Fred B. Gibson, Realtor

Property Profile

High Street Apartments

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Location:

1031, 1035, 1039 High Street, Grants, NM

Total Square Feet:

18,120

Land for Expansion:

none

Total Units:

24 - consisting of three 8-plexes

Unit Size:

1 bedroom - 675 sq. ft.
2 bedroom - 850 sq. ft.

Unit Configuration:

Each 8-plex contians six 2-bedroom units and two 1-bedroom units

Lease Term:

6 months minimum

Security Deposit:

$300

Occupancy:

Proforma based on 95%

Year Built:

1978-1980

Number of Buildings:

3

Exterior Construction:

Frame/Stucco

Foundation:

Concrete slab

Roof:

Built-up

Fencing:

Decorative stucco with wrought iron at rear of property

Utilities:

Units separately metered (electric and gas) which individual tenant pays. Water, sewer and garbage paid by owner

Paving:

Asphalt

Traffic Exposure:

Very good. Located one block off Grants main street directly behind Blake's Lotaburger

Manager's Apartment:

Manager receives as compensation a free, 2-bedroom apartment and $500 per month

Laundry Room:

A laundry room with wahsers & dryers owned by seller is located in one of the 8-plexes and is available for use by all tenants. Income from laundry is approx. $1,500 per year

Price:

$800,000 (includes completion of refurbishing of the third 8-plex, estimated withing next 60 days)

Net Operating Income:

$81,000

Proposed Cap Rate:

10% +

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All Contents Copyright ©2002 Fred B. Gibson, Realtor®