1404 Montana Ave Las Cruces, NM 88001

Property Details for 1404 Montana Ave

Year built

1949

Lot size

0.20 lot acres

Property size

3,275 SF

Property type

Commercial real estate

APN

4008136295163

Description

This exceptional investment opportunity presents a meticulously renovated six-unit apartment building situated at 1404 E. Montana Ave, Las Cruces, NM 88001. The property, built in 1949 and completely renovated in 2023, boasts 3,275 square feet across three single-story buildings on a 0.2-acre lot. Each of the six units features updated vinyl plank and tile flooring, new energy-efficient vinyl windows, fresh interior and exterior paint, upgraded electrical service, ceiling fans, modernized fixtures, and updated heating systems. The property's horseshoe/U-shaped design creates a desirable shared common area. Its convenient location, just one mile from New Mexico State University and two miles from downtown Las Cruces, ensures high occupancy rates. The property is zoned R-1 and offers a strong potential for future value appreciation in a market experiencing a housing shortage. Financial highlights include an asking price of $671,260 ($111,877 per unit), a net operating income (NOI) of $36,919, and a pro-forma NOI of $37,408, resulting in a 5.50% cap rate and a pro-forma cap rate of 5.57%. This property presents a compelling investment opportunity for those seeking a stable, high-performing asset in a rapidly growing market. The property's proximity to NMSU and downtown Las Cruces provides easy access to amenities and a large pool of potential tenants. The recent renovations ensure the property is highly competitive in the current market, offering a strong return on investment. The property's layout and common area contribute to a positive tenant experience, further enhancing its appeal and potential for long-term success.