Apartments For Sale
32,328 Sq Ft
Offered by original developer's family, the Pines apartments are located on a street infused with tall pine trees and mature landscaping.
Built in 1986-7 and refreshed in the last few months, at the ask price of $2,125,000 and with an average rent of $459, the property measure of investment performance include a GRM of 67.42, a before reserves CAP rate of 8.31%, 14.02% cash on cash, and an after Tax IRR of 14.5%.
If rents were bumped to market of $539, the CAP Rate improves to 10.41% and the cash on cash to 18.23%.
29 page flyer, area overview, property info, APOD, IRR and virtual tour can be found at in documents or by emailing listing broker.
Alamogordo is experiencing a lot of new growth and I welcome your questions and offers for this amazing opportunity.