7 Unit Apartment Bldg w/ 2-1 SFR in New Mexico
$55,000 annual in Gross Rents for $275,000 in a fully restored building.
Located in Raton, NM just over the Colorado border and 15 minutes from Trinidad.
7 Unit apartment building consisting of 5 large, furnished Studio apartments and 2-One Bedroom, One Bath apartments with private entrances. AND a 2BR/1BA house located on the same large lot. All units and house have been renovated over the past six months. There is an onsite laundry in the apartment building, three garages (additional income) and a workshop under the SFR. Located in a good, established neighborhood. HVAC and Water Heater are in great shape with WH just installed last year.
Raton, NM is experiencing growth in residency thanks to its affordability for retirees and proximity to Colorado and the Southwest. Trinidad, CO, just over Raton Pass and 15 minutes away, has grown dramatically in the past few years resulting in more residents relocating to Raton in search of apartments of all sizes. Raton's local hospital employs a large number of contract nurses who require furnished housing.
Rents for the Studios are $550 per month, the 1BR/1BA's rent for $575 and the 2/1 SFR will rent for $700. The Seller is currently occupying the SFR. Basic utilities have been included for the apartments and average $300-400 per month total. Solid occupancy numbers and 95% of the remodeling has been completed.
Asking price of $275,000 with Gross Income over $55,000 per year when fully occupied. Financial Statement and photos available on request. Owner not able to carry so please do not ask. Thank you.