1601 N Virginia St
Silver City, NM 88061
La Questa Apartments · Multifamily Property For Sale
·
32 Units
Property Facts
| No. Units | 32 | Lot Size | 0.64 AC |
| Property Type | Multifamily | Building Size | 30,612 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1972 |
| Building Class | C | ||
| Zoning | R-A | ||
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.64 AC |
| Building Size | 30,612 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Zoning | R-A |
Amenities
Unit Amenities
- Air Conditioning
- Fireplace
- Heating
- Ceiling Fans
- Tile Floors
- Double Vanities
- Kitchen
- Refrigerator
- Carpet
- Grill
- Linen Closet
About 1601 N VIRGINIA ST , SILVER CITY, NM 88061
Built in 1972, this great investment property has received many noteworthy upgrades over the last several years. In the past few years, new roofs, new HVAC, and solar panels have been installed. This property has a strong potential for upside. Located in walking distance to a state run 4 year college, local parks, elementary schools, downtown, and shopping. 32 total units, consisting of 13 one bedroom units, 14 two bedroom units, and 5 three bedroom units. Property has swimming pool, off-street parking, and onsite coin-op laundry facility. Loopnet proforma indicates 9.46% cap rate with just administrative changes and projected 10% vacancy loss. Increasing below market rents would easily boost cap to over 10%. Current cap on 2018 financials is 7.56% but there is potential 30K annual cost savings just making mgmt changes.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | $580.00 | 500 - 600 |
| 2+1 | 9 | $612.50 | 750 |
| 2+2 | 5 | $700.00 | 1,140 |
| 3+2 | 5 | $850.00 | 1,860 - 1,870 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $353,569 | |
| Land Assessment | $50,176 | Total Assessment | $403,745 |
Property Taxes
