1012 Leroy Place

    Socorro, NM 87801
    • $200,000
    • STATUS: Active
    • ON SITE: 277 days
    • MLS #: 952620
    UPDATED: 43 min ago
    $200,000
    • 18
      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.

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    IDX information © 2020 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: 2020-05-30T09:04:49.643.
    www.metrohomesearch.com/homes/98322597

    1012 Leroy Place Socorro, NM 87801

    • Price: $200,000
    • Status: Active
    • Updated: 43 min ago
    • MLS #: 952620
    18
    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

    Levels Two

    Interior Features

    Basement YN No Bathrooms Total Integer 18 Cooling None Cooling YN No Electric None Electric On Property YN No Heating None Heating YN No

    Property Features

    Builder Name Tbd Building Area Total 7200 Disclosures Ranm 2100 Disclosure Gross Income 132300 Listing Agreement Exclusive Right To Sell New Construction YN Yes Operating Expense 60380 Property Condition New Construction Property Sub Type Multi Family Tax Annual Amount 5 Tenant Pays OtherSee Remarks Utilities Cable AvailableElectricity AvailableNatural Gas AvailablePhone AvailableSewer AvailableWater Available Zoning Description R-3

    Listing courtesy of Berkshire Hathaway Nm Prop. © 2020 Southwest Multiple Listing Service, Inc.


    IDX information © 2020 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: 2020-05-30T09:04:49.643.
     
    Campbell & Campbell Real Estate Services
    6715-B Academy NE
    Albuquerque NM, 87109