Distressed 34-unit Apartments across from ENMU

Multi-Family for Sale
Catylist Listing ID: 30149512
Property Subtypes: Low-Rise/Garden
Number of Units: 34 Units
Building Size (RSF): 29,248 SF
Gross Building Area: 29,748 SF
Gross Land Area: 1.58 Acres
Sale Price: $639,000
Unit Price: $18,794.12 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Berkley Apartments
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Short Sale/Bank-Owned: Yes
Last Updated: 1/15/2018

Overview / Comments

The Berkley Apartments are well known in the town of Portales and this project provides plenty of upside for an investor. Zero occupancy and many repairs needed in order to restore operations. Previously appraised at $1,460,000 now priced at less than half of that amount. Seller seeking an as-is transaction with a quick close and minimal contingencies. Seller will provide title policy and may reimburse for some expenses at closing. Multiple appraisals available for reference and additional information.

Additional Details

Nearest MSA: Portales
County: Roosevelt
Total Number of Buildings: 4
Property Condition: Poor
Number of Stories: 2
Year Built: 1969
Year Renovated: 2016
Parking Type: Surface, Other
Parking Description: 64 covered parking spaces and 10 open parking spaces for a total of 64.
Total Parking Spaces: 64
Heat Type: Electricity
Zoning Description: R-2 Multi-Family
Lot Frontage: 950
Lot Depth: 400
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,801 12,755 15,315
Median Age: 27.07 28.54 29.52
Households: 2,915 4,728 5,656


Photograph of Listing Agent

Mark Thompson

Cauwels & Stuve Realty and Development Advisors
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