2106 College St Las Cruces, NM 88001

This exceptional 14-unit apartment building, located at 2106 College St in Las Cruces, NM (88001), presents a compelling investment opportunity. The property, built in 1959 and extensively renovated in 2023, boasts 5,995 square feet on a 0.62-acre lot. The building features a mix of unit types: two 2-bedroom/1-bathroom units, eleven 1-bedroom/1-bathroom units, and one studio apartment. Recent upgrades include a new roof, updated exterior paint, new landscaping, enhanced exterior lighting, and a new on-site laundry facility with coin-operated washers and dryers. Interior renovations are equally impressive, featuring stylish vinyl plank flooring, updated kitchens and bathrooms, and fresh paint throughout. The property is zoned R-3 and benefits from its proximity to New Mexico State University (NMSU), approximately a 3-minute drive or 11-minute walk away. The asking price is $1,299,237, representing a price per unit of $92,802.64 and a price per square foot of $216.72. The property currently generates a Net Operating Income (NOI) of $85,767, resulting in a 6.60% cap rate. Pro-forma NOI is $84,611, yielding a 6.51% pro-forma cap rate. Further value-add potential exists through the conversion of remaining units to refrigerated air, the addition of fenced yards, and the installation of storage units. This property offers a strong return on investment in a market experiencing a significant rental shortage.