1404 Montana Ave Las Cruces, NM 88001

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.