Bought with Deacon Property Services
For more information regarding the value of a property, please contact us for a free consultation.
1218 Michigan AVE Alamogordo, NM 88310
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Key Details
Sold Price $253,638
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,310 sqft
Price per Sqft $109
Subdivision Alamo Blocks
MLS Listing ID 1005402
Sold Date 03/24/23
Bedrooms 1
Construction Status Resale
HOA Y/N No
Year Built 1950
Annual Tax Amount $623
Lot Size 9,583 Sqft
Acres 0.22
Lot Dimensions Public Records
Property Description
The area economy is driven by the military (Holloman air force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.This property contains four one bedroom, one bathroom units with carpet or hardwood floors in the units. Location is the real key for this property as its walking distance to Alamogordo's main retail corridor and the 12 acre Alameda park and zoo.Based on the current average rents of $658 per month, the property's measures of investment performance include a 7. 40 GRM, 6.923% cap rate before reserves, before tax IRR of 19.70% and an after-tax IRR of 15.20%.If rents were raised to the submarket average of $825, the measures of investment performance improve to a 10.30% cap rate, and an outstanding 23.87% cash on cash.
Location
State NM
County Otero
Area 550 - Otero
Interior
Heating Central, Forced Air, Wall Furnace
Cooling Evaporative Cooling
Flooring Carpet
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Construction Status Resale
Others
Tax ID 01N4055094175058
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
Read Less
GET MORE INFORMATION