1012 Leroy Place

    Socorro, NM 87801
    • $200,000
    • STATUS: Active
    • ON SITE: 142 days
    • MLS #: 948662
    UPDATED: 49 min ago
    $200,000
    • 0
      BEDS
    • 0.56
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    N/A
    Type:
    Vacant Land / Lots
    County:

    School Ratings & Info

    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 in need of housing. Documents on request.

    Monthly Payment Calculator

    IDX information © 2019 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Campbell & Campbell Real Estate Services. Data last updated: 2019-12-08T17:05:30.32.
    www.metrohomesearch.com/homes/97015738

    1012 Leroy Place Socorro, NM 87801

    • Price: $200,000
    • Status: Active
    • Updated: 49 min ago
    • MLS #: 948662
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.56
    Acres
    Neighborhood:
    N/A
    County:
    Socorro
    Area:
    621 - South Socorro
    Property 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 in need of housing. Documents on request.
    Exterior Features

    Acc To Prop Line Public Road Apx Lot Dim Front 211 Apx Lot Dim Side 135 Land Features Other - See Remarks Lot Description Free Text Rectangle Long Front To Street Lot Dimensions 211 X 135 X 188 X 116 Property Access W Property Line Topography Mostly Level

    Property Features

    Apx Taxes 5.00 Bank Owned No Distance To Cable In Street Distance To Electrical In Street Distance To Gas In Street Distance To Phone In Street Distance To Sewer In Street Distance To Water In Street Docs Data Available Aerial MapSurvey Existing Survey Staked Boundary Srvy Finance Considered CashConventional Hoa No Land Type LotMultiple DwellingResidential Lot Size Source Plat Lots 1.00 Owner Broker YN No Package Deal No Possession Day Of Funding Property Sub Type Sale Restrictive Covenant Same As Zoning Seller Assist Offered No Title Evidence Title Ins Upon Closg Trade Exchange Considered No Utilities Electricity AvailableNatural Gas AvailableSewer AvailableWater Available Utility Impact Fee Unknown Water Information City Water Zoning R-3

    Listing courtesy of Berkshire Hathaway Nm Prop. © 2019 Southwest Multiple Listing Service, Inc.
    IDX information © 2019 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Campbell & Campbell Real Estate Services. Data last updated: 2019-12-08T17:05:30.32.
     
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    6715-B Academy NE
    Albuquerque NM, 87109