2432 La Fonda Cir Las Cruces, NM 88001

Property Details for 2432 La Fonda Cir

Year built

1984

Lot size

0.28 lot acres

Property size

4,204 SF

Property type

Commercial real estate

APN

4-009-135-181-447

Description

This exceptional two-story apartment building in Las Cruces, New Mexico, presents a compelling investment opportunity. Boasting eight units, a recent 2023 renovation, and a desirable location, this property offers significant income potential. Seven units feature one bedroom and one bathroom, each approximately 483 square feet, while a larger, approximately 823-square-foot unit includes a two-car garage. This larger unit also features a private fenced yard. One unit is fully furnished, providing immediate rental income. Exterior improvements include hardscaped landscaping, a drainage pond, a fresh two-tone paint scheme, and a newly sealed and striped parking lot. Interior upgrades encompass new HVAC systems (furnaces and air conditioners), updated fixtures (lighting, bathroom, etc.), and new water heaters. The property sits on a 0.28-acre lot, zoned R-2, and is conveniently located near schools, shopping, and entertainment, including NMSU and downtown Las Cruces. The property's strong performance is reflected in its current NOI of $44,245 and a pro-forma NOI of $51,520, yielding a 6.00% cap rate and a pro-forma cap rate of 6.99%. The asking price is $737,414, with a price per unit of $92,177. This property offers immediate income and significant potential for further value enhancement through additional upgrades, such as converting the garage into additional rental space or adding property-wide internet. The building, constructed in 1984, presents a rare opportunity to acquire a well-maintained, income-producing asset in a thriving market. The property's location near major amenities and its recent renovations make it an attractive investment for both seasoned and new investors.