1400 S Espina Street, Las Cruces, NM 88001

$3,280,000

Property Type: Multi-Family Bedrooms: 28 Baths: 18 Square Footage: 10,389 Lot Size (sq. ft.): 41,382 Status: Active

Current Price: $3,280,000 List Date: 3/27/2024 Last Modified: 3/02/2025

Description

Looking for a moneymaker with room to increase rents and income? This 18-unit complex near New Mexico State University may be the one! The property consists of 10 two bedroom and 8 one bedroom units situated in 6 buildings with individual washer & dryer hookups, heat, air & utilities. Current rents are below HUD Fair Market Rents in the 88001 zip code, which are $890 per month for 1 Brs and $1,000 for 2 Brs, If that's not enticing enough, the owner will finance the purchase. This is a terrific opportunity.

More Information MLS# 2400882

Contract Information

Qualifying Broker Name: Gary Sandler Qualifying Broker License #: 15204 Property Sub-Type: Apartment Complex Asking Price: 3280000 Current Price: $3,280,000 Number of Units: 18 Status: Active Term Date: 2024-03-04

Location Tax Legal

Number: 1400 Direction: S Street Name: Espina St Suffix: Street County: Dona Ana State: NM Zip Code: 88001 Area: 328 - Valley View Subdivision: College Subdivision

General Property Info

HOA: No Use of Electronic Document Transmission: Yes Property in PID: No Green Certified: No Lot Size: .76 to 1 AC Actual Lot Size Source: Public Records Lot SqFt: 41382 Lot Acres: 0.95 Parking Capacity: 27 Appx House SqFt: 10389 # Bedrooms: 28 Total Baths: 18 Year Built: 1972 Age: 51 to 60 Years Gross Income Month: 13440 Earnest Money Payable To: SWAT - Patricia Saenz 3rd Party Approval: No Short Sale: No REO/Bank Owned: No Owner Financing: Yes Court Approval: No

Type of Tenancy

Other - See Remarks: Lease Terms Vary

Amenities (Common)

Other - See Remarks: Some Units Have Back Yards

Property Features

Parking Type: Paved Area Fence: Chain Link Possession: Closing Will Sell: Cash; Conventional; Owner Carry 1st; VA Occupancy: Over 95% Occupancy # of Floors: One Condition: Good to Excellent Construction: Block Roofing: Composition; Pitched; Shingle Heating: Electric; Gas Cooling: Evaporative Central Appliances: Oven/Range; Refrigerator Unit Features: Carpets; Fenced Area; Private Bath; Private Outside Entry; Tile; UF Apply to Some; Washer/Dryer Hook-Ups Water: City Water Sewer: City Sewer Miscellaneous: Individual Heat & Air; Individual Water Heater; Meters Separate