9
See all 9 photos
$1,290,000
Est. payment /mo
1.62 Acres Lot
Active
806 W 16th ST Portales, NM 88130
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202502339
Style One Story
HOA Y/N No
Year Built 1971
Lot Size 1.620 Acres
Acres 1.62
Property Sub-Type Multi Family
Property Description
Valencia Apartments is a stabilized, 17-unit multifamily asset located
just two blocks from Eastern New Mexico University. The 12,865
square foot property is currently operating at 88% occupancy and
producing a Net Operating Income (NOI) of $95,780, equating to a
7.42% cap rate based on actuals.
Value-Add/Upside: Current rents are below market. Adjusting rents to
market levels positions the asset to achieve a projected 9.21% cap
rate. Other improvements include fenced yard space, online presence
and upgraded driveways.
The property was completey renovated 4 years ago. Renovations
include new roofs, flooring, mini split HVAC systems, In-Unit washer
and dryers, Bathroom vanities and lighting thoughout. A Property
Management company is in place to continue oversight.
Historically, the property has demonstrated strong tenant demand and
low turnover. Proximity to ENMU supports consitent leasing
performance.
just two blocks from Eastern New Mexico University. The 12,865
square foot property is currently operating at 88% occupancy and
producing a Net Operating Income (NOI) of $95,780, equating to a
7.42% cap rate based on actuals.
Value-Add/Upside: Current rents are below market. Adjusting rents to
market levels positions the asset to achieve a projected 9.21% cap
rate. Other improvements include fenced yard space, online presence
and upgraded driveways.
The property was completey renovated 4 years ago. Renovations
include new roofs, flooring, mini split HVAC systems, In-Unit washer
and dryers, Bathroom vanities and lighting thoughout. A Property
Management company is in place to continue oversight.
Historically, the property has demonstrated strong tenant demand and
low turnover. Proximity to ENMU supports consitent leasing
performance.
Location
State NM
County Roosevelt
Zoning R-1, 2, 3, 4, 5, 6
Interior
Interior Features No Interior Steps
Heating Heat Pump
Cooling Ductless, Refrigerated
Fireplace No
Exterior
Utilities Available Separate Meters
Water Access Desc Public
Accessibility Not ADA Compliant
Private Pool No
Building
Sewer Public Sewer
Water Public
Architectural Style One Story
Schools
Elementary Schools Unknown
Middle Schools Unknown
High Schools Unknown
Others
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Jacob Rocker • Real Estate Advisors, LLC