2500 N Florida Ave

Multi-Family

2500 N Florida Ave, AlamogordoNM 88310

Property Details

Location

Address
2500 N Florida Ave, AlamogordoNM 88310
County
Otero
Submarket
Parcels
R014583

Building Size

Building Size
3,984 SF
Rentable Space
3,984 SF

Building Details

Type
 Multi-Family
Number of Buildings
Number of Units
4
Occupancy Type
Multi-tenant
Building Class
Building Status
Existing
Floors
Year Built
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.42 Acres
Land (SF)
18,295 SF
Sanitary Sewer
Yes
Water
Yes
Rail Service
No
Zoning
Lot Depth
Lot Width

Contacts

Current Listings

Alamogordo fourplex - high cap rate

3,984 SF$364,490
Cap Rate: 8.05%
NM Apartment Advisors, Inc.

NM Apartment Advisors is excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico. The property is located at 2500 Florida in Alamogordo, NM.

The area economy is driven by the military (Holloman Air Force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.

This property contains three extraordinarily large units – one three bedroom and two by two bedroom units and a one bedroom. Location is the real key for this property as its walking distance to Alamogordo’s main retail corridor and major mall.

Based on the current average rents of $925 per month, and an ask price of $364,490 the property’s measures of investment performance include a 8.21 GRM, 8.05% cap rate before reserves, before tax IRR of 21.90% and an after-tax IRR of 16.60%. Rents recently increased 15.25% over year end 2021.

If rents were raised to the submarket average of $1,006, the measures of investment performance improve to a 8.961% cap rate, and an outstanding 17.66% cash on cash.

Concerned about finding property management? Do not worry, Alamogordo passes the Home Depot test (the idea being that if a community has a Home Depot is will also have the trades/vendors you need to maintain your property). Local property management is available and if you have an investment presence in Las Cruces – this property is only 68 miles.

17 page flyer and additional information at http://www.nmapartment.com/apt/NMAA-Florida2500Alam.pdf

Recent detailed inspections reports available to qualified investors who complete the online confidentially agreement at www.nmapartment.com/florida25

Do you need a bigger footprint in this market? The same seller also owns 4 more units located at 1218 Michigan – priced at $215,575, a 6.92% cap rate – flyer and additional info at http://www.nmapartment.com/apt/NMAA-Michigan1218Alam.pdf

Needed an even bigger foot print? We also have co-listed a 32 unit property – Quest Real at http://www.nmapartment.com/apt/NMAA-Fillmore1301Alamogordo.pdf at a 6.48% cap rate and $2,339,292 price.f

Do not wait, high(er) cap rate apartment investments in New Mexico are going fast!

NM Apartment Advisors, Inc.

NM Apartment Advisors is excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico. The property is located at 2500 Florida in Alamogordo, NM.

The area economy is driven by the military (Holloman Air Force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.

This property contains three extraordinarily large units – one three bedroom and two by two bedroom units and a one bedroom. Location is the real key for this property as its walking distance to Alamogordo’s main retail corridor and major mall.

Based on the current average rents of $925 per month, and an ask price of $364,490 the property’s measures of investment performance include a 8.21 GRM, 8.05% cap rate before reserves, before tax IRR of 21.90% and an after-tax IRR of 16.60%. Rents recently increased 15.25% over year end 2021.

If rents were raised to the submarket average of $1,006, the measures of investment performance improve to a 8.961% cap rate, and an outstanding 17.66% cash on cash.

Concerned about finding property management? Do not worry, Alamogordo passes the Home Depot test (the idea being that if a community has a Home Depot is will also have the trades/vendors you need to maintain your property). Local property management is available and if you have an investment presence in Las Cruces – this property is only 68 miles.

17 page flyer and additional information at http://www.nmapartment.com/apt/NMAA-Florida2500Alam.pdf

Recent detailed inspections reports available to qualified investors who complete the online confidentially agreement at www.nmapartment.com/florida25

Do you need a bigger footprint in this market? The same seller also owns 4 more units located at 1218 Michigan – priced at $215,575, a 6.92% cap rate – flyer and additional info at http://www.nmapartment.com/apt/NMAA-Michigan1218Alam.pdf

Needed an even bigger foot print? We also have co-listed a 32 unit property – Quest Real at http://www.nmapartment.com/apt/NMAA-Fillmore1301Alamogordo.pdf at a 6.48% cap rate and $2,339,292 price.f

Do not wait, high(er) cap rate apartment investments in New Mexico are going fast!

View Details
View Details
BROKER

Source: CARNM

©Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Catylist Real Estate Software, Inc. does not assume any liability for errors or omissions.

Commercial Exchange is a national commercial real estate marketplace powered by Catylist.