99 Ventura Rd Belen, NM 87002
- Apartment buildings
- 5,887 SF
Current Use by Public Records
- Apartment buildings
Property Details for 99 Ventura Rd
- Property size
- 5,887 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a four-unit apartment building located at 99 Ventura Rd, Belen, NM 87002. The property boasts a total of 5,887 square feet on a substantial 2.58-acre lot (APN R077523), zoned C1. The main structure is a Class B apartment building, renovated in 2017, featuring 3,000 square feet of net rentable space. The property includes three separate buildings: the four-unit apartment building, a metal building (formerly a portable classroom, currently used for storage requiring utility connection), and two additional houses. One house is currently leased, and the owner will vacate another, offering immediate rental income potential. Projected rental income from the houses is $3,000 per month. Two billboards on the property generate an estimated $2,000 annual rental income. The property also features a well. The asking price is $550,000, representing a compelling 5.00% capitalization rate and a price per square foot of $93.43. This multifamily property presents a unique value-add opportunity in a cannabis-friendly location with significant upside potential through lease-up and further development. The property's size and zoning offer considerable flexibility for future expansion or diversification of income streams.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Belen
- County
- Valencia
- State
- New Mexico
- Longitude
- -106.763
- Latitude
- 34.7064
