Wyndchase 201 Three Crosses Ave 40 Unit Apartment Building For Sale Las Cruces, NM 88005
INVESTMENT HIGHLIGHTS
- Assumable Fannie Mae Loan at 5.79% Interest with Eight Years Remaining
- $2.1MM in Improvement Upside
- Every Unit Includes a Washer and Dryer
- $350/Unit/Month Under Market Rents
- All 2BD and 3BD Units Over 1,000 SF
- Adjacent 75+ Acres Designated for Future Mixed-Used Development
EXECUTIVE SUMMARY
Summary:
The Multifamily Group is pleased to present the exclusive offering of Wyndchase, a unique, value-add opportunity in Las Cruces, New Mexico. Built in 2014, this 40-unit property features spacious two- and three-bedroom floorplans, with an average unit size of 1,137 square feet. Currently 85% occupied, Wyndchase benefits from a strong submarket with a 97% occupancy rate. The property also includes an assumable Fannie Mae loan of $3,500,000 at a 5.79% interest rate, with eight years remaining on the term.
Value-Add:
- Renovate all 40 units to increase the rents by at least $350/unit/month
Economic Growth and New Developments:
Las Cruces has experienced steady economic development, with a particular emphasis on the aerospace and technology sectors. The city has become a hub for aerospace companies, earning the nickname “place for space” due to its involvement in space tourism and innovation. The rebranding of the West Mesa Industrial Park to the Las Cruces Innovation and Industrial Park reflects this direction, offering large parcels of land with utilities and easy access to Interstate-10, ideal for aerospace industry development.
An adjacent 75.09± acre site called Royal Crossing is designated for future mixed-use development, offering land lease or build-to-suit parcels for sale. With flexible sizing and zoning, this development is expected to include retail, entertainment, and office space which will enhance the area’s growth and attract a variety of commercial and residential opportunities.
The technology sector in Las Cruces is also thriving, with startups in industries like renewable energy and software development. Supported by resources such as incubators, mentorship, and tax incentives, the local tech sector is projected to contribute $1.2 billion to the economy, creating high-paying jobs and fostering innovation.
The Multifamily Group is pleased to present the exclusive offering of Wyndchase, a unique, value-add opportunity in Las Cruces, New Mexico. Built in 2014, this 40-unit property features spacious two- and three-bedroom floorplans, with an average unit size of 1,137 square feet. Currently 85% occupied, Wyndchase benefits from a strong submarket with a 97% occupancy rate. The property also includes an assumable Fannie Mae loan of $3,500,000 at a 5.79% interest rate, with eight years remaining on the term.
Value-Add:
- Renovate all 40 units to increase the rents by at least $350/unit/month
Economic Growth and New Developments:
Las Cruces has experienced steady economic development, with a particular emphasis on the aerospace and technology sectors. The city has become a hub for aerospace companies, earning the nickname “place for space” due to its involvement in space tourism and innovation. The rebranding of the West Mesa Industrial Park to the Las Cruces Innovation and Industrial Park reflects this direction, offering large parcels of land with utilities and easy access to Interstate-10, ideal for aerospace industry development.
An adjacent 75.09± acre site called Royal Crossing is designated for future mixed-use development, offering land lease or build-to-suit parcels for sale. With flexible sizing and zoning, this development is expected to include retail, entertainment, and office space which will enhance the area’s growth and attract a variety of commercial and residential opportunities.
The technology sector in Las Cruces is also thriving, with startups in industries like renewable energy and software development. Supported by resources such as incubators, mentorship, and tax incentives, the local tech sector is projected to contribute $1.2 billion to the economy, creating high-paying jobs and fostering innovation.
PROPERTY FACTS
| Sale Type | Investment |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.94 AC |
| Building Size | 45,470 SF |
| Average Occupancy | 85% |
| No. Stories | 3 |
| Year Built | 2014 |
| Zoning | C2 |
AMENITIES
UNIT AMENITIES
- Balcony
- Storage Space
- Washer/Dryer
- Ceiling Fans
- Tile Floors
- Granite Countertops
- Breakfast Nook
- Pantry
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 25 | - | 1,025 |
| 3+2 | 15 | - | 1,323 |
PROPERTY TAXES
| Parcel Number | 02-00676 | Improvements Assessment | $296,165 |
| Land Assessment | $12,784 | Total Assessment | $308,949 |
