NOT LISTED FOR SALE

1130 Brownlee Ave Las Cruces, NM 88005

Estimated Value: $407,000 - $470,239

3 Beds
4 Baths
3,363 Sq Ft
$130/Sq Ft Est. Value

Last Sold November 29, 2023

Current estimated payment $2,554/month

211 Days on Market

Highlights

  • No HOA
  • Evaporated cooling system
  • Wood Fence
  • Forced Air Heating System

About This Home

As of November 2023

This value add opportunity is a management play with rents that are 21% below market. Located in New Mexico's 2nd largest town, home to NM State University and its ~11,000 students this property is well situated for repositioning in the marketplace.Although the asset is a stable performing core property, it is also a value add opportunity with actual rents some 21.00% below market.Measure of investment performance at list price of $270,166 and with average rent of $480 include GRM of 9.38, Before Reserves Cap rate of 6.42% and after tax IRR of 16.80%.If rents are raised to market average of $610, the cap rates goes to 8.78%, cash on cash to 15.45%.

Last Agent to Sell the Property

David Clarke

NM Apartment Advisors Inc. License #13711 Listed on: 03/10/2023

Co-Listed By

Marvid Charlson

Property Mgt & Investments of NM License #20397

Last Buyer's Agent

Marvid Charlson

Property Mgt & Investments of NM License #20397

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,962

Year Built

  • Built in 1950

Lot Details

  • 10,454 Sq Ft Lot
  • Wood Fence

Bedrooms and Bathrooms

  • 3 Bedrooms

Utilities

  • Evaporated cooling system
  • Forced Air Heating System

Community Details

  • No Home Owners Association
  • 5 Units
  • Palmers Subdivision

Listing and Financial Details

  • Assessor Parcel Number 4-006-135-292-127

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,962

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Property Sub Type: Apartment Building
  • Property Type: Residential Income
  • Year Built: 1950
  • Co List Office Mls Id: LCNPMINM
  • Co List Office Phone: (575) 652-4043
  • Co List Office Mls Id: LCNNMAAI
  • Subdivision Name: Palmers Subdivision
  • Directions: From Main street and North Valley North Valley right to Brownlee, left on Brownlee to property From I-10 and Avenida Mesilla right to South valley road, left to Brownlee, right on Brownlee to property.
  • Special Features: None

Interior Features

  • Appliances: Refrigerator
  • Total Bedrooms: 3

Exterior Features

  • Acres: 0.24
  • Construction Type: Block

Garage/Parking

  • Parking Features: Off-Site Park

Utilities

  • Heating: Forced Air
  • Cooling: Evaporative Central, Evaporative Window
  • Sewer: City Sewer
  • Water Source: City

Condo/Co-op/Association

  • Association: No

Lot Info

  • Parcel Number: 4-006-135-292-127
  • Fencing: Wood
  • Lot Dimensions: 0 to .24 AC
  • Lot Size Sq Ft: 10454

Multi Family

  • Number Of Units Total: 5

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 10, 2023
Closed on
Nov 27, 2023
Sold by
Edge Capital Iii Llc
Bought by
Boom Son Investments Llc
Seller's Agent
David Clarke
NM Apartment Advisors Inc.
Buyer's Agent
Marvid Charlson
Property Mgt & Investments of NM
List Price
$449,371
Views
7
Current Estimated Value
$438,620

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$344,717
Outstanding Balance
$340,205
Interest Rate
7.57%
Mortgage Type
Construction
Estimated Equity
$96,560

Purchase Details

Listed on
Nov 25, 2020
Closed on
Feb 24, 2021
Sold by
Brownie Llc
Bought by
Edge Capital Iii Llc
Seller's Agent
David Clarke
NM Apartment Advisors Inc.
Buyer's Agent
David Clarke
NM Apartment Advisors Inc.
List Price
$270,166

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$240,000
Interest Rate
2.7%
Mortgage Type
Stand Alone Second

Purchase Details

Closed on
Apr 15, 2011
Sold by
Thomson Elizabeth
Bought by
Brownlee L L C

Purchase Details

Closed on
Sep 15, 2005
Sold by
Grey Street Inc
Bought by
Thompson Elizabeth

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$59,930
Interest Rate
4%
Mortgage Type
Unknown

Purchase Details

Closed on
May 3, 2001
Sold by
Macaw Donald and Macaw Arlene R
Bought by
Wegener Louis and Wegener Iwalani

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$75,000
Interest Rate
10%
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Boom Son Investments Llc -- None Listed On Document
Boom Son Investments Llc -- Las Cruces Abstract & Title
Edge Capital Iii Llc -- Las Cruces Abstract
Brownlee L L C -- None Available
Thompson Elizabeth -- Dona Ana Title Company
Wegener Louis -- Las Cruces Abstract & Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Boom Son Investments Llc $344,717
Previous Owner Edge Capital Iii Llc $240,000
Previous Owner Thompson Elizabeth $59,930
Previous Owner Wegener Louis $75,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/24/2023 12/24/23 Off Market -- -- --
12/10/2023 12/10/23 Off Market -- -- --
11/29/2023 11/29/23 Sold -- -- --
10/10/2023 10/10/23 Pending -- -- --
03/12/2023 03/12/23 For Sale $449,371 +66.3% $134 / Sq Ft
05/28/2021 05/28/21 Off Market -- -- --
02/27/2021 02/27/21 Sold -- -- --
01/13/2021 01/13/21 Pending -- -- --
11/25/2020 11/25/20 For Sale $270,166 -- $119 / Sq Ft
Source: Southern New Mexico MLS (Las Cruces Association of REALTORS®)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $1,962 $102,375 $8,333 $94,042
2023 $2,312 $74,769 $8,333 $66,436
2022 $2,277 $72,592 $8,333 $64,259
2021 $1,300 $41,590 $8,333 $33,257
2020 $1,308 $41,621 $8,333 $33,288
2019 $1,311 $41,621 $8,333 $33,288
2018 $1,340 $42,789 $7,408 $35,381
2017 $1,194 $41,543 $6,162 $35,381
2016 $1,175 $40,334 $4,667 $35,667
2015 $1,181 $120,988 $14,007 $106,981
2014 $1,163 $119,200 $13,800 $105,400
Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2023

    David Clarke

    NM Apartment Advisors Inc.

  • M

    Seller Co-Listing Agent in 2023

    Marvid Charlson

    Property Mgt & Investments of NM

    (575) 642-6844

    12 Total Sales

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Map

Source: Southern New Mexico MLS (Las Cruces Association of REALTORS®)

MLS Number: 2300540

Southern New Mexico MLS (Las Cruces Association of REALTORS®)

APN: 02-02244

New Mexico Dona Ana County Las Cruces 88005

1130 Brownlee Ave, Las Cruces, NM

This home is located at 1130 Brownlee Ave, Las Cruces, NM 88005 since 10 March 2023 and is currently estimated at $438,620, approximately $130 per square foot. This property was built in 1950. 1130 Brownlee Ave is a home located in Dona Ana County with nearby schools including Mac Arthur Elementary School, Picacho Middle School, and Las Cruces High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Southern New Mexico MLS (Las Cruces Association of REALTORS®) The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing information is deemed reliable, but not guaranteed.

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