2106 College StLas Cruces, NM 88001

Property Details for 2106 College St

Year built

1959

Lot size

0.62 AC

Property size (Sq ft)

5,995 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 14-unit apartment building, located at 2106 College St in Las Cruces, NM (88001), presents a compelling investment opportunity. The property, built in 1959 and extensively renovated in 2023, boasts 5,995 square feet on a 0.62-acre lot. The building features a mix of unit types: two 2-bedroom/1-bathroom units, eleven 1-bedroom/1-bathroom units, and one studio apartment. Recent upgrades include a new roof, updated exterior paint, new landscaping, enhanced exterior lighting, and a new on-site laundry facility with coin-operated washers and dryers. Interior renovations are equally impressive, featuring stylish vinyl plank flooring, updated kitchens and bathrooms, and fresh paint throughout. The property is zoned R-3 and benefits from its proximity to New Mexico State University (NMSU), approximately a 3-minute drive or 11-minute walk away. The asking price is $1,299,237, representing a price per unit of $92,802.64 and a price per square foot of $216.72. The property currently generates a Net Operating Income (NOI) of $85,767, resulting in a 6.60% cap rate. Pro-forma NOI is $84,611, yielding a 6.51% pro-forma cap rate. Further value-add potential exists through the conversion of remaining units to refrigerated air, the addition of fenced yards, and the installation of storage units. This property offers a strong return on investment in a market experiencing a significant rental shortage.

Location Insight

City

Las Cruces

County

Doña Ana

State

New Mexico

Latitude

32.2888

Longitude

-106.758

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