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.
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0BEDS
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1.62ACRES
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0BATHS
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01/2 BATHS
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12,865SQFT
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$100$/SQFT
School Information
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.
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Listing provided courtesy of Jacob Rocker of Real Estate Advisors, LLC: (505) 539-3200. © 2025 Santa Fe Association of REALTORS®, Inc. MLS. All Rights Reserved.