d2
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.