2250 Locust St Las Cruces, NM 88001

Property Details for 2250 Locust St

Year built

1962

Lot size

1.03 lot acres

Property size

10,270 SF

Property type

Commercial real estate

APN

4-009-136-052-417

Description

This exceptional 13-unit apartment building in Las Cruces, New Mexico, presents a compelling investment opportunity. Located on a 1.03-acre lot, the property comprises five single-story buildings totaling 10,270 square feet. Built in 1962 and extensively renovated in 2023, the complex features a mix of thirteen ground-floor apartments, offering residents the convenience of private parking directly outside their doors. Three brand-new one-bedroom/one-bathroom units have been recently completed, along with renovations to ten existing units. Significant upgrades include new electrical service for seven apartments and multiple HVAC system improvements. The property boasts a desirable location near New Mexico State University, Icebox Brewery, I-25, and I-10, providing easy access to shopping, dining, and entertainment. The current Net Operating Income (NOI) is $93,743, with a pro-forma NOI of $117,545, yielding a 6.45% cap rate and a pro-forma cap rate of 8.40%, respectively. The asking price is $1,399,890, translating to a price per unit of $107,683.85. The property is zoned R-3 and offers several value-add opportunities, including the potential for additional common area amenities or further unit upgrades. This well-maintained asset presents a strong return on investment with potential for significant future growth, making it an ideal acquisition for discerning investors. The property is situated in a high-demand area with a Walk Score of 72 and a Bike Score of 87.