Description
This property contains three extraordinarily large two bedroom units and a one bedroom. Location is the real key for this property as its walking distance to Alamogordo's main retail corridor and major mall.Based on the current average rents of $800 per month, the property's measures of investment performance include a 9.49 GRM, 6.75% cap rate before reserves, before tax IRR of 18.90% and an after-tax IRR of 14.60%.If rents were raised to the submarket average of $825, the measures of investment performance improve to a 7.03% cap rate, and an outstanding 11.48% cash on cash.The area economy is driven by the military (Holloman air force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.
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2BEDS
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0.42ACRES
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0BATHS
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01/2 BATHS
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3,984SQFT
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$91$/SQFT
School Ratings & Info
Description
This property contains three extraordinarily large two bedroom units and a one bedroom. Location is the real key for this property as its walking distance to Alamogordo's main retail corridor and major mall.Based on the current average rents of $800 per month, the property's measures of investment performance include a 9.49 GRM, 6.75% cap rate before reserves, before tax IRR of 18.90% and an after-tax IRR of 14.60%.If rents were raised to the submarket average of $825, the measures of investment performance improve to a 7.03% cap rate, and an outstanding 11.48% cash on cash.The area economy is driven by the military (Holloman air force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.
IDX information © 2022 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively 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. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or The Buchman Group | Keller Williams Realty. Data last updated: 2022-01-18T16:04:57.2.
Listing courtesy of Nm Apartment Advisors, Inc.. © 2022 Southwest Multiple Listing Service, Inc.