2250 S Locust St
Las Cruces, NM 88001
Build-to-Rent Property For Sale · 10 Units

2250 S Locust Street is a very desirable multi-family property. It is located approximately ½ mile from New Mexico State University. The property consists of 10 units, one home and 9 apartments. There is also 2095 SF of garage and storage units.The 3 garage units have been plumbed for electrical and water for future expansion to studio apartments.That could be more potential income.The owners currently have it managed by a property management firm. The owners have spent $117,561 on the units for upgrades and repairs. Broker has the list broken down by each unit. The roof has also been replaced on the units. The income potential is greatly enhanced by the location, close to the University. Potential rental income is $68,400.00 per year. Actual rental income for 2017 was $66,091.18. This property is also small enough for an investor to manage it themselves. Since most of the repairs have been done, there could be very little to do. It is not often that a multi-family property with this much potential and these many units come up for sale. Current vacancy is only one unit. Rents range from $475 to $800 per unit. Contact Tom Whatley at 575-649-2256 or tom@thomaswhatley.com for more details.