2250 S Locust ST Las Cruces, NM 88001

2250 S Locust Street is a very desirable multi-family property. It is located approximately 1/2 mile from New Mexico State University. The property consists of 10 units, one home and 9 apartments. The owners currently have it managed by a property management firm. The owners have spent $64,902.73 on the units for upgrades and repairs. 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 $70,500 per year. Actual rental income for 2020 was $63,648.18. There is also three garage units that have been plumbed with water and electric, could be used as studios. This property is also small enough for an investor to manage it themselves. Since most of the repairs have been done, they could be 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 zero. Rents range from $350 (only one unit) to $825 per unit.