For Sale
$4,724,000

2100 Stardust CtAlamogordo, NM 88310

52-Unit Apartment Complex, High Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 52-unit apartment building presents a compelling investment opportunity in Alamogordo, New Mexico. Located on a 1.92-acre lot at 2100 Stardust Ct, this property boasts a strong 7.25% cap rate (7.98% pro-forma) with a current NOI of $342,544 ($377,100 pro-forma). The asking price is $4,724,000, translating to $90,846.15 per unit. Built in 1987 and extensively renovated in 2022, the complex comprises seven two-story buildings, zoned R-4. The unit mix includes 24 studios, 24 one-bedroom/one-bathroom units, and four two-bedroom units (two with garages). The property benefits from its proximity to Holloman Air Force Base and White Sands National Monument, contributing to a stable rental market. Recent upgrades include a new roof (2017-2019) and complete apartment renovations (2023-2024). An experienced off-site management company is in place. The property's financial performance is further enhanced by the potential for rent increases to market averages. The seven buildings are situated on a quiet cul-de-sac. APN numbers are 01N4057094015453, 01N4057094021435, 01N4057094030452, 01N4057094030435, 01N4057094041452, and 01N4057094041435. Offers are encouraged subject to inspections. Virtual tours are available online.

Highlights

  • $4,724,000 asking price for a 52-unit apartment building in Alamogordo, NM.
  • 7.25% cap rate, 7.98% pro-forma cap rate, with a NOI of $342,544 and a pro-forma NOI of $377,100.
  • Recently renovated (2022) 52-unit multifamily property, consisting of 7 buildings on a 1.92-acre lot.
  • Located near White Sands National Monument and Holloman Air Force Base.
  • Property features a mix of studio, one-bedroom, and two-bedroom units.

Property Details for 2100 Stardust Ct

Property type
Apartment buildings
Year Built/Renovated
1987/2022
Buildings
7
Stories
2
Lot Size (sq. ft)
83,635 SF
Units
52

Location Insight

City
Alamogordo
County
Otero
State
New Mexico
Latitude
32.892283699381
Longitude
-105.93462484764
2100 Stardust Ct, Alamogordo, New Mexico

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2100 Stardust Ct
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