NOT LISTED FOR SALE

2235 College St Las Cruces, NM 88001

2 Beds
-- Bath
725 Sq Ft
10,019 Sq Ft Lot

Last Sold October 19, 2022

120 Days on Market

Highlights

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

About This Home

As of October 2022

This value-add opportunity is a core asset in that its 100% occupied and has had recent renovations, but could also be a value add in branding, signage and bringing the current rents that are 12% below market to 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.Major capital expenditures and additions made by the current owner include:-$6,000 in roof repairs-$3,580 New gutters-upgrade of units 2217, 2219, and 2235-replaced sewer in unit 2225-stucco patches throughout-added fencing for private backyards.Measures of investment performance at list price of $831,726 and with average rent of $633 include GRM of 10.95, Before Reserves Cap rate of 5.75% and after tax IRR of 16.20%.If rents are raised to market average of $755, the cap rates goes to 7.11%, cash on cash to 9.34%.

Last Agent to Sell the Property

David Clarke

NM Apartment Advisors Inc. License #13711 Listed on: 10/20/2021

Last Buyer's Agent

David Clarke

NM Apartment Advisors Inc. License #13711 Listed on: 10/20/2021

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1958

Lot Details

  • 10,019

Parking

  • Paved Parking

Home Design

  • Frame Construction
  • Stucco

Utilities

  • Evaporated cooling system
  • Forced Air Heating System

Additional Features

  • 2 Bedrooms
  • 10,019 Sq Ft Lot

Community Details

  • No Home Owners Association
  • 10 Units
  • Palmers Subdivision

Listing and Financial Details

  • Assessor Parcel Number 4-008-136-358-485

Property Details

Home Type

Multi-Family

Year Built

Built in 1958

Lot Details

0

Listing Details

  • Property Sub Type: Apartment Building
  • Property Type: Residential Income
  • Year Built: 1958
  • Co List Office Mls Id: LCNNMAAI
  • Subdivision Name: Palmers Subdivision
  • Directions: From University and Espina - north on Espina to Plain east to College, north to property.
  • Special Features: None

Interior Features

  • Appliances: Refrigerator
  • Total Bedrooms: 2

Exterior Features

  • Acres: 0.23
  • Construction Type: Frame, Stucco

Garage/Parking

  • Parking Features: Off-Site Park, Paved Area

Utilities

  • Heating: Forced Air
  • Cooling: Evaporative Central

Condo/Co-op/Association

  • Association: No

Lot Info

  • Parcel Number: 4-008-136-358-485
  • Lot Dimensions: .51 to .75 AC
  • Lot Size Sq Ft: 10019

Multi Family

  • Number Of Units Total: 10

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

Property History

Date Event Price Change Sq Ft Price
12/24/2023 12/24/23 Off Market -- -- --
01/17/2023 01/17/23 Off Market -- -- --
10/19/2022 10/19/22 Sold -- -- --
02/17/2022 02/17/22 Pending -- -- --
10/20/2021 10/20/21 For Sale $831,725 -- $1,147 / Sq Ft
Source: Southern New Mexico MLS (Las Cruces Association of REALTORS®)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2022

    David Clarke

    NM Apartment Advisors Inc.

See All Agents

Map

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

MLS Number: 2103266

Southern New Mexico MLS (Las Cruces Association of REALTORS®)
New Mexico Dona Ana County Las Cruces 88001

2235 College St, Las Cruces, NM

This home is located at 2235 College St, Las Cruces, NM 88001 since 20 October 2021. This property was built in 1958. 2235 College St is a home located in Dona Ana County with nearby schools including University Hills Elementary School, Lynn 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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