$200,000

1012 Leroy Place

Socorro NM, 87801

Description

FABULOUS DEVELOPMENT OPPORTUNITY FOR 18 UNIT STUDENT APARTMENT NEXT TO NEW MEXICO TECH. Tech students will love new, modern apartments next to Tech. ASSUME: 18 units X $645 rent x 12 months, minus 5% vacancy = $132,300 annualized rent. Assume 18 units at 400 square feet (7,200 sq. ft.); $100 per sq. build cost= $720,000 cost of construction. 20% down = 39% ROI with appreciation, 37% ROI w/o Appreciation 37%, 4% financing, $37,300 costs of operation, 48% CAP, 25% cash on cash debt coverage ratio 2.0+. Developers, builder-operators, and buy and hold investors will want this property. This is the LAST LOT on Leroy Place with New Mexico Tech and its students need of housing. Documents on request. PROPOSED CONSTRUCTION OF NEW UNIT.

Details

MLS#952620
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Days On Site152

Features

SQ Feet7,200
Units18
Building(s)1

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Area Information

StateNM
CountySocorro
CitySocorro
Zip Code87801
Area621 - South Socorro
Listing VS Median (in 87801)
Price:
$200,000
low | high
Med:
$99,500
100% of Average
SqFt:
7,200
low | high
Med:
1,428
100% of Average
$ / SqFt:
$28
low | high
Med:
$70
100% of Average
On Site:
152
low | high
Med:
503
30.218687872763% of Average
Listing Updated: 01/25/2020
MLS Number: 952620
Listing Provided By:
Stephen Quintana  of  Berkshire Hathaway NM Prop