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Freedom Flats 1325 Fillmore Ave 32 Unit Apartment Building $4,099,999 ($128,125/Unit) 7.21% Cap Rate Alamogordo, NM 88310
Investment Highlights
- Totally Renovated 32 Unit Apartment Community
- On Site Laundry
- 7.21% Cap Rate
Executive Summary
Freedom Flats is a 32-unit multifamily investment located at 1301, 1309, 1317, & 1325 Fillmore Avenue in Alamogordo, New Mexico.? The property features four 2-story buildings with 8 units each, built in 1983 on 1.32 acres total.? All 32 units are 2 bed 1 bath units with 967 sf per unit.? The property has undergone over $1,200,000 in interior and exterior upgrades and is fully renovated as of 2024.?
Stabilized and cash-flowing, this investment offers a 7.21% current cap rate at 100% occupancy with a clean rent roll.? The property is priced at $128,125 per unit and is priced below replacement cost.? Current rents trail the comp set by $100-$155, and leases roll through 2026-2027, meaning rent growth is built in and requires no additional investment.?
Freedom Flats presents a very unique opportunity to own a clean and versatile asset that delivers value to a broad range of investment profiles.? Whether the priority is immediate yield, tax efficiency, portfolio stability, or long-term appreciation, this property presents a clear and executable opportunity in a unique American Community on the Rise.?
Stabilized and cash-flowing, this investment offers a 7.21% current cap rate at 100% occupancy with a clean rent roll.? The property is priced at $128,125 per unit and is priced below replacement cost.? Current rents trail the comp set by $100-$155, and leases roll through 2026-2027, meaning rent growth is built in and requires no additional investment.?
Freedom Flats presents a very unique opportunity to own a clean and versatile asset that delivers value to a broad range of investment profiles.? Whether the priority is immediate yield, tax efficiency, portfolio stability, or long-term appreciation, this property presents a clear and executable opportunity in a unique American Community on the Rise.?
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,099,999 | Building Class | C |
| Price Per Unit | $128,125 | Lot Size | 1.22 AC |
| Sale Type | Investment | Building Size | 30,944 SF |
| Cap Rate | 7.21% | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.08 | No. Stories | 2 |
| No. Units | 32 | Year Built/Renovated | 1983/2025 |
| Property Type | Multifamily | Parking Ratio | 1.68/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-4 | ||
| Price | $4,099,999 |
| Price Per Unit | $128,125 |
| Sale Type | Investment |
| Cap Rate | 7.21% |
| Gross Rent Multiplier | 9.08 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.22 AC |
| Building Size | 30,944 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1983/2025 |
| Parking Ratio | 1.68/1,000 SF |
| Zoning | R-4 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 32 | - | 967 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Total Assessment | $551,348 | |
| Land Assessment | $55,647 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $495,701 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$55,647
Improvements Assessment
$495,701
Total Assessment
$551,348
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Contact the Sale Advisor
Freedom Flats | 1325 Fillmore Ave