1012 Leroy Place

    Socorro, NM 87801
    • $200,000
    • STATUS: Active
    • ON SITE: 83 days
    • MLS #: 952620
    UPDATED: 58 min ago
    $200,000
    • 0
      BEDS
    • 0.56
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,200
      SQFT
    • $28
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    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 need of housing. Documents on request. PROPOSED CONSTRUCTION OF NEW UNIT.

    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: 2019-11-18T20:05:31.377.
    www.metrohomesearch.com/homes/98322597

    1012 Leroy Place Socorro, NM 87801

    • Price: $200,000
    • Status: Active
    • Updated: 58 min ago
    • MLS #: 952620
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.56
    Acres
    7,200
    SQFT
    $28
    $/SQFT
    Neighborhood:
    621 - South Socorro
    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 need of housing. Documents on request. PROPOSED CONSTRUCTION OF NEW UNIT.
    Exterior Features

    Apx Lot Dim Front 211 Construction See Plans Exterior Material None Lot Description Free Text Vacant Parking 1.5 Spaces Per Unit Stories 2 Total Buildings 1

    Interior Features

    Appliances Included None Average Unit Size 350.00 Basement No Cooling None Flooring See Remarks Heating None Unit Type1 Approx Sq Ft 350 Unit Type1 Baths 18.00 Unit Type1 Bedrooms 18

    Property Features

    5 Plus Units Yes Addl Lot Dim 211 X 135 X 188 X 116 Age <1 Amenities No Landscaping Annual Gross Income 132300.00 Apx Taxes 5.00 Average Actual Rent 0.00 Bank Owned No Builder Tbd Disability Access Unknown Finance Considered CashConventional Lead Base Paint No Lot Size Source Survey Metering Other - See Remarks Miscellaneous Info No Sign Operating Expenses 60380.00 Operating Expenses1 Other - See Remarks Owner Occupant Unit No Owner Pays Other - See Remarks Property Sub Type 9 Or More Units Rental Info Other - See Remarks Source Owner Provided Sq Ft Source Broker Tax Exemption Unknown Tenant Pays Other - See Remarks Total Actual Rent 0.00 Total Units 18 Trade Exchange Considered No Unit Summary Annualized 0.00 Unit Type1 Actual Rent 0 Unit Type1 Market Rent 645 Unit Type1 Max Rent 645 Unit Type1 Num Units 18 Utilities Cable AvailableCommunity WaterElectricity AvailableNatural Gas AvailablePhone AvailableSewer AvailableWater Available Year Built Exception New Construction 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: 2019-11-18T20:05:31.377.
     
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    Albuquerque NM, 87109