1404 Montana Ave

Subject: Amazing opportunity in Las Cruces NM – 7 recently renovated units $671,260  - 10.5% after tax IRR

On behalf of the Owner, NM Apartment Advisors, and Deacon Property Services,are excited to bring to the market this Las Cruces 6-plex. 

 This stunning 6-plex, nicknamed "The Tall Pines", due to the remarkable large pine trees that encapsulate this property, is a must see.  Designed in a horseshoe/U pattern, it allows for a shared common area which residents love to take advantage of.  Easy to find and situated off S. Solano, between Idaho and Boutz, this revitalized 6-unit property is just 1 mile from NMSU and 2 miles from downtown, offering ease of travel for anyone attending NMSU or someone wanting to take advantage of the amazing eateries and breweries located downtown.    

Many improvements have been completed making it stand out amongst the competition.  Moving away from outdated carpet, each unit is situated with vinyl plank and tile flooring making cleaning and maintenance a breeze.  New vinyl windows not only aid in keeping the dust out, but it also gives it that modern appearance people are looking for while aiding in energy efficiency.  These white vinyl windows really stand out due to the fresh exterior and interior paint completed throughout the property.  Additionally, these all-electric units have had the electric service upgraded on each unit allowing the way for a new Owner to upgrade to refrigerated air.  Topping off these improvements with ceiling fans, modernized fixtures, and updated heat sources truly brings these units to a level which makes them more desirable by prospective tenants. 

Measures of investment performance at list price of $671,260 and with average rent of $787 include GRM of 11.85, Before Reserves Cap rate of 5.70% and after tax IRR of 10.50%.

 The 18 page property flyer containing information on rents, expenses, renovations, virtual tour, floorplan and photos can be found here – http://www.nmapartment.com/apt/NMAA-Mont1404LC.pdf

 Virtual tour can be viewed at http://www.nmapartment.com/montana3d

 Qualified investors can register for additional information on the property at http://www.nmapartment.com/1404EMontana

 In a growing and expanding market like Las Cruces, where there continues to be a shortage of housing units, this property meets many needs.  Keep and rent as is, furnish a few, offer the units to government assistance programs, or expand on the value-add potential and escalate rents.  Whichever avenue you choose to pursue, the opportunity awaits to capitalize on a strong rental market that keeps improving, while offering quality housing to the great people of Las Cruces.

Take advantage of the opportunity to own this updated multi-unit complex with value-add potential that is centrally located in a town with an approximate housing shortage of 5,600 units.   

 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