1218 Michigan Avenue, Alamogordo, NM

$215,575

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1

Bed

1

Bath

2,310

Square feet

0.22

Acres

About 1218 Michigan Avenue

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.

Features of 1218 Michigan Avenue

MLS® # 1005402
Price $215,575
Bedrooms 1
Bathrooms 1.00
Square Footage 2,310
Acres 0.22
Year Built 1950
Type Residential Income
Sub-Type Quadruplex
Status Pending

Community Information

Address 1218 Michigan Avenue
Area 550 - Otero
Subdivision Alamo Blocks
City Alamogordo
County Otero
State NM
Zip Code 88310

Amenities

Utilities Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Is Waterfront No
Has Pool No

Interior

Interior Carpet
Appliances Refrigerator
Heating Central, Forced Air, Wall Furnace
Cooling Evaporative Cooling
Fireplace No
# of Stories 1
Stories One

Exterior

Construction Frame

Additional Information

Date Listed December 1st, 2021
Days on Market 247
RE / Bank Owned No

Listing Details

OfficeNM Apartment Advisors, Inc.

Listing Map

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