2432 La Fonda Cir Las Cruces, NM 88001

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.