Current Use by Public Records
- Residential income homes
Property Details for 39 Smith Rd
- Lot size
- 40.00 lot acres
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents eight buildings situated on a sprawling 40-acre lot in Mountainair, New Mexico. The property, classified as Class C multifamily, encompasses a substantial 430,000 square feet and offers 8 individual units. Currently vacant, the property is available for occupancy starting November 15, 2023, presenting a unique chance for immediate repositioning. The asking price is $375,000, translating to $0.87 per square foot and $46,875 per unit. Ample parking is provided with 100 spaces available. The property is offered fee simple and is categorized as a mixed-use, value-add investment. While the current Net Operating Income (NOI) is $0 due to vacancy, this presents a significant opportunity for an investor to increase profitability through renovations and lease-up. The seller is open to financing options, including carrying a note with a 35% down payment at a 7% APR fixed rate over 7 years. This property is located at 39 Smith Rd, Mountainair, NM 87036, in Torrance County. This is a rare chance to acquire a large-scale multifamily portfolio with significant upside potential in a growing market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mountainair
- County
- Torrance
- State
- New Mexico
- Longitude
- -106.258
- Latitude
- 34.5169
