39 Smith RdMountainair, NM 87036

Property Details for 39 Smith Rd

Lot size

40.00 AC

Property size (Sq ft)

430,000 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents eight buildings situated on a sprawling 40-acre lot in Mountainair, New Mexico. The property, classified as Class C multifamily, encompasses a substantial 430,000 square feet and offers 8 individual units. Currently vacant, the property is available for occupancy starting November 15, 2023, presenting a unique chance for immediate repositioning. The asking price is $375,000, translating to $0.87 per square foot and $46,875 per unit. Ample parking is provided with 100 spaces available. The property is offered fee simple and is categorized as a mixed-use, value-add investment. While the current Net Operating Income (NOI) is $0 due to vacancy, this presents a significant opportunity for an investor to increase profitability through renovations and lease-up. The seller is open to financing options, including carrying a note with a 35% down payment at a 7% APR fixed rate over 7 years. This property is located at 39 Smith Rd, Mountainair, NM 87036, in Torrance County. This is a rare chance to acquire a large-scale multifamily portfolio with significant upside potential in a growing market.

Location Insight

City

Mountainair

County

Torrance

State

New Mexico

Latitude

34.5169

Longitude

-106.258

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