1301 Filmore (1309-1325) Avenue, Alamogordo, NM 88310
$2,339,292
Property Type:
Residential Income
Square Footage:
30,944
Lot Size (sq. ft.):
57,499
Status:
Closed
Current Price:
$2,339,292
List Date:
4/25/2022
Last Modified:
11/09/2022
Description
This 32 unit community is surrounded by mature landscaping and is short walking distance to major retail and employment centers.
The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.
Based on the current average rents of $602 per month, the property's measures of investment performance include a 10.13 GRM, 6.48% cap rate before reserves, before tax IRR of 13.40% and an after tax IRR of 10.50%.
If rents were raised to the submarket average of $750, the measures of investment performance improve to a 8.15% cap rate, and 14.91% cash on cash.
Additional value add opportunities include adding high speed internet and private yard spaces which could increase the value by another $449,032. (see page 8)
More Information MLS# 1011228
Status Change Info
Pending Date: 2022-09-16
Closing Date: 2022-11-09
Contract Information
Listing Price: 2339292
Current Price: $2,339,292
List Price/SqFt: 75.6
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1301
Street Name: Filmore (1309-1325)
St Suffix: Avenue
County: Otero
City/Town Code: Alamogordo
State/Province: NM
Zip Code: 88310
Zip +4: 5064
Geo Lat: 32.902471
Geo Lon: -105.938792
Area: 550 - Otero
Zone Atlas: NOZA
City/County Data
UPC Code: R012456
Subdivision: SUBD: ASPEN PARK LOT: 10
General Property Description
# of Units: 32
5+ Units: Yes
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 30944
Lot Size Source: On-Line
Acres: 1.32
Lot SqFt: 57499
Directions: From ABQ to Alamogord
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 6
Year Built: 1984
Age: 41 - 50
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: Four
Flood Zone: AH
Tax & Legal Info
GRT Code: 15-116
Current Taxes: 1756.16
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 219450
Operating Expenses: 74363
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 32
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 967
Actual Rent: 602
Max Rent: 650
Market Rent: 750
Unit Summary
Total Units: 32
Average Unit Size: 967
Average Actual Rent: 602
Annualized: 231168
Total Actual Rent: 19264
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: Balconies/Deck; Laundry Community
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Flooring: No Carpet; Vinyl
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: R-2
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: November - 09 - 2022
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