The Pines Apartments | 2100 Stardust Ct
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The Pines Apartments 2100 Stardust Ct
52 Unit Apartment Building $4,724,000 ($90,846/Unit) 7.25% Cap Rate Alamogordo, NM 88310
Executive Summary
High cap rate (7.50% actual) value add multifamily located nearby to the White Sands National Monument - bring all offers
NM Apartment Advisors Inc. And Epic Real Estate are excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico.
This 52-unit community is nestled in tall pines trees on a cul-de-sac just a short distance to the foothills of the Sacramento mountains and short drive to New Mexico’s iconic White Sands national monument.
The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.)
Built in 1986-1987, this 52 unit community has solid 2”x6” construction, higher end finishes and vaulted ceilings in the upstairs units. The property contains 24 studios, 24 x 1 bedroom/1 bathrooms and 4 two bedrooms, two of which have garages.
Based on an ask price of $4,724,000 the current average rents of $821 per month, the property’s measures of investment performance include a 9.22 GRM, 7.50% cap rate before reserves, before tax IRR of 14.30% and an after tax IRR of 11.20%.
If rents were raised to the submarket average of $886, the measures of investment performance improve to a 8.23% cap rate, and 9.37% cash on cash.
Numerous upgrades were made to the property in 2017-2019 including a new roof, and the current owner continued an renovating all of the apartment units between 2023-2024.
The property consists of 7 buildings on 6 lots along a quiet cul-de-sac street named by the original Developer's daughter (Stardust Court).
Experienced Off-site management company would love to stay and work with the new owner.
Recent comparable sales
Owner prefers not to disturb residents and encourages offers subject to inspections.
Virtual tours can be found at http://www.nmapartment.com/stardust2125unit3 and http://www.nmapartment.com/stardust2160unit5
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Pines.pdf
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/pines
Do not miss out on this amazing opportunity to invest in a recession resistant, military focused market like Alamogordo, NM.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Mark Thompson CCIM
Qualifying Broker and Principal
Epic Real Estate
(505) 263-5350
mark@epic-rec.com
(as a matter of disclosure, Mr. Thompson is a licensed broker and part owner operating on his own account)
NM Apartment Advisors Inc. And Epic Real Estate are excited to bring to market a high cap rate, value add opportunity in Alamogordo, New Mexico.
This 52-unit community is nestled in tall pines trees on a cul-de-sac just a short distance to the foothills of the Sacramento mountains and short drive to New Mexico’s iconic White Sands national monument.
The area economy is driven by the military (Holloman air force base, hope to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.)
Built in 1986-1987, this 52 unit community has solid 2”x6” construction, higher end finishes and vaulted ceilings in the upstairs units. The property contains 24 studios, 24 x 1 bedroom/1 bathrooms and 4 two bedrooms, two of which have garages.
Based on an ask price of $4,724,000 the current average rents of $821 per month, the property’s measures of investment performance include a 9.22 GRM, 7.50% cap rate before reserves, before tax IRR of 14.30% and an after tax IRR of 11.20%.
If rents were raised to the submarket average of $886, the measures of investment performance improve to a 8.23% cap rate, and 9.37% cash on cash.
Numerous upgrades were made to the property in 2017-2019 including a new roof, and the current owner continued an renovating all of the apartment units between 2023-2024.
The property consists of 7 buildings on 6 lots along a quiet cul-de-sac street named by the original Developer's daughter (Stardust Court).
Experienced Off-site management company would love to stay and work with the new owner.
Recent comparable sales
Owner prefers not to disturb residents and encourages offers subject to inspections.
Virtual tours can be found at http://www.nmapartment.com/stardust2125unit3 and http://www.nmapartment.com/stardust2160unit5
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Pines.pdf
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/pines
Do not miss out on this amazing opportunity to invest in a recession resistant, military focused market like Alamogordo, NM.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Mark Thompson CCIM
Qualifying Broker and Principal
Epic Real Estate
(505) 263-5350
mark@epic-rec.com
(as a matter of disclosure, Mr. Thompson is a licensed broker and part owner operating on his own account)
Property Facts
| Price | $4,724,000 | Apartment Style | Garden |
| Price Per Unit | $90,846 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.40 AC |
| Cap Rate | 7.25% | Building Size | 39,904 SF |
| Gross Rent Multiplier | 9.22 | No. Stories | 2 |
| No. Units | 52 | Year Built/Renovated | 1987/2023 |
| Property Type | Multifamily | Parking Ratio | 1.7/1,000 SF |
| Property Subtype | Apartment |
| Price | $4,724,000 |
| Price Per Unit | $90,846 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Gross Rent Multiplier | 9.22 |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.40 AC |
| Building Size | 39,904 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1987/2023 |
| Parking Ratio | 1.7/1,000 SF |
Unit Amenities
- Air Conditioning
- Disposal
- Fireplace
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 24 | - | 450 |
| 1+1 | 24 | - | 650 |
| 2+1 | 4 | - | 905 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $955,573 | |
| Land Assessment | $96,404 | Total Assessment | $1,051,977 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$96,404
Improvements Assessment
$955,573
Total Assessment
$1,051,977
zoning
| Zoning Code | R-4 |
| R-4 |
-
Todd Clarke -
NM Apartment Advisors Inc
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The Pines Apartments | 2100 Stardust Ct
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