2432 La Fonda Circle 2432 La Fonda Cir

Amazing opportunity in Las Cruces NM – 8 recently renovated units with garage $737,414 - 13.6% after tax IRR
This updated two story 8-plex is a must see!! Situated off one of Las Cruces’ busiest streets, Missouri Ave., it offers seven nicely situated, 1-bed & 1-bath, units at approximately 483 sq/ft and 1 unit being approximately 823 sq/ft. Half of the units are located downstairs and the other half upstairs. The larger unit, #1, also has a 2-car garage that accompanies it that can be kept as a garage space for this unit or turned into individual storage rooms, a laundry room, or even another unit. This larger unit also boasts a private cedar fenced in yard in the rear, making it a perfect space for grilling, relaxing, or letting pets run around in.
Another added feature about this property is one of the units, #4, is furnished with modern furnishings providing a fully move-in ready unit for anyone seeking short term or long-term tenancy and doesn’t want or need to lug their furnishings along with them.
This property is located .5 miles from Lynn Community Middle School, .9 miles from Walmart Super Center, and .6 miles from Young Park where residents can enjoy the annual Renaissance Fair, Movies and Music in the Park, as well as the opportunity to cast a rod in the pond that is kept stocked all year long. It is also a short 6-minute drive to NMSU or 7-minute drive to Downtown Las Cruces where eateries, breweries, and the local Farmer’s and Crafts Market takes place every Saturday. Its location makes it extremely easy to get to anywhere one would need to get to on a daily basis in Las Cruces.
This eye-catching property has had several upgrades completed. New master cools providing ample cooling during the hot summers and new furnaces for those chilly nights during the winter months. Updated fixtures included ceiling fans, light fixtures, bathroom fixtures, and other amenities that bring that modern touch to each unit that many residents are seeking. New water heaters have also been installed. Exterior upgrades include hard scaped landscaping, a dedicated drainage pond, a 2-color paint scheme that makes it stand out amongst neighboring properties, an exterior fenced in deck for units #1 and #2, and a seal coated and striped parking lot that has plenty of parking spaces and is easy to get in and out of.
This property opens the way to continue to meet the housing demands needed in this market where there continues to be a shortage of available and affordable units. There also lies the opportunity to improve upon the property to yield higher rents. Updating each unit to central heating and cooling, furnishing more units, converting the garage to another income producing space, adding property wide internet/Wi-Fi, and even making each unit an execute rental space.
Measures of investment performance at list price of $737,114 and with average rent of $751 include GRM of 10.22, Before Reserves Cap rate of 6.24% and after tax IRR of 13.60%.
The 10 page property flyer containing information on rents, expenses, renovations, virtual tour, floorplan and photos can be found here – http://www.nmapartment.com/apt/NMAA-LaFonda2432LC.pdf
Virtual tour can be viewed at http://www.nmapartment.com/lafonda3d
Qualified buyers can register for additional information on the property at http://www.nmapartment.com/2432LaFonda
Seize the opportunity to purchase this outstanding income producing property that has multiple avenues to easily improve on while addressing the much-needed housing demand that is apparent in Las Cruces.
Thanks,
Todd Clarke CCIM, CIPs,CEO
NM Apartment Advisors Inc.
(505) 440-TODD
and
Kyle Deacon
Qualifying Broker Deacon Property Services
(505) 878-0100
KyleD@deaconnm.com
And
Marvid Charlson
Qualifying Broker Property Management & Investments of NM
575-652-4043
marvid@pmiofnewmexico.com