2250 Locust St Las Cruces, NM 88001

This exceptional 13-unit apartment building in Las Cruces, New Mexico, presents a compelling investment opportunity. Located on a 1.03-acre lot, the property comprises five single-story buildings totaling 10,270 square feet. Built in 1962 and extensively renovated in 2023, the complex features a mix of thirteen ground-floor apartments, offering residents the convenience of private parking directly outside their doors. Three brand-new one-bedroom/one-bathroom units have been recently completed, along with renovations to ten existing units. Significant upgrades include new electrical service for seven apartments and multiple HVAC system improvements. The property boasts a desirable location near New Mexico State University, Icebox Brewery, I-25, and I-10, providing easy access to shopping, dining, and entertainment. The current Net Operating Income (NOI) is $93,743, with a pro-forma NOI of $117,545, yielding a 6.45% cap rate and a pro-forma cap rate of 8.40%, respectively. The asking price is $1,399,890, translating to a price per unit of $107,683.85. The property is zoned R-3 and offers several value-add opportunities, including the potential for additional common area amenities or further unit upgrades. This well-maintained asset presents a strong return on investment with potential for significant future growth, making it an ideal acquisition for discerning investors. The property is situated in a high-demand area with a Walk Score of 72 and a Bike Score of 87.