Waller group is proud to present the 39-unit light value-add Wyndchase apartments. The property is situated between Almeda St and US Highway 70, both major thoroughfares running through Las Cruces. Las Cruces’ newly built Three Crosses Regional Hospital can be found less than a mile from subject property. Nearby grocery options include Walmart Supercenter, Albertsons, Dollar General, and Walgreens. Current ownership is selling to reallocate proceeds to new projects.
Current ownership has proven several units at the suggested proforma rate of $1,050 for the 2 bedrooms. Ownership has also proven the rate of $1,200 for the 3 bedrooms. Property is being offered with Fannie Mae Assumable debt: 30 yr. am, 10 yr. term, 5.79% interest rate, $3.6MM Loan Balance with an 1% assumption fee. Units are spacious with average unit size of 1,146 SF, (24) of the units are two-bedroom and (15) are three-bedroom.
The subject property consists of 2 buildings (20 units each), which 1 unit is the office. Roofs are original installs from 2014. All unit are equipped with washers/dryers. Units are individually metered for electricity and gas. Property consists of granite countertops and tile flooring throughout.
Current ownership is achieving $359,027 in annual NOI, new ownership based on area rent comps, can achieve a higher annual NOI of $404,125. (Proforma rents on the 2bedrooms have already been proven as stated before.) Subject property is in line with similar comparables. Additionally, there is an opportunity to implement additional income through implementing lease violation fees, parking fees, along with flat charges for water/trash.
Additionally, there is an opportunity to implement additional income through implementing lease violation fees, parking fees along with flat charges for water/trash.
The property is currently being managed with 2 contract employees. Current management is willing to stay on for new ownership. Proforma financials were underwritten with an 8% management fee.