$215,575
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1218 Michigan Avenue Alamogordo, NM 88310
Fourplex
Residence
Beds
Baths
Sq. Ft.
0.22
Acre
Lot
Property Activity
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The area economy is driven by the military (Holloman air force base, home to the 54th Fighter group and the MQ-9 Reaper/Predator Drones.This property contains four one bedroom, one bathroom units with carpet or hardwood floors in the units. Location is the real key for this property as its walking ...distance to Alamogordo's main retail corridor and the 12 acre Alameda park and zoo.Based on the current average rents of $658 per month, the property's measures of investment performance include a 7. 40 GRM, 6.923% cap rate before reserves, before tax IRR of 19.70% and an after-tax IRR of 15.20%.If rents were raised to the submarket average of $825, the measures of investment performance improve to a 10.30% cap rate, and an outstanding 23.87% cash on cash.
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MLS#
2200145
Property Type
Fourplex
Year Built
1950
Lot Size
0.22
Stories
1.0
Sewer
City Sewer
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Source: Walk Score®
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