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info@morerealty.com +1(877) 344-6673

Listed by Berkshire Hathaway NM Prop

$1,300,000

Est. payment - /mo

54 Beds

36 Baths

3.46 Acres Lot

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UPDATED:

Key Details

Property Type Single Family Home

Sub Type Other

Listing Status Active

Purchase Type For Sale

MLS Listing ID 1092578

Bedrooms 54

Construction Status Resale

HOA Y/N No

Annual Tax Amount $1,000

Lot Size 3.460 Acres

Acres 3.46

Lot Dimensions Public Records

Property Sub-Type Other

Property Description

Incredible VALUE-ADD investment opportunity in the heart of La Luz, New Mexico! Situated on approximately 3.46 acres, this manufactured housing property consists of 29 platted spaces and offers significant potential for continued improvement and increased rental income.Located just minutes from Alamogordo, residents enjoy convenient access to shopping, schools, employment, and other amenities while maintaining the quieter setting of La Luz. With existing rental income, ongoing renovations, separately metered utilities, and additional value-add potential across the 29 platted spaces, this property presents an opportunity for an investor to continue the current improvement strategy and expand the property's income-producing potential. All these factors contribute to the pent up demad for these units. Rates have room to be increased based on area market.The property currently has 10 renovated homes that are 100% occupied and producing rental income. The seller has been systematically improving the property, completing approximately one full home renovation every three months with a single contractor. Each rehabilitation averages approximately $15,000 and includes substantial improvements such as roofing, plumbing, HVAC, and other necessary upgrades.The property features separately metered electric and community water service, allowing for streamlined utility management. Some homes have also been converted to all-electric service, with the seller continuing this approach as additional homes are renovated.Although the property contains 29 platted spaces, current Assessor records and drawings reflect approximately 20-21 spaces due to several existing manufactured homes being positioned across original lot lines. This creates a unique opportunity for a future owner to evaluate the property's existing layout and potential long-term utilization. Current ownership reports approximately $1,200 annually in property taxes and approximately $1,200 annually for general liability insurance. Tenants handle their own trash disposal utilizing a public dump station located approximately one mile from the property, and the seller does not charge tenants separately for septic or trash service.

Location

State NM

County Otero

Area 550 - Otero

Interior

Heating Central, Forced Air

Cooling Evaporative Cooling

Flooring See Remarks

Fireplace No

Appliance Dishwasher, Free-Standing Electric Range, Refrigerator

Exterior

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Available, Water Connected

Water Access Desc Community/Coop

Building

Story 1

Entry Level One

Water Community/ Coop

Level or Stories One

New Construction No

Construction Status Resale

Others

Tax ID 01O4056089021342

Acceptable Financing Cash, Conventional

Green/Energy Cert None

Listing Terms Cash, Conventional

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9792 SW Nimbus Ave, Beaverton, OR 97008

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