415 E Washington St Tucumcari, NM 88401

Property Details for 415 E Washington St

Lot size

2.07 lot acres

Property size

15,964 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building presents a compelling investment opportunity in Tucumcari, New Mexico. Boasting a desirable Santa Fe architectural style, the property comprises one four-plex and three duplexes, totaling 15,964 square feet on a spacious 2.066-acre lot. The building features eight two-bedroom, one-and-a-half-bathroom apartments and two larger three-bedroom, two-bathroom units, all individually metered for efficient utility management. Tenants enjoy convenient carports and storage units. The property benefits from its strategic location near downtown Tucumcari, Dr. Dan C. Trigg Memorial Hospital, and Mesalands Community College, contributing to high occupancy rates driven by strong local demand. This demand is fueled by ongoing wind energy projects, the college's lack of on-campus housing, and the hospital's need for staff accommodations. The property is zoned C-1 (Tucumcari Zoning Map), utilizes city utilities, and features central air conditioning units. Currently operating below market rent, this investment offers a significant potential for increased revenue. The asking price is $1,195,000, with a projected capitalization rate of 6.5% based on current income, details of which will be provided upon execution of a Non-Disclosure Agreement. This is a rare opportunity to acquire a well-maintained, high-demand multifamily property in a growing New Mexico community.